{"id":"F2023L00579","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 76 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104222,"registerId":"commonwealth-F2023L00579-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 Level 2 insurance group’s Asset Concentration Risk Charge.\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, and Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge (GPS 117).\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nPurpose\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\nApplication 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 must ensure that each requirement in this Reporting Standard is complied with.\n\nInformation 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\nMethod 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\nReporting 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 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\nQuality 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\nAuthorisation\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\nVariations\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\nTransition\n\n17. A parent entity of a Level 2 insurance group must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; 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 parent entity of a Level 2 insurance group was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\nInterpretation\n\n18. 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 the 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 the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In 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\n19. 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":"General Instructions","sectionType":"part","heading":"General Instructions","content":"Reporting Standard GRS 117.0.G\n\nAsset Concentration Risk Charge\n\n## General Instructions\n\n### 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 the table must not appear on more than one row in that table when reported.\n\n### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| Adjustment for Cumulative Exposures Amount                    | For reinsurance exposures only, this is the adjustment for cumulative exposures that needs to be made in accordance with GPS 117.                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Asset Concentration Risk Charge Limit Amount                  | For reinsurance exposures this means the appropriate asset concentration limit as specified in GPS 117 for reinsurance exposures to grade 5, 6 and 7 counterparties or grade 4 counterparties belonging to the same group.For non-reinsurance exposures this means the appropriate Asset Concentration Risk Charge limit as specified in GPS 117.                                                                                                                                                                                                                              |\n| Asset Concentration Risk Charge Long Term Limit Amount        | This means the appropriate Asset Concentration Risk Charge limit for long-term exposures to unrelated parties that are part of an APRA-regulated group as per GPS 117.                                                                                                                                                                                                                                                                                                                                                                                                         |\n| Asset Concentration Risk Charge Long Term Net Exposure Amount | This means the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year.For exposures categorised as 'unrelated party (APRA-regulated group)', this is the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year. |\n| Asset Concentration Risk Charge Net Exposure Amount           | This means the fair value of the exposure, net of provision for doubtful debts and any regulatory adjustments to capital base related to this exposure, that is subject to Asset Concentration Risk Charge.For reinsurance exposures, regulatory adjustments would consist of reinsurance assets that do not meet the reinsurance documentation test and the governing law requirements as per Prudential Standard GPS 230 Reinsurance Management (GPS 230).                                                                                                                   |\n| Asset Exposure Category After Eligible Credit Support         | For reinsurance exposures that are covered by eligible credit support, report the counterparty grade grouping as:grade 4; orgrade 5, 6 or 7.For non-reinsurance exposures, categorise the exposure into one of the following in accordance with GPS 117:related party (APRA-regulated group);unrelated party (APRA-regulated group); orother.                                                                                                                                                                                                                                  |\n\nC\n\n| Counterparty Grade type                          | This means the classification applied to the exposure as per Prudential Standard GPS 001 Definitions (GPS 001). |\n| ------------------------------------------------ | --------------------------------------------------------------------------------------------------------------- |\n| Counterparty Group Name                          | This is the name of the group to which the counterparty to the exposure belongs.                                |\n| Counterparty Name                                | This is the name of the counterparty to the exposure.                                                           |\n| Counterparty Grade After Eligible Credit Support | This means the counterparty grade type related to exposures that are covered by collateral or guarantee.        |\n\nE\n\n| Eligible Credit Support Applied                     | The means whether the reinsurance or non-reinsurance exposure is covered by an eligible collateral, guarantee, or letter of credit, indicate whether the Level 2 insurance group has applied the eligible credit support to calculate the Asset Concentration Risk Charge.Possible values are:yes; andno. |\n| --------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Exposure subject to Asset Concentration Risk Charge | For reinsurance exposures only: This is the total exposure that is subject to the Asset Concentration Risk Charge. This item is calculated at the level of each counterparty group name as the sum of:Asset Concentration Risk Charge net exposure amount; andadjustment for cumulative exposures amount. |\n\nN\n\n| Name of Provider of Eligible Credit Support     | This means the name of the entity providing the collateral or guarantee where the Level 2 insurance group holds collateral against the asset or if the asset has been guaranteed.                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Non-reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for non-reinsurance exposures and is the sum of the Asset Concentration Risk Charges for each non-reinsurance exposure category.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as the greater of:Asset Concentration Risk Charge net exposure amount less Asset Concentration Risk Charge limit amount; andAsset Concentration Risk Charge long term net exposure amount less Asset Concentration Risk Charge long term limit amount,subject to a floor of zero. |\n\nO\n\n| Off-Balance Sheet Large Exposure Amount | This represents the fair value of the exposure, net of provision for doubtful debts, recognised off-balance sheet. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------ |\n| On-Balance Sheet Large Exposure Amount  | This represents the fair value of the exposure, net of provision for doubtful debts, recognised on-balance sheet.  |\n\nR\n\n| Reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for reinsurance exposures and is the sum of the Asset Concentration Risk Charges for reinsurance exposures across all counterparty grades.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as exposure subject to Asset Concentration Risk Charge less Asset Concentration Risk Charge limit amount, subject to a floor of zero. |\n| ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Related party                               | This means the type of relationship of the counterparty to the reporting Level 2 insurance group. This can take the values of:parent;controlled entity;associate / joint venture; orother related party.Definitions of the related party types listed above can be found in GPS 001.                                                                                                                                                                                             |\n\nT\n\n| Total large exposure amount | This represents the fair value of the exposure, net of provision for doubtful debts, and includes both on-balance sheet and off-balance sheet amounts.This is calculated as the sum of:on-balance sheet large exposure amount; andoff-balance sheet large exposure amount. |\n| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n##","sortOrder":1},{"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 the table must not appear on more than one row in that table when reported.","sortOrder":2},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| Adjustment for Cumulative Exposures Amount                    | For reinsurance exposures only, this is the adjustment for cumulative exposures that needs to be made in accordance with GPS 117.                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Asset Concentration Risk Charge Limit Amount                  | For reinsurance exposures this means the appropriate asset concentration limit as specified in GPS 117 for reinsurance exposures to grade 5, 6 and 7 counterparties or grade 4 counterparties belonging to the same group.For non-reinsurance exposures this means the appropriate Asset Concentration Risk Charge limit as specified in GPS 117.                                                                                                                                                                                                                              |\n| Asset Concentration Risk Charge Long Term Limit Amount        | This means the appropriate Asset Concentration Risk Charge limit for long-term exposures to unrelated parties that are part of an APRA-regulated group as per GPS 117.                                                                                                                                                                                                                                                                                                                                                                                                         |\n| Asset Concentration Risk Charge Long Term Net Exposure Amount | This means the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year.For exposures categorised as 'unrelated party (APRA-regulated group)', this is the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year. |\n| Asset Concentration Risk Charge Net Exposure Amount           | This means the fair value of the exposure, net of provision for doubtful debts and any regulatory adjustments to capital base related to this exposure, that is subject to Asset Concentration Risk Charge.For reinsurance exposures, regulatory adjustments would consist of reinsurance assets that do not meet the reinsurance documentation test and the governing law requirements as per Prudential Standard GPS 230 Reinsurance Management (GPS 230).                                                                                                                   |\n| Asset Exposure Category After Eligible Credit Support         | For reinsurance exposures that are covered by eligible credit support, report the counterparty grade grouping as:grade 4; orgrade 5, 6 or 7.For non-reinsurance exposures, categorise the exposure into one of the following in accordance with GPS 117:related party (APRA-regulated group);unrelated party (APRA-regulated group); orother.                                                                                                                                                                                                                                  |\n\nC\n\n| Counterparty Grade type                          | This means the classification applied to the exposure as per Prudential Standard GPS 001 Definitions (GPS 001). |\n| ------------------------------------------------ | --------------------------------------------------------------------------------------------------------------- |\n| Counterparty Group Name                          | This is the name of the group to which the counterparty to the exposure belongs.                                |\n| Counterparty Name                                | This is the name of the counterparty to the exposure.                                                           |\n| Counterparty Grade After Eligible Credit Support | This means the counterparty grade type related to exposures that are covered by collateral or guarantee.        |\n\nE\n\n| Eligible Credit Support Applied                     | The means whether the reinsurance or non-reinsurance exposure is covered by an eligible collateral, guarantee, or letter of credit, indicate whether the Level 2 insurance group has applied the eligible credit support to calculate the Asset Concentration Risk Charge.Possible values are:yes; andno. |\n| --------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Exposure subject to Asset Concentration Risk Charge | For reinsurance exposures only: This is the total exposure that is subject to the Asset Concentration Risk Charge. This item is calculated at the level of each counterparty group name as the sum of:Asset Concentration Risk Charge net exposure amount; andadjustment for cumulative exposures amount. |\n\nN\n\n| Name of Provider of Eligible Credit Support     | This means the name of the entity providing the collateral or guarantee where the Level 2 insurance group holds collateral against the asset or if the asset has been guaranteed.                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Non-reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for non-reinsurance exposures and is the sum of the Asset Concentration Risk Charges for each non-reinsurance exposure category.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as the greater of:Asset Concentration Risk Charge net exposure amount less Asset Concentration Risk Charge limit amount; andAsset Concentration Risk Charge long term net exposure amount less Asset Concentration Risk Charge long term limit amount,subject to a floor of zero. |\n\nO\n\n| Off-Balance Sheet Large Exposure Amount | This represents the fair value of the exposure, net of provision for doubtful debts, recognised off-balance sheet. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------ |\n| On-Balance Sheet Large Exposure Amount  | This represents the fair value of the exposure, net of provision for doubtful debts, recognised on-balance sheet.  |\n\nR\n\n| Reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for reinsurance exposures and is the sum of the Asset Concentration Risk Charges for reinsurance exposures across all counterparty grades.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as exposure subject to Asset Concentration Risk Charge less Asset Concentration Risk Charge limit amount, subject to a floor of zero. |\n| ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Related party                               | This means the type of relationship of the counterparty to the reporting Level 2 insurance group. This can take the values of:parent;controlled entity;associate / joint venture; orother related party.Definitions of the related party types listed above can be found in GPS 001.                                                                                                                                                                                             |\n\nT\n\n| Total large exposure amount | This represents the fair value of the exposure, net of provision for doubtful debts, and includes both on-balance sheet and off-balance sheet amounts.This is calculated as the sum of:on-balance sheet large exposure amount; andoff-balance sheet large exposure amount. |\n| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n##","sortOrder":3}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears focused on its original purpose of establishing reporting requirements for asset concentration risk. While it incorporates detailed technical specifications and cross-references to related prudential standards, this is typical for APRA reporting standards and represents necessary specificity rather than scope creep. The standard replaces a previous version (as indicated by the transitional provisions regarding the 'old reporting standard') but maintains the same fundamental scope of regulating how insurers report concentration risk data to APRA."},"complexity_factors":["Extensive cross-referencing to other standards: requires reading alongside GPS 001, GPS 117, GPS 230, GPS 310, GRS 001, and the Insurance Act 1973","Nested conditional logic: different reporting requirements for reinsurance vs non-reinsurance exposures, with different calculation methods for each","Multiple defined terms (18 definitions in the interpretation section) including technical concepts like 'APRA-authorised reinsurer' and 'Level 2 insurance group'","Dual reporting timelines: half-yearly unaudited and annual audited submissions with different due dates","Discretionary powers: APRA can vary reporting periods, grant extensions, or exclude half-yearly reporting on a case-by-case basis","Technical calculation requirements: complex formulas for determining risk charges involving floors, excess calculations, and cumulative exposure adjustments","Quality control requirements: mandates specific audit standards and assurance engagements","Transitional provisions: requires understanding of 'old reporting standard' obligations for overlapping periods"],"plain_english_summary":"APRA’s reporting standard requires parent entities of Level 2 insurance groups to regularly report detailed exposures for the Asset Concentration Risk Charge — showing counterparty-level loans, investments and reinsurance separately — so APRA can assess capital buffers against single‑counterparty risk. Reports are submitted electronically (half‑yearly unaudited and annually audited, with external auditor quality checks and digital signing). The data helps APRA spot concentration risks that could threaten insurers’ solvency and broader financial stability."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The instrument replaces a prior reporting standard and sets explicit application and commencement rules (applies to parent entities of Level 2 insurance groups for reporting periods ending on or after 1 July 2023) while requiring transitional reporting under the old standard for certain earlier periods (para 3; para 17). Those transitional and commencement provisions indicate a change in the timing and formalisation of reporting obligations compared with the revoked standard referenced in para 17."},"complexity_factors":["Cross-references to multiple prudential instruments and external standards (GRS 001, GPS 117, GPS 001, GPS 310, GPS 230) increase interpretive complexity and require coordinaton across frameworks (Objective; paras 1, 2; para 18).","Granular data and calculation rules for different exposure types (reinsurance vs non-reinsurance; long‑term exposures; cumulative adjustments) require detailed mapping and actuarial/accounting inputs (Definitions and Reporting tables).","Detailed field‑level constraints and mutually exclusive reporting-row rules impose data‑model and validation requirements (Reporting tables; 'Any specific combination...' note).","Multiple timing and submission paths: half‑year unaudited, annual audited, transitional reporting, APRA‑specified alternative periods, and possible extensions (paras 6–10, 17).","Audit and control obligations require systems, processes and limited assurance review by the Group Auditor, and board/senior management policies for authorisation (paras 11–12; note to para 8 referencing GPS 310).","Authorisation, record‑keeping and agent submission rules (digital certificate requirement; copies retained; authorised submitters) create operational and compliance steps (paras 13–15).","APRA discretion to vary reporting requirements for particular groups or circumstances introduces regulatory uncertainty and bespoke compliance work (paras 7, 16).","Transitional provisions preserving old‑standard reporting for certain periods add parallel reporting and reconciliation burdens (para 17).","Extensive defined terminology and repeated definition tables mean implementers must reconcile internal naming and classification to standard definitions (Definitions sections and tables)."],"plain_english_summary":"This Reporting Standard requires the parent entity of a Level 2 insurance group to submit detailed data to APRA about the group’s Asset Concentration Risk Charge, including prescribed tables, calculations, supporting metadata, and the format and digital authorisation of submissions. It specifies timing (half‑year unaudited; annual audited), audit and internal‑control requirements, and APRA’s powers to vary reporting. APRA uses the data for prudential supervision and to assess compliance with capital standards."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-76-of-2023/documents"}}