{"id":"F2023L00572","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 67 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104204,"registerId":"commonwealth-F2023L00572-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 114.1","sectionType":"part","heading":"Reporting Standard GRS 114.1","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 114.1\n\n# Assets by Counterparty Grade\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 general insurer’s assets by counterparty grade.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements, including the general instruction guide.\n\n### Authority\n\n This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n 2. 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\n 3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n 4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n### Method of submission\n\n 5. The information required by this Reporting Standard must be given to APRA:\n (a) in electronic format using an electronic method available on APRA’s website; or\n (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n 6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n (a) in respect of each quarter based on the financial year of the insurer; and\n (b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n 7. If, having regard to the particular circumstances of an insurer, 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, change the reporting periods, or specify reporting periods, for the particular insurer.\n 8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n (a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\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 (c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n 9. APRA may, in writing, grant an insurer 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, an insurer is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n 10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n (a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\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.\n 11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer 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\n 12. When an officer, or agent, of an insurer 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 13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n (a) obtain from the agent a copy of the completed information provided to APRA; and\n (b) retain the completed copy.\n 14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n (a) the Principal Executive Officer of the insurer; or\n (b) the Chief Financial Officer of the insurer.\n\n### Variations\n\n 15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\n### Transition\n\n 16. An insurer 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; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the insurer 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 an insurer 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 insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n### Interpretation\n\n 17. In this Reporting Standard:\n (a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n (b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\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 insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n 18. 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":"Assets by Counterparty Grade","sectionType":"part","heading":"Assets by Counterparty Grade","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard GRS 114.1\n\n# Assets by Counterparty Grade\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 general insurer’s assets by counterparty grade.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements, including the general instruction guide.\n\n### Authority\n\n This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n 2. 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\n 3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\n### Information required\n\n 4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n### Method of submission\n\n 5. The information required by this Reporting Standard must be given to APRA:\n (a) in electronic format using an electronic method available on APRA’s website; or\n (b) by a method notified by APRA prior to submission.\n\n### Reporting periods and due dates\n\n 6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n (a) in respect of each quarter based on the financial year of the insurer; and\n (b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n 7. If, having regard to the particular circumstances of an insurer, 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, change the reporting periods, or specify reporting periods, for the particular insurer.\n 8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n (a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\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 (c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n 9. APRA may, in writing, grant an insurer 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, an insurer is nonetheless required to submit the information required no later than the due date.\n\n### Quality control\n\n 10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n (a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\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.\n 11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer 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\n 12. When an officer, or agent, of an insurer 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 13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n (a) obtain from the agent a copy of the completed information provided to APRA; and\n (b) retain the completed copy.\n 14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n (a) the Principal Executive Officer of the insurer; or\n (b) the Chief Financial Officer of the insurer.\n\n### Variations\n\n 15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\n### Transition\n\n 16. An insurer 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; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the insurer 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 an insurer 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 insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n### Interpretation\n\n 17. In this Reporting Standard:\n (a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n (b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\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 insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n 18. 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 the requirements for the provision of information to APRA relating to a general insurer’s assets by counterparty grade.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements, including the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n 2. 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":"division","heading":"Application and commencement","content":"### Application and commencement\n\n 3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n 4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.","sortOrder":6},{"sectionNumber":"Method of submission","sectionType":"division","heading":"Method of submission","content":"### Method of submission\n\n 5. The information required by this Reporting Standard must be given to APRA:\n (a) in electronic format using an electronic method available on APRA’s website; or\n (b) by a method notified by APRA prior to submission.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n 6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n (a) in respect of each quarter based on the financial year of the insurer; and\n (b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n 7. If, having regard to the particular circumstances of an insurer, 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, change the reporting periods, or specify reporting periods, for the particular insurer.\n 8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n (a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\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 (c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n 9. APRA may, in writing, grant an insurer 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, an insurer is nonetheless required to submit the information required no later than the due date.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n 10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n (a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\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.\n 11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer 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":"division","heading":"Authorisation","content":"### Authorisation\n\n 12. When an officer, or agent, of an insurer 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 13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n (a) obtain from the agent a copy of the completed information provided to APRA; and\n (b) retain the completed copy.\n 14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n (a) the Principal Executive Officer of the insurer; or\n (b) the Chief Financial Officer of the insurer.","sortOrder":10},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n 15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.","sortOrder":11},{"sectionNumber":"Transition","sectionType":"division","heading":"Transition","content":"### Transition\n\n 16. An insurer 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; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the insurer 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 an insurer 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 insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.","sortOrder":12},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n 17. In this Reporting Standard:\n (a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n (b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\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 insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\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\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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n 18. 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":13},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"## General instructions\n\nThese instructions must be read in conjunction with the general instruction guide.","sortOrder":16},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described 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\nAny specific combination of values in a table must not appear on more than one row in that table when reported.","sortOrder":17},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.","sortOrder":18},{"sectionNumber":"C","sectionType":"division","heading":"C","content":"### C\n\n| Cash and cash equivalents | This is the value, as at the relevant date, of notes and coins; deposits withdrawable or redeemable within 24 hours; and securities purchased under agreements to resell. |\n| ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Cash management trusts | This is the aggregate value of holdings in investment vehicles which constitute cash management trusts. |\n| Counterparty grade | This is the classification applied to an investment or exposure as per the requirements of GPS 001. Assets guaranteed by an Australian state or territory government must be reported in the counterparty grade that applies after rating up one grade in accordance with Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge. |","sortOrder":19},{"sectionNumber":"D","sectionType":"division","heading":"D","content":"### D\n\n| Derivatives (assets) | This is the value of all open derivatives positions reported as assets. |\n| -------------------- | ----------------------------------------------------------------------- |","sortOrder":20},{"sectionNumber":"E","sectionType":"division","heading":"E","content":"### E\n\n| Expected reinsurance recoveries | This is the amount due to an insurer, or to an entity that carries on international business within a Level 2 insurance group, from a reinsurer that arises from the recognition of premiums liabilities referred to in the GI Prudential Standards (including Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340)). This is distinguished from reinsurance recoverables.This is calculated as the sum of:expected reinsurance recoveries: relating to APRA-authorised reinsurers; andexpected reinsurance recoveries: relating to non-APRA-authorised reinsurers. |\n| --------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Expected reinsurance recoveries: relating to APRA-authorised reinsurers | Means the value of expected reinsurance recoveries related to APRA-authorised reinsurers. |\n| Expected reinsurance recoveries: relating to non-APRA-authorised reinsurers | Means the value of expected reinsurance recoveries related to non-APRA-authorised reinsurers. |","sortOrder":21},{"sectionNumber":"I","sectionType":"division","heading":"I","content":"### I\n\n| Interest rate investments (direct) | This is the value of debt securities held by the reporting insurer as at the relevant date, plus the value of deposits and placements that have been classified by the reporting insurer as assets backing insurance liabilities for statutory reporting purposes. A debt security is a transferable instrument evidencing a relationship of indebtedness. It is characterised by having a definable return that is not based on the economic performance of the issuing entity. |\n| ---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Investment income receivable | This is the value, as at the relevant date, of investment income that is receivable by the reporting insurer net of any related provisions for doubtful debts. For the purposes of this item, include only income from the holding of investment assets (e.g. interest, dividends, unit trust distributions, and rental income that is accrued but not yet received). Investment assets are those acquired with the intention to subsequently sell the asset at a profit and not for use within the operations of the business or as a strategic investment. |","sortOrder":22},{"sectionNumber":"L","sectionType":"division","heading":"L","content":"### L\n\n| Loans (direct) | This is the value of loans. Loans include financial leases and mortgages, and are typically non-negotiable on the secondary market. |\n| -------------- | ----------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":23},{"sectionNumber":"N","sectionType":"division","heading":"N","content":"### N\n\n| Non-reinsurance recoveries receivable | This is the value of non-reinsurance recoveries on paid claims.Non-reinsurance recoveries receivable is netted against insurance contract liabilities or added to insurance contract assets under Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).This must exclude any amount already allowed in insurance liabilities determined under GPS 340 to avoid double counting. |\n| ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":24},{"sectionNumber":"O","sectionType":"division","heading":"O","content":"### O\n\n| Other accounts receivable by counterparty grade | This is the amount related to any other relevant accounts receivable not reported in investment income receivable, non-reinsurance recoveries receivable and any other item reported for GRS 114.1. This may include (but is not limited to) levies, taxes, rebates, fees and commissions. |\n| ------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Other assets by counterparty grade | This is the value of the accounting assets that have not been reported elsewhere in:cash and cash equivalents;interest rate investments (direct);loans (direct);cash management trusts; andderivatives (assets).This excludes the following items from the AASB 17 Insurance Contracts balance sheet:insurance contract assets; andreinsurance contract assets. |\n| Other reinsurance assets | This is the value of the central estimate of any asset recognised by the reporting insurer that relates to reinsurance other than:reinsurance recoverables on outstanding and paid claims; andexpected reinsurance recoveries.This is calculated as the sum of:other reinsurance assets: from APRA-authorised reinsurers; andother reinsurance assets: from non-APRA-authorised reinsurers. |\n| Other reinsurance assets: from APRA-authorised reinsurers | Means the value of other reinsurance assets that are due from APRA-authorised reinsurers. |\n| Other reinsurance assets: from non-APRA-authorised reinsurers | Means the value of other reinsurance assets that are due from non-APRA-authorised reinsurers. |","sortOrder":25},{"sectionNumber":"R","sectionType":"division","heading":"R","content":"### R\n\n| Reinsurance recoverables on outstanding and paid claims | This is the value of the central estimate of reinsurance recoverables in relation to reinsurance contracts for both paid and outstanding claims. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under Prudential Standard GPS 230 Reinsurance Management (GPS 230).This is calculated as the sum of:reinsurance recoverables on outstanding and paid claims: from APRA-authorised reinsurers;reinsurance recoverables on outstanding and paid claims: from non-APRA authorised reinsurers except for amounts outstanding on and from the second balance date;reinsurance recoverables on outstanding and paid claims: from non-APRA authorised reinsurers that are amounts outstanding on and from the second balance date; andreinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are overdue for more than 6 months. |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Reinsurance recoverables on outstanding and paid claims: from APRA-authorised reinsurers | This is the value of reinsurance recoverables for both paid and outstanding claims against the reporting insurer from APRA-authorised reinsurers. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230.This must be reduced by the amount that is likely to become uncollectable in the future. |\n| Reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers except for amounts outstanding on and from the second balance date | This is the value as of reinsurance recoverables for both paid and outstanding claims against the reporting insurer from non-APRA-authorised reinsurers except for amounts outstanding on and from the second balance date after the financial year in which the event occurred. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230.This must be reduced by the amount that is likely to become uncollectable in the future. |\n| Reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date | This is the value of reinsurance recoverables for both paid and outstanding claims against the reporting insurer from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date after the financial year in which the event occurred. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230.This must be reduced by the amount that is likely to become uncollectable in the future.This is calculated as the sum of:reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date - supported by security arrangements in Australia; andreinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date – not supported by security arrangements in Australia. |\n| Reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date - supported by security arrangements in Australia | This is the value of reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date, where there is collateral, a guarantee or a letter of credit supporting the reinsurance recoverables. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230. |\n| Reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date – not supported by security arrangements in Australia | This is the value of reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date, where there is no collateral, guarantee or letter of credit supporting the reinsurance recoverables. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230. |\n| Reinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are overdue for more than 6 months | This is the value of reinsurance recoverables for both paid and outstanding claims against the reporting insurer from non-APRA-authorised reinsurers that are receivables overdue for more than six months since a request for payment was made to the reinsurer and where there is no formal dispute between the insurer and reinsurer in relation to the receivables. This item does not include amounts under reinsurance contracts that do not meet the reinsurance documentation test or governing law requirements under GPS 230.This must be reduced by the amount that is likely to become uncollectable in the future. |","sortOrder":26},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"## Specific instructions\n\n### Table 1: Assets by Counterparty Grade\n\nFor each asset exposure, report the amounts corresponding to each counterparty grade.\n\n### Reporting basis\n\nReport assets backing insurance liabilities at fair value. Report values on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (no decimal places).\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------- |\n| 1 | Assets By Counterparty Grade Type | Accounting assetsCash and cash equivalentsInterest rate investments (direct)Loans (direct)Cash management trustsDerivatives (assets)Other assets by counterparty gradeGPS 340 reinsurance assetsReinsurance recoverables on outstanding and paid claims: from APRA-authorised reinsurersReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers except for amounts outstanding on and from the second balance dateReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date - supported by security arrangements in AustraliaReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date – not supported by security arrangements in AustraliaReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are overdue for more than 6 monthsExpected reinsurance recoveries: relating to APRA-authorised reinsurersExpected reinsurance recoveries: relating to non-APRA-authorised reinsurersOther reinsurance assets: from APRA-authorised reinsurersOther reinsurance assets: from non-APRA-authorised reinsurersReceivablesNon-reinsurance recoveries receivableInvestment income receivableOther accounts receivable | Report the assets by counterparty grade type. |\n| 2 | Counterparty Grade Type | Grade 1 (Government)Grade 1 (Other)Grade 2Grade 3Grade 4Grade 5Grade 6Grade 7 | Report the counterparty grade type. |\n| 3 | Assets By Counterparty Grade Amount | Whole dollars | Report the assets by counterparty grade amount. |","sortOrder":27},{"sectionNumber":"Table 1: Assets by Counterparty Grade","sectionType":"division","heading":"Table 1: Assets by Counterparty Grade","content":"### Table 1: Assets by Counterparty Grade\n\nFor each asset exposure, report the amounts corresponding to each counterparty grade.","sortOrder":28},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nReport assets backing insurance liabilities at fair value. Report values on a Level 1 (licensed insurer) basis.","sortOrder":29},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nReport values in whole Australian dollars (no decimal places).\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------- |\n| 1 | Assets By Counterparty Grade Type | Accounting assetsCash and cash equivalentsInterest rate investments (direct)Loans (direct)Cash management trustsDerivatives (assets)Other assets by counterparty gradeGPS 340 reinsurance assetsReinsurance recoverables on outstanding and paid claims: from APRA-authorised reinsurersReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers except for amounts outstanding on and from the second balance dateReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date - supported by security arrangements in AustraliaReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are amounts outstanding on and from the second balance date – not supported by security arrangements in AustraliaReinsurance recoverables on outstanding and paid claims: from non-APRA-authorised reinsurers that are overdue for more than 6 monthsExpected reinsurance recoveries: relating to APRA-authorised reinsurersExpected reinsurance recoveries: relating to non-APRA-authorised reinsurersOther reinsurance assets: from APRA-authorised reinsurersOther reinsurance assets: from non-APRA-authorised reinsurersReceivablesNon-reinsurance recoveries receivableInvestment income receivableOther accounts receivable | Report the assets by counterparty grade type. |\n| 2 | Counterparty Grade Type | Grade 1 (Government)Grade 1 (Other)Grade 2Grade 3Grade 4Grade 5Grade 6Grade 7 | Report the counterparty grade type. |\n| 3 | Assets By Counterparty Grade Amount | Whole dollars | Report the assets by counterparty grade amount. |","sortOrder":30}],"analysis":{"kimi_summary":{"_metrics":{"completionTokens":610},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: requiring general insurers to report asset exposures by counterparty grade to APRA for prudential supervision. The detailed breakdown of reinsurance recoverables and the 7-grade classification system appear consistent with the stated objective."},"complexity_factors":["Extensive cross-referencing to other standards (GRS 001, GPS 001, GPS 114, GPS 230, GPS 310, GPS 340, AASB 17)","Multiple defined terms with layered definitions (e.g., 'reinsurance recoverables' has 7 sub-definitions)","Conditional reporting requirements based on counterparty type (APRA-authorised vs non-APRA-authorised reinsurers)","Nested exceptions and carve-outs (e.g., amounts 'outstanding on and from the second balance date' with/without security arrangements)","Temporal complexity with transitional arrangements for old reporting standards","Dual reporting basis requirements (quarterly and annual with different due dates)","Integration with auditing and assurance standards that 'may be amended from time to time'"],"plain_english_summary":"This reporting standard requires all general insurers (including foreign branches) to submit detailed electronic data to APRA on their assets classified by counterparty grade — who they’re exposed to and how risky those counterparties are. Reports are regular (quarterly and annual), must be validated by auditors and approved by senior management.\n\nAPRA uses the data for prudential supervision and capital adequacy assessments to ensure insurers can meet claims."},"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":6,"scope_assessment":{"changed":false,"description":"The text applies to all general insurers (para 3) and includes transitional provisions requiring some reports to follow the revoked old standard (para 16). The instrument does not itself state an expansion or narrowing of scope compared with the prior standard; it preserves transitional reporting for affected periods."},"complexity_factors":["Multiple reporting cadences and deadlines (quarterly and annual; para 6 and para 8) with APRA power to set alternative periods by written notice (para 7).","Audit and assurance obligations requiring Appointed Auditor review/testing of systems and at least a limited assurance engagement in line with professional standards (para 10; note re Insurance Act obligations).","Detailed, granular data taxonomy and definitions across many asset types and reinsurance categories (Definitions and Reporting tables; multiple entries under C, E, I, O, R sections).","Mandatory submission format and electronic signing using an APRA‑acceptable digital certificate (para 5 and para 12).","Data quality controls and board/senior management responsibility for authorisation policies and procedures (para 11).","APRA discretion to vary or tailor reporting requirements for a particular insurer (para 15 and para 7) creates compliance uncertainty and potential one‑off reporting changes.","Transition rules requiring use of the old standard for some transitional reporting periods (para 16), adding implementation complexity.","Reporting constraints (no duplicate combination rows) and units/measurement rules (whole Australian dollars; fair value basis; Table 1 'Reporting basis' and 'Units of measurement').","Agent submission and record retention obligations when agents report on insurer’s behalf (paras 13–14)."],"plain_english_summary":"Requires general insurers to report their assets broken down by counterparty grade to APRA each quarter and annually, submitted electronically at fair value on a Level 1 (licensed insurer) basis, using the standard’s prescribed tables and fields. Applies to all general insurers and is used by APRA for prudential supervision and capital assessment. The regime creates audit and internal-control obligations, digital-signature and authorisation requirements, reporting deadlines, and gives APRA discretion to change or vary reporting for individual insurers."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-67-of-2023/documents"}}