{"id":"F2023L00729","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 62 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104478,"registerId":"commonwealth-F2023L00729-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 111.0.G","sectionType":"part","heading":"Reporting Standard GRS 111.0.G","content":"## ![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 111.0.G\n\n# Adjustments and Exclusions\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s adjustments and exclusions to the prudential standard requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including 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. The information reported to APRA under this Reporting Standard 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 1 July 2023. 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 this Reporting Standard in respect of the Level 2 insurance group for each reporting period.\n\n#### Method of submission\n\n5. 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\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) in the case of half yearly information, within three months after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) 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. APRA may, in writing, grant the parent entity of a Level 2 insurance group an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, the parent entity of a Level 2 insurance group is nonetheless required to submit the information required no later than the due date.\n\n10. 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\n11. 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters (GPS 310).\n\n12. 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\n13. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits the information on the parent entity of a Level 2 insurance group’s behalf, the parent entity of a Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. 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\n16. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of this Reporting Standard in relation to that Level 2 insurance group.\n\n#### Interpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n\n(b) the following definitions are applicable:\n\nAPRA-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. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\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 a Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the parent entity of a 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 this Reporting Standard, 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, 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 period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":0},{"sectionNumber":"Adjustments and Exclusions","sectionType":"part","heading":"Adjustments and Exclusions","content":"## ![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 111.0.G\n\n# Adjustments and Exclusions\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s adjustments and exclusions to the prudential standard requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including 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. The information reported to APRA under this Reporting Standard 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 1 July 2023. 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 this Reporting Standard in respect of the Level 2 insurance group for each reporting period.\n\n#### Method of submission\n\n5. 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\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) in the case of half yearly information, within three months after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) 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. APRA may, in writing, grant the parent entity of a Level 2 insurance group an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, the parent entity of a Level 2 insurance group is nonetheless required to submit the information required no later than the due date.\n\n10. 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\n11. 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters (GPS 310).\n\n12. 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\n13. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits the information on the parent entity of a Level 2 insurance group’s behalf, the parent entity of a Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. 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\n16. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of this Reporting Standard in relation to that Level 2 insurance group.\n\n#### Interpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n\n(b) the following definitions are applicable:\n\nAPRA-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. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\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 a Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the parent entity of a 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 this Reporting Standard, 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, 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 period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s adjustments and exclusions to the prudential standard requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"subdivision","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":"subdivision","heading":"Purpose","content":"#### Purpose\n\n2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"subdivision","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 1 July 2023. 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":"subdivision","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 this Reporting Standard in respect of the Level 2 insurance group for each reporting period.","sortOrder":6},{"sectionNumber":"Method of submission","sectionType":"subdivision","heading":"Method of submission","content":"#### Method of submission\n\n5. 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.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"subdivision","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) in the case of half yearly information, within three months after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) 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. APRA may, in writing, grant the parent entity of a Level 2 insurance group an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, the parent entity of a Level 2 insurance group is nonetheless required to submit the information required no later than the due date.\n\n10. 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":"subdivision","heading":"Quality control","content":"#### Quality control\n\n11. 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters (GPS 310).\n\n12. 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":"subdivision","heading":"Authorisation","content":"#### Authorisation\n\n13. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits the information on the parent entity of a Level 2 insurance group’s behalf, the parent entity of a Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. 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":"subdivision","heading":"Variations","content":"#### Variations\n\n16. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of this Reporting Standard in relation to that Level 2 insurance group.","sortOrder":11},{"sectionNumber":"Interpretation","sectionType":"subdivision","heading":"Interpretation","content":"#### Interpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n\n(b) the following definitions are applicable:\n\nAPRA-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. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\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 a Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the parent entity of a 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 this Reporting Standard, 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, 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 period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":12},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"# Reporting Standard GRS 111.0.G\n\n# Adjustments and Exclusions\n\n## General instructions\n\n#### Reporting tables\n\nTables in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n#### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| APRA-approved adjustment amount | This is the amount relating to APRA approved adjustments to specific requirements of the prudential standards for a reporting Level 2 insurance group.                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| APRA-approved adjustment type   | This means the type of APRA-approved adjustment. Possible types relate to the:prescribed capital amount;Asset Risk Charge;Insurance Risk Charge - outstanding claims liabilities;Insurance Risk Charge - premiums liabilities;Insurance Concentration Risk Charge;Asset Concentration Risk Charge; andOperational Risk Charge.                                                                                                                                                                                                                         |\n| Asset Concentration Risk Charge | The Asset Concentration Risk Charge is the minimum amount of capital required to be held against asset concentration risks. The Asset Concentration Risk Charge relates to the risk resulting from investment concentrations in individual assets or large exposures to individual counterparties or groups of related counterparties resulting in adverse movements in the reporting Level 2 insurance group’s capital base.This must be determined in accordance with Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge. |\n| Asset Risk Charge               | The Asset Risk Charge is the minimum amount of capital required to be held against asset risks. The Asset Risk Charge relates to the risk of adverse movements in the value of a reporting Level 2 insurance group’s capital base due to credit or market risks.This must be determined in accordance with Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge.                                                                                                                                                                            |\n\nI\n\n| Insurance Concentration Risk Charge                          | The Insurance Concentration Risk Charge is the minimum amount of capital required to be held against insurance concentration risks. The Insurance Concentration Risk Charge relates to the risk of an adverse movement in the reporting Level 2 insurance group's capital base due to a single large loss or series of losses.This must be determined in accordance with Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge. |\n| ------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Insurance Risk Charge - outstanding claims liabilities (OCL) | The risk charge for outstanding claims risk relates to the risk that the value of net outstanding claims liabilities (OCL) determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) will be insufficient to cover associated net claim payments and any associated claim expenses as they fall due.This must be determined in accordance with Prudential Standard GPS 115 Insurance Risk Charge (GPS 115).         |\n| Insurance Risk Charge - premiums liabilities (PL)            | This is the Insurance Risk Charge in respect of premiums liability risk, which relates to the risk that the value of the net PL is greater than the value determined in accordance with GPS 340. It also relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.This must be determined in accordance with GPS 115.                                          |\n\nO\n\n| Operational Risk Charge | The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.This must be determined in accordance with Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge. |\n| ----------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nP\n\n| Prescribed capital amount | The prescribed capital amount must be determined in accordance with Prudential Standard GPS 110 Capital Adequacy. |\n| ------------------------- | ----------------------------------------------------------------------------------------------------------------- |","sortOrder":15},{"sectionNumber":"Reporting tables","sectionType":"subdivision","heading":"Reporting tables","content":"#### Reporting tables\n\nTables in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.","sortOrder":16},{"sectionNumber":"Definitions","sectionType":"subdivision","heading":"Definitions","content":"#### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| APRA-approved adjustment amount | This is the amount relating to APRA approved adjustments to specific requirements of the prudential standards for a reporting Level 2 insurance group.                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| APRA-approved adjustment type   | This means the type of APRA-approved adjustment. Possible types relate to the:prescribed capital amount;Asset Risk Charge;Insurance Risk Charge - outstanding claims liabilities;Insurance Risk Charge - premiums liabilities;Insurance Concentration Risk Charge;Asset Concentration Risk Charge; andOperational Risk Charge.                                                                                                                                                                                                                         |\n| Asset Concentration Risk Charge | The Asset Concentration Risk Charge is the minimum amount of capital required to be held against asset concentration risks. The Asset Concentration Risk Charge relates to the risk resulting from investment concentrations in individual assets or large exposures to individual counterparties or groups of related counterparties resulting in adverse movements in the reporting Level 2 insurance group’s capital base.This must be determined in accordance with Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge. |\n| Asset Risk Charge               | The Asset Risk Charge is the minimum amount of capital required to be held against asset risks. The Asset Risk Charge relates to the risk of adverse movements in the value of a reporting Level 2 insurance group’s capital base due to credit or market risks.This must be determined in accordance with Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge.                                                                                                                                                                            |\n\nI\n\n| Insurance Concentration Risk Charge                          | The Insurance Concentration Risk Charge is the minimum amount of capital required to be held against insurance concentration risks. The Insurance Concentration Risk Charge relates to the risk of an adverse movement in the reporting Level 2 insurance group's capital base due to a single large loss or series of losses.This must be determined in accordance with Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge. |\n| ------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Insurance Risk Charge - outstanding claims liabilities (OCL) | The risk charge for outstanding claims risk relates to the risk that the value of net outstanding claims liabilities (OCL) determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) will be insufficient to cover associated net claim payments and any associated claim expenses as they fall due.This must be determined in accordance with Prudential Standard GPS 115 Insurance Risk Charge (GPS 115).         |\n| Insurance Risk Charge - premiums liabilities (PL)            | This is the Insurance Risk Charge in respect of premiums liability risk, which relates to the risk that the value of the net PL is greater than the value determined in accordance with GPS 340. It also relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.This must be determined in accordance with GPS 115.                                          |\n\nO\n\n| Operational Risk Charge | The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.This must be determined in accordance with Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge. |\n| ----------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nP\n\n| Prescribed capital amount | The prescribed capital amount must be determined in accordance with Prudential Standard GPS 110 Capital Adequacy. |\n| ------------------------- | ----------------------------------------------------------------------------------------------------------------- |","sortOrder":17},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"## Specific instructions\n\n#### Table 1: Adjustments and exclusions\n\n### Reporting basis\n\nFor a Level 2 insurance group, report the adjustments and exclusions to the prudential standard requirements, as approved by APRA.\n\n### Units of measurement\n\nThis values in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                                                                                                                     | Description                                                                                                                                                                                                       |\n| --- | ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1   | APRA-Approved Adjustment Type                   | Prescribed capital amountAsset Risk ChargeInsurance Risk Charge - outstanding claims liabilities (OCL)Insurance Risk Charge - premiums liabilities (PL)Insurance Concentration Risk ChargeAsset Concentration Risk ChargeOperational Risk Charge | Report the APRA-approved adjustment type.                                                                                                                                                                         |\n| 2   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                                                                                                        | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period must be clearly included in the description of the item. |\n| 3   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                                                                                                            | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                             |\n| 4   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                                                                                                                    | Report the APRA-approved adjustment amount.Report adjustments that would result in an increase to the APRA-approved adjustment type calculation as a positive value.                                              |","sortOrder":18},{"sectionNumber":"Table 1: Adjustments and exclusions","sectionType":"subdivision","heading":"Table 1: Adjustments and exclusions","content":"## Specific instructions\n\n#### Table 1: Adjustments and exclusions\n\n### Reporting basis\n\nFor a Level 2 insurance group, report the adjustments and exclusions to the prudential standard requirements, as approved by APRA.\n\n### Units of measurement\n\nThis values in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                                                                                                                     | Description                                                                                                                                                                                                       |\n| --- | ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1   | APRA-Approved Adjustment Type                   | Prescribed capital amountAsset Risk ChargeInsurance Risk Charge - outstanding claims liabilities (OCL)Insurance Risk Charge - premiums liabilities (PL)Insurance Concentration Risk ChargeAsset Concentration Risk ChargeOperational Risk Charge | Report the APRA-approved adjustment type.                                                                                                                                                                         |\n| 2   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                                                                                                        | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period must be clearly included in the description of the item. |\n| 3   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                                                                                                            | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                             |\n| 4   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                                                                                                                    | Report the APRA-approved adjustment amount.Report adjustments that would result in an increase to the APRA-approved adjustment type calculation as a positive value.                                              |","sortOrder":19},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nFor a Level 2 insurance group, report the adjustments and exclusions to the prudential standard requirements, as approved by APRA.","sortOrder":20},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nThis values in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                                                                                                                     | Description                                                                                                                                                                                                       |\n| --- | ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1   | APRA-Approved Adjustment Type                   | Prescribed capital amountAsset Risk ChargeInsurance Risk Charge - outstanding claims liabilities (OCL)Insurance Risk Charge - premiums liabilities (PL)Insurance Concentration Risk ChargeAsset Concentration Risk ChargeOperational Risk Charge | Report the APRA-approved adjustment type.                                                                                                                                                                         |\n| 2   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                                                                                                        | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period must be clearly included in the description of the item. |\n| 3   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                                                                                                            | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                             |\n| 4   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                                                                                                                    | Report the APRA-approved adjustment amount.Report adjustments that would result in an increase to the APRA-approved adjustment type calculation as a positive value.                                              |","sortOrder":21}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: requiring reporting of APRA-approved adjustments and exclusions to prudential standards for Level 2 insurance groups. The scope has not expanded beyond this specific reporting requirement."},"complexity_factors":["Multiple cross-references to other prudential standards (GPS 001, GPS 110, GPS 114, GPS 115, GPS 116, GPS 117, GPS 118, GPS 310, GPS 340, GRS 001)","Defined terms rely heavily on external instruments (17 definitions, many referencing other standards)","Conditional reporting frequencies (standard vs APRA-modified under paragraph 7)","Dual reporting tracks (half-yearly unaudited vs annual audited)","Specific technical terminology from insurance prudential regulation (Level 2 insurance group, prescribed capital amount, risk charges)","Quality control requirements involving external audit standards (Auditing and Assurance Standards Board)","Digital signature and authorisation requirements creating procedural complexity"],"plain_english_summary":"This APRA reporting standard requires parent entities of Level 2 insurance groups to report any APRA‑approved adjustments or exclusions to prudential rules—especially those affecting capital or risk calculations—so regulators can monitor group solvency and compliance with capital standards.\n\nReports must be digitally signed and submitted electronically, with unaudited half‑yearly and audited annual filings (within three months), validated by the Group Auditor and authorised by the CEO or CFO."},"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":4,"scope_assessment":{"changed":false,"description":"This Reporting Standard remains narrowly focused on APRA collection of information about APRA‑approved adjustments and exclusions to prudential capital requirements for Level 2 insurance groups. Its requirements (who must report, what fields to report, timing, audit/assurance, and APRA’s power to vary reporting) are consistent with that original scope. The instrument does not materially expand the types of entities captured or the supervisory objectives; it primarily sets format, control and assurance expectations and clarifies APRA’s discretion over reporting frequency and extensions (paras 3–7, 9, 16)."},"complexity_factors":["Cross-references to multiple Prudential Standards and Acts (GPS 001, GPS 110, 114, 115, 116, 117, 118, 310; Insurance Act; Corporations Act) increasing external dependency","Clear defined-terms/interpretation section with multiple defined items (APRA-authorised reinsurer, capital standards, Group Auditor, etc.)","Procedural discretions and conditional paths (APRA may vary frequency for specific groups — para 7; may grant extensions — para 9; may vary requirements — para 16; may exclude half-year reporting on application — para 10)","Audit and assurance requirement referencing external professional standards and GPS 310 (para 11 and Note to para 8)","Authorisation and recordkeeping rules including digital signature and agent-retention obligations (paras 13–15)","Reporting table with specific field constraints (four fields with types, transitional indicator, whole-dollar amount)","Repeated provisions and notes across the document (repetition increases reading time but not substantive complexity)"],"plain_english_summary":"**What this instrument does (mechanics first)**\n\n- Requires the parent of any Level 2 insurance group to report to APRA, each reporting period, any APRA‑approved adjustments or exclusions to prudential capital requirements that apply to the group (paras 3–4, Table 1).\n- Sets timing and format rules: reports are electronic (or another APRA‑notified method) and lodged within three months after the reporting period (half‑year unaudited; year audited) unless APRA specifies otherwise (paras 5–9).\n- Specifies the minimum data to be submitted in a standard table: the adjustment type, a description (including transitional end‑date where relevant), whether it is transitional, and the whole‑dollar amount (Table 1, Specific instructions).\n- Requires that the reported information be produced under systems, processes and controls reviewed and tested by the group’s Group Auditor; the Group Auditor must perform at least a limited assurance engagement in line with professional standards and GPS 310 (paras 11–12).\n- Imposes authorisation and recordkeeping rules: submissions must be digitally signed by an officer or agent with an APRA‑acceptable digital certificate; agent submissions require the parent entity to obtain and retain a copy; submitters must be authorised by the Principal Executive Officer or Chief Financial Officer (paras 13–15).\n- Gives APRA flexible powers over reporting for particular groups: APRA may change reporting frequency, vary the reporting requirements, grant extensions, or exempt a group from half‑year reporting on application (paras 7, 9–10, 16).\n\n**Who this affects**\n\n- The parent entity of any Level 2 insurance group (a consolidated group subject to APRA Level 2 treatment). The obligation includes ensuring compliance by the group and retaining required records (paras 3–4, 14).\n- The Group Auditor, because the auditor must review and test the group’s data systems/processes and provide limited assurance as required (paras 11, Note to para 8).\n- APRA‑authorised and non‑APRA reinsurers only indirectly: the standard defines relevant terms and the types of adjustment items (Interpretation/Definitions section).\n\n**Why it matters (official purpose and practical effects)**\n\n- Officially: APRA says the information is used for prudential supervision, including assessing compliance with capital standards (para 2).\n- Practically: the data allow APRA to track which prudential reliefs, transitional arrangements or bespoke adjustments each Level 2 group is using and the dollar amounts involved. That affects APRA’s view of group capital adequacy and supervisory risk profiles (paras 2, Table 1).\n\n**Costs, incentives, trade‑offs and implementation issues**\n\n- Direct compliance costs: the parent entity must run reporting processes, maintain controls, engage the Group Auditor for review and limited assurance, and implement digital signing and recordkeeping (paras 11–15). These are ongoing costs tied to the reporting cadence (para 6).\n- Concentrated vs diffuse effects: any benefit (e.g. carrying an APRA‑approved adjustment that reduces a capital requirement) accrues to the specific group approved by APRA. The compliance cost is borne by that group’s parent entity and its auditor (paras 4, Table 1).\n- APRA discretion: APRA can tailor frequency and content for specific groups, grant time extensions, or vary requirements (paras 7, 9, 16). This gives APRA flexibility but creates uncertainty for firms about future reporting obligations.\n- Data quality and implementation risk: the standard places responsibility on the Board and senior management to have policies and procedures authorising the data, and requires auditor testing of systems and controls (paras 11–12). Failures in these systems can lead to misreporting of adjustments that affect reported capital adequacy.\n- Behavioural effects on firms: firms will be incentivised to (a) seek formal APRA approval for any adjustments/exclusions they want reflected in supervisory capital metrics; (b) invest in internal control, audit and reporting systems to satisfy the assurance requirements; and (c) preserve audit trails and authorised sign‑offs for submissions (paras 4, 11–15).\n\n**Concrete mechanics that change private decision‑making**\n\n- Who pays: the parent entity of the Level 2 group pays the compliance costs (reporting, systems, auditor time) and must keep records (paras 4, 11, 14).\n- Who decides: APRA decides whether to approve adjustments/exclusions, and can change reporting frequency or content for particular groups and grant extensions (paras 7, 9, 16). The Group Auditor decides whether systems/processes meet assurance standards (para 11).\n- What must change in behaviour: firms must implement (or upgrade) data controls, obtain auditor review and limited assurance, prepare the specified table fields in whole AUD, digitally sign submissions, and ensure authorised personnel sign off (paras 11–15, Table 1).\n\n**Where the official rationale needs monitoring against costs and incentives**\n\n- APRA claims the data support prudential supervision and capital compliance assessment (para 2). That function depends on accurate, timely, auditable reporting — which the standard attempts to enforce through auditor review and internal controls but at an explicit compliance cost to firms (paras 11–12).\n- The standard centralises discretion with APRA (paras 7, 16). That produces supervisory flexibility (useful for heterogeneous groups) but also creates implementation uncertainty for firms which must be ready to respond to tailored notices.\n\n(References in parentheses are to paragraph or Table 1 locations in the Reporting Standard.)"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-62-of-2023/documents"}}