{"id":"F2016L01228","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2016","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":94644,"registerId":"commonwealth-F2016L01228-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 112.3_G","sectionType":"part","heading":"Reporting Standard GRS 112.3_G","content":"![](image.001.png)\n\n## Reporting Standard GRS 112.3\\_G\n\n# Related Party Exposures (Level 2 Insurance Group)\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s related party exposures.\n\nIt includes Form GRF 112.3\\_G Related Party Exposures (G) and associated specific instructions and must be read in conjunction with the general instruction guide.\n\n# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n# Purpose\n\n2. Information collected in Form GRF 112.3\\_G Related Party Exposures (G) (GRF 112.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.\n\n# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 30 June 2016. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.\n\n# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 112.3\\_G in respect of the Level 2 insurance group for each reporting period.\n\n# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.\n\n# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.\n\n# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report 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 Group 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 GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.\n\n# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 112.3\\_G in relation to that Level 2 insurance group.\n\n# Transition\n\n16. A parent entity of a Level 2 insurance group must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n# Interpretation\n\n17. 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 GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","sortOrder":0},{"sectionNumber":"Related Party Exposures (Level 2 Insuran","sectionType":"part","heading":"Related Party Exposures (Level 2 Insurance Group)","content":"# Related Party Exposures (Level 2 Insurance Group)\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s related party exposures.\n\nIt includes Form GRF 112.3\\_G Related Party Exposures (G) and associated specific instructions and must be read in conjunction with the general instruction guide.\n\n# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n# Purpose\n\n2. Information collected in Form GRF 112.3\\_G Related Party Exposures (G) (GRF 112.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.\n\n# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 30 June 2016. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.\n\n# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 112.3\\_G in respect of the Level 2 insurance group for each reporting period.\n\n# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.\n\n# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.\n\n# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report 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 Group 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 GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.\n\n# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 112.3\\_G in relation to that Level 2 insurance group.\n\n# Transition\n\n16. A parent entity of a Level 2 insurance group must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n# Interpretation\n\n17. 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 GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","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 relating to a Level 2 insurance group’s related party exposures.\n\nIt includes Form GRF 112.3\\_G Related Party Exposures (G) and associated specific instructions and must be read in conjunction with the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"part","heading":"Authority","content":"# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n2. Information collected in Form GRF 112.3\\_G Related Party Exposures (G) (GRF 112.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 30 June 2016. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 112.3\\_G in respect of the Level 2 insurance group for each reporting period.","sortOrder":6},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report 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 Group 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 GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.","sortOrder":10},{"sectionNumber":"Variations","sectionType":"part","heading":"Variations","content":"# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 112.3\\_G in relation to that Level 2 insurance group.","sortOrder":11},{"sectionNumber":"Transition","sectionType":"part","heading":"Transition","content":"# Transition\n\n16. A parent entity of a Level 2 insurance group must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.","sortOrder":12},{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"# Interpretation\n\n17. 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 GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","sortOrder":13}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"The instrument replaces an earlier reporting standard but retains the same focused scope: it applies to the parent entity of Level 2 insurance groups and requires related‑party exposure reporting to APRA. Transitional provisions allow certain periods to be reported under the old standard (para 16). APRA retains powers to alter reporting frequency or vary the form for particular groups (paras 7, 15), but those are procedural adjustments rather than an expansion of the classes of entities captured (para 3)."},"complexity_factors":["Cross-references to other instruments for meaning and timing (GPS 001 for definitions and scope; GPS 310 for audit obligations; GRS 001 for reporting timetables) — increases interpretive and operational complexity (paras 3, 6 note, 8, 17).","Audit and assurance obligations require Group Auditor review and at least a limited assurance engagement under AUASB standards, creating recurring external assurance costs and procedural steps (para 10).","APRA discretion to vary reporting frequency and to vary the Form GRF 112.3_G for a particular group introduces regulatory unpredictability and potential ad hoc reporting burdens (paras 7, 15).","Electronic submission and digital signature requirements (Direct to APRA; digital certificate) require secure IT capability and credential management (paras 5, 12).","Authorisation and retention rules (submissions must be authorised by the PE O or CFO; agents’ copies retained) add governance and recordkeeping obligations (paras 13, 14).","Transition rules requiring reporting under a revoked ‘old reporting standard’ for certain transitional periods complicate cutover and historical reporting obligations (para 16).","Quality control and internal authorisation duties rest with the board and senior management, imposing ongoing internal control work (para 11).","Reporting cadence: unaudited half‑year and audited annual returns by default, but subject to change — operational planning for two distinct submission types (para 6)."],"plain_english_summary":"This Determination requires the parent entity of a Level 2 insurance group to report its related‑party exposures to APRA using Form GRF 112.3_G, submitted electronically; annual reports must be audited and subject to Group Auditor review. APRA uses the information for prudential supervision and to assess capital compliance. Compliance falls on the parent entity (data systems, audit and authorisation controls), and APRA can change reporting frequency or vary reporting requirements, which shifts timing and administrative burden on reporting entities."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a technical reporting standard that remains tightly focused on its original purpose: collecting related party exposure data from Level 2 insurance groups for prudential supervision. The scope has not expanded beyond this specific data collection function."},"complexity_factors":["Multiple cross-references to external prudential standards (GPS 001, GPS 310, GRS 001) and the Insurance Act 1973","Conditional reporting timelines with exceptions (paragraphs 6-9 allow APRA to modify frequencies or exempt half-yearly reporting)","Dual submission methods with fallback provisions (electronic via 'Direct to APRA' or alternative APRA-notified method)","Nested quality control requirements involving Group Auditor reviews, limited assurance engagements, and internal board-level authorisation processes","Transitional provisions with defined terms ('old reporting standard', 'transitional reporting period') that create parallel compliance obligations","11 defined terms in the interpretation section, several of which reference other legislative instruments"],"plain_english_summary":"This APRA reporting standard requires Level 2 insurance groups’ parent entity to disclose related‑party financial dealings via Form GRF 112.3_G for reporting periods from 30 June 2016. Reports are submitted electronically to APRA (half‑yearly unaudited; annually audited), digitally signed by the CEO or CFO, and support auditor and internal‑control checks. APRA uses the data to monitor related‑party exposures and limit group‑level risk to financial stability."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2016/documents"}}