{"id":"F2023L00602","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 69 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104270,"registerId":"commonwealth-F2023L00602-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"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 Insurance Risk Charge on outstanding claims liabilities.\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, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) and Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).","sortOrder":0},{"sectionNumber":"Authority","sectionType":"part","heading":"Authority","content":"## Authority\n\n1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":1},{"sectionNumber":"Purpose","sectionType":"part","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":2},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"## Application and commencement\n\n3. 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":3},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"## Information required\n\n4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.","sortOrder":4},{"sectionNumber":"Method of submission","sectionType":"part","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":5},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"## Reporting periods and due dates\n\n6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\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\n7. 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\n8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\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\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: 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\n9. 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":6},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"## Quality control\n\n10. 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\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\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\n11. 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":7},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"## Authorisation\n\n12. 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\n13. 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\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. 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\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.","sortOrder":8},{"sectionNumber":"Variations","sectionType":"part","heading":"Variations","content":"## Variations\n\n15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.","sortOrder":9},{"sectionNumber":"Transition","sectionType":"part","heading":"Transition","content":"## Transition\n\n16. 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\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":10},{"sectionNumber":"Interpretation","sectionType":"part","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 Prudential Standard GPS 001 Definitions (GPS 001); and\n\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\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":11},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"# Specific instructions\n\n## Table 1: Outstanding Claims Liabilities - Insurance Risk Charge\n\nReporting basis\n\nReport the components of the GPS 340 OCL by class of business for direct business and reinsurance business.\n\nUnits of measurement\n\nReport values in whole Australian dollars (no decimal places).\n\nWere actuarial services used to complete this return?\n\nUse the drop-down selection to report whether actuarial services were used to complete this table. If actuarial services were used input 'Yes' otherwise input 'No'.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report the class of business. |\n| 2 | Gross OCL - Central Estimate (Excluding Claims Handling Expenses) | Whole dollars | Report the gross OCL - central estimate (excluding claims handling expenses). |\n| 3 | Claims Handling Expenses | Whole dollars | Report the claims handling expense. |\n| 4 | Gross OCL - Diversified Risk Margin | Whole dollars | Report the gross OCL - diversified risk margin. |\n| 5 | Net OCL - Non-Reinsurance Recoveries (Central Estimate) | Whole dollars | Report the net OCL - non-reinsurance recoveries (central estimate).Non-reinsurance recoveries should be reported as a positive number if they act to reduce the gross OCL. |\n| 6 | Net OCL - Reinsurance Recoverables (Central Estimate) | Whole dollars | Report the net OCL - reinsurance recoverables (central estimate).Reinsurance recoverables should be reported as a positive number if they act to reduce the gross OCL. |\n| 7 | Net OCL - Stand-Alone Risk Margin | Whole dollars | Report the net OCL - stand-alone risk margin. |\n| 8 | Net OCL - Diversified Risk Margin | Whole dollars | Report the net OCL - diversified risk margin. |\n| 9 | Discount On Net Outstanding Claims | Whole dollars | Report the discount on net outstanding claims. |","sortOrder":12},{"sectionNumber":"Table 1: Outstanding Claims Liabilities ","sectionType":"part","heading":"Table 1: Outstanding Claims Liabilities - Insurance Risk Charge","content":"## Table 1: Outstanding Claims Liabilities - Insurance Risk Charge\n\nReporting basis\n\nReport the components of the GPS 340 OCL by class of business for direct business and reinsurance business.\n\nUnits of measurement\n\nReport values in whole Australian dollars (no decimal places).\n\nWere actuarial services used to complete this return?\n\nUse the drop-down selection to report whether actuarial services were used to complete this table. If actuarial services were used input 'Yes' otherwise input 'No'.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report the class of business. |\n| 2 | Gross OCL - Central Estimate (Excluding Claims Handling Expenses) | Whole dollars | Report the gross OCL - central estimate (excluding claims handling expenses). |\n| 3 | Claims Handling Expenses | Whole dollars | Report the claims handling expense. |\n| 4 | Gross OCL - Diversified Risk Margin | Whole dollars | Report the gross OCL - diversified risk margin. |\n| 5 | Net OCL - Non-Reinsurance Recoveries (Central Estimate) | Whole dollars | Report the net OCL - non-reinsurance recoveries (central estimate).Non-reinsurance recoveries should be reported as a positive number if they act to reduce the gross OCL. |\n| 6 | Net OCL - Reinsurance Recoverables (Central Estimate) | Whole dollars | Report the net OCL - reinsurance recoverables (central estimate).Reinsurance recoverables should be reported as a positive number if they act to reduce the gross OCL. |\n| 7 | Net OCL - Stand-Alone Risk Margin | Whole dollars | Report the net OCL - stand-alone risk margin. |\n| 8 | Net OCL - Diversified Risk Margin | Whole dollars | Report the net OCL - diversified risk margin. |\n| 9 | Discount On Net Outstanding Claims | Whole dollars | Report the discount on net outstanding claims. |","sortOrder":13}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: collecting granular data on insurance risk charges for outstanding claims. The scope has not expanded beyond prudential supervision of general insurers' capital adequacy."},"complexity_factors":["Multiple cross-references to other prudential standards (GPS 001, GPS 115, GPS 340, GPS 310, GRS 001) requiring concurrent reading","Nested conditional logic in reporting periods (paragraphs 6-9) with standard rules, APRA discretion to modify, and extension mechanisms","Dual reporting timelines (quarterly vs annual) with different due dates and audit requirements","17 defined terms in the interpretation section, including recursive definitions (e.g., 'insurer' defined by reference to Insurance Act, with notes expanding scope to foreign branches)","Technical insurance terminology requiring domain knowledge (OCL = Outstanding Claims Liabilities, GPS 340 components, risk margins, reinsurance recoverables)","Transition provisions (paragraph 16) creating parallel obligations under old and new standards with date-dependent triggers","Quality control requirements referencing external professional standards (Auditing and Assurance Standards Board) with 'not inconsistent with' carve-outs","Specific instructions table with 9 data fields requiring precise categorisation across 24 distinct classes of business"],"plain_english_summary":"This APRA reporting standard requires general insurers and relevant reinsurers in Australia to submit standardized financial data on outstanding claims liabilities — the money expected to be paid on claims not yet settled. \n\nThe information, submitted electronically and reviewed by an independent auditor and senior management, lets APRA monitor insurers’ capital adequacy and spot under‑reserved firms early, protecting policyholders and financial stability."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The text updates and consolidates reporting mechanics for the Insurance Risk Charge and replaces an earlier reporting standard (para 16), but the stated purpose remains to provide APRA with data for prudential supervision and capital assessment (para 2). The document does not, on its face, expand the categories of entities captured—still ‘general insurers’ under the Insurance Act (para 3)—nor introduce new supervisory objectives. It does, however, refine form, timing, assurance and electronic submission requirements and cross‑links explicitly to current prudential standards (paras 1, 5, 8–11, Specific instructions). There is no clear evidence in the text provided that the statutory scope of who must report has grown significantly beyond the original purpose."},"complexity_factors":["Cross‑references to multiple prudential instruments (GRS 001, GPS 115, GPS 340, GPS 310, GPS 001) that determine technical detail and definitions (Objective; paras 1, 17).","Lengthy class‑of‑business list to map products into (Specific instructions / Table 1), increasing mapping complexity for insurers.","Specific data table repeated and detailed (Table 1) with nine line items per class—requires systems and mapping.","Mandatory auditor involvement with a minimum assurance level (limited assurance) and annual testing of systems and controls (para 10).","Multiple conditional reporting rules: quarterly and annual reporting, APRA discretion to change frequency for particular insurers (paras 6–8), and APRA power to vary requirements (para 15).","Transition rules referencing a revoked prior standard for certain late reporting periods (para 16).","Authorisation and record‑keeping rules for agent submissions and digital signatures (paras 12–14).","Interpretation section listing defined terms and a default to external definitions (para 17), which can require consulting other instruments for full meaning."],"plain_english_summary":"**What this Reporting Standard does (mechanics)\n\n- Requires all general insurers authorised under the Insurance Act 1973 to give APRA (the prudential regulator) specified data about their Insurance Risk Charge on outstanding claims liabilities for each quarter and each financial year (paras 2–3, 6).\n\n- Sets the submission method and deadlines: electronic submission using APRA’s online method (or another method APRA notifies); quarterly returns due within 20 business days after the quarter; annual returns due within three months after year‑end (paras 5, 8). APRA can change required reporting periods for an individual insurer if it judges that more or less frequent reporting is needed (para 7). APRA may also grant extensions (para 9) or vary requirements for a particular insurer (para 15).\n\n- Prescribes the data items and format. Insurers must report components of the GPS 340 outstanding claims liabilities (OCL) by class of business for direct and reinsurance business, in whole Australian dollars and using the specified table fields (Specific instructions / Table 1). The return includes a flag asking whether actuarial services were used to prepare the return.\n\n- Requires audit and quality controls. Data must come from systems and controls reviewed and tested by the insurer’s Appointed Auditor, at least annually and in at least a limited assurance engagement (para 10). Insurers must maintain internal review and authorisation policies overseen by the Board and senior management (para 11). Annual information will form part of the insurer’s yearly statutory accounts and be subject to the Insurance Act’s auditor certificate requirements (note to para 6).\n\n- Requires electronic authorisation. Officers or agents submitting data must digitally sign using a digital certificate acceptable to APRA, be authorised by the insurer’s Principal Executive Officer or Chief Financial Officer, and the insurer must keep a copy of any agent’s submission (paras 12–14).\n\n- Contains transition rules for returns due under the previous (revoked) reporting standard (para 16).\n\nWhy this matters (purpose and practical effects)\n\n- Purpose: APRA will use the information for prudential supervision and to assess compliance with capital standards (para 2). In practice this gives APRA a structured, class‑by‑class view of insurers’ outstanding claims and the risk margins that feed into insurance capital calculations.\n\nWho it affects and who pays\n\n- Affects: every general insurer authorised under the Insurance Act, including APRA‑authorised reinsurers and foreign insurer branches as defined (paras 3, 17 definitions).\n\n- Who pays: insurers bear the compliance costs — collecting class‑level OCL data, maintaining or adapting systems to meet APRA’s electronic format, obtaining auditor assurance (at least limited assurance), obtaining digital certificates, and (where used) engaging actuarial services to prepare or check the data (paras 5, 10, Specific instructions / Table 1).\n\nDecision and discretion\n\n- APRA decides the detailed technical format (via its electronic submission method and the table fields), can change reporting frequency for individual insurers (para 7), vary reporting requirements for an insurer (para 15), and grant deadline extensions (para 9).\n\nBehaviour the Standard induces\n\n- Insurers must institutionalise data capture, internal controls and audit trails linking actuarial/valuation outputs to the APRA return (paras 10–11; Specific instructions). Smaller or less automated insurers will likely need system upgrades or more frequent external assurance.\n\nImplementation trade-offs, costs and risks (mechanisms, not value judgements)\n\n- Direct costs: staff time, systems, audit fees for limited assurance, digital certificate procurement and record‑retention (paras 10–13).\n\n- Concentrated benefits: APRA obtains granular, comparable information across insurers by class of business (Specific instructions / Table 1), which helps supervisory assessment of capital adequacy (para 2).\n\n- Potential operational risks: ambiguous mapping of an insurer’s product lines to the prescribed class list, differences in actuarial methods used to produce the central estimate or risk margins, and data quality issues that trigger further APRA queries or bespoke reporting (Specific instructions; paras 10–11, 7, 15).\n\n- Incentives: because data feed into capital assessment (para 2), insurers have an incentive to ensure conservative and auditable valuation processes; conversely, reporting burdens could cause insurers to reallocate resources from other activities to compliance.\n\n- Implementation and compliance burden is proportionally larger for smaller insurers or branches with limited reporting infrastructure; APRA’s power to vary reporting for particular insurers (paras 7, 15) is the mechanism that can mitigate or increase that uneven burden.\n\nKey cross‑references to other instruments\n\n- This Standard must be read with GRS 001 (reporting rules), GPS 115 (Insurance Risk Charge), GPS 340 (Insurance Liability Valuation), GPS 310 (audit) and GPS 001 (definitions) (Objective; paras 1, 17). Those instruments determine technical definitions and some assurance/auditor requirements that materially affect compliance.\n\nBottom line (plain): Insurers must report APRA a specified, class‑by‑class breakdown of outstanding claims and the Insurance Risk Charge using APRA’s electronic format on a quarterly and annual basis, supported by audited systems and internal controls. APRA sets the format and can tailor frequency or requirements for individual insurers. The cost of compliance — data collection, audit assurance and system work — is borne by insurers; APRA gains granular data for capital supervision (paras 2–16; Specific instructions / Table 1)."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-69-of-2023/documents"}}