{"id":"F2023L00317","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 28 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":103991,"registerId":"commonwealth-F2023L00317-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 114.3","sectionType":"part","heading":"Reporting Standard LRS 114.3","content":"![Commonwealth Coat of Arms](image.001.png)\n\n# Reporting Standard LRS 114.3\n\n## Off-balance Sheet Business\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s off-balance sheet business.\n\nIt includes Form LRF 114.3 Off-balance Sheet Business and associated specific instructions and must be read in conjunction with the general instruction guide.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act).\n\nPurpose\n\n2. Information collected in Form LRF 114.3 Off-balance Sheet Business (LRF 114.3) is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Insurance Act). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by Form LRF 114.3 for each reporting period.\n\n5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Insurance Act. It does not constitute a reporting document for the purposes of section 124.\n\nMethod of submission\n\n6. The information required by this Reporting Standard must be given to APRA:\n\n(a) in electronic format using an electronic method available on APRA’s website; or\n\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that this form will be submitted five times for a full financial year.\n\nNote 2: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters (LPS 310).\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) within the time stated in Reporting Standard LRS 001 Reporting Requirements (LRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\nQuality control\n\n10. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.\n\n11. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n12. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n13. When an officer of a life company provides the information required by this Reporting Standard, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. An officer of a life company submitting information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n# Variations\n\n15. APRA may, by written notice to the life company, vary the reporting requirements of the Form LRF 114.3 in relation to that life company.\n\nInterpretation\n\n16. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) capital standards means the prudential standards which relate to capital adequacy as defined in LPS 001;\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called;\n\nfinancial year has the meaning in the Corporations Act 2001;\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001;\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.","sortOrder":0},{"sectionNumber":"Off-balance Sheet Business","sectionType":"part","heading":"Off-balance Sheet Business","content":"## Off-balance Sheet Business\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s off-balance sheet business.\n\nIt includes Form LRF 114.3 Off-balance Sheet Business and associated specific instructions and must be read in conjunction with the general instruction guide.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act).\n\nPurpose\n\n2. Information collected in Form LRF 114.3 Off-balance Sheet Business (LRF 114.3) is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Insurance Act). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by Form LRF 114.3 for each reporting period.\n\n5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Insurance Act. It does not constitute a reporting document for the purposes of section 124.\n\nMethod of submission\n\n6. The information required by this Reporting Standard must be given to APRA:\n\n(a) in electronic format using an electronic method available on APRA’s website; or\n\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that this form will be submitted five times for a full financial year.\n\nNote 2: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters (LPS 310).\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) within the time stated in Reporting Standard LRS 001 Reporting Requirements (LRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\nQuality control\n\n10. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.\n\n11. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n12. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n13. When an officer of a life company provides the information required by this Reporting Standard, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. An officer of a life company submitting information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n# Variations\n\n15. APRA may, by written notice to the life company, vary the reporting requirements of the Form LRF 114.3 in relation to that life company.\n\nInterpretation\n\n16. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) capital standards means the prudential standards which relate to capital adequacy as defined in LPS 001;\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called;\n\nfinancial year has the meaning in the Corporations Act 2001;\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001;\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"division","heading":"Objective of this Reporting Standard","content":"### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s off-balance sheet business.\n\nIt includes Form LRF 114.3 Off-balance Sheet Business and associated specific instructions and must be read in conjunction with the general instruction guide.","sortOrder":2},{"sectionNumber":"Variations","sectionType":"part","heading":"Variations","content":"# Variations\n\n15. APRA may, by written notice to the life company, vary the reporting requirements of the Form LRF 114.3 in relation to that life company.\n\nInterpretation\n\n16. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) capital standards means the prudential standards which relate to capital adequacy as defined in LPS 001;\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called;\n\nfinancial year has the meaning in the Corporations Act 2001;\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001;\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.","sortOrder":3}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument applies to all life insurance companies (including friendly societies) registered under the Life Insurance Act and takes effect for reporting periods ending on or after 1 April 2023 (para 3). The text does not indicate an expansion or narrowing of that universe relative to the stated application; no change of scope from the instrument's stated purpose is evident in the provided text."},"complexity_factors":["Cross-references to multiple external instruments (Prudential standards and other reporting requirements) increase interpretive work (paras 16; note 2 to para 7; para 10 referencing LPS 310).","Dual reporting cadence: quarterly unaudited submissions plus an annual audited submission, with APRA able to alter frequency for particular entities (paras 7–9).","Mandatory auditor review and testing of systems, with at least a limited assurance engagement required (para 10).","Authorisation and governance steps: digital signature requirement and submission must be authorised by the PE O or CFO (paras 13–14).","APRA discretion to vary form content or requirements by written notice introduces compliance uncertainty for individual life companies (para 15).","Permitted use of reasonable estimates for unaudited interim returns creates reconciliation and data‑quality challenges between interim and audited submissions (para 12).","Document contains duplicated sections and repeated provisions, which may increase drafting ambiguity and administrative review time."],"plain_english_summary":"Requires life insurers to provide APRA with data on their off‑balance‑sheet business: quarterly unaudited returns and an annual audited return (applicable for reporting periods ending on or after 1 April 2023). Auditors must review and test reporting systems (minimum limited assurance), officers must digitally sign submissions, and APRA can vary frequency or content. The data is used for prudential supervision, including assessing capital compliance, creating ongoing reporting, audit and governance obligations for life companies."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a standard administrative reporting standard that performs exactly the function suggested by its title and objective. It mandates specific data collection about off-balance sheet items for prudential supervision without expanding into unrelated regulatory areas."},"complexity_factors":["Multiple cross-references to external documents: references to Prudential Standard LPS 001, LPS 310, LRS 001, and the Corporations Act 2001 for definitions","Conditional logic in reporting frequency: standard five submissions per year (paragraph 7) subject to APRA's power to modify (paragraph 8)","Dual submission methods with hierarchy: electronic default (paragraph 6(a)) or APRA-notified alternative (paragraph 6(b))","Nested quality control requirements: auditor review requirements (paragraph 10) incorporate external professional standards (AUASB) subject to consistency with LPS 310","Exception for estimates: explicit permission to use reasonable estimates for unaudited submissions (paragraph 12) creates a conditional relaxation of normal standards","Definition section imports meanings from another prudential standard (LPS 001) rather than defining terms locally"],"plain_english_summary":"APRA requires all life insurers and friendly societies to report details of their off‑balance‑sheet business via Form LRF 114.3, submitted electronically five times a year (four unaudited quarters and one audited annual). Reports must be accuracy‑assured (minimum limited assurance), internally controlled, and digitally signed by an authorised officer. APRA uses the data for prudential supervision to assess capital and claims‑paying risk and may vary reporting or frequency for specific firms."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-28-of-2023/documents"}}