{"id":"F2023L00580","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 77 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104225,"registerId":"commonwealth-F2023L00580-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 Operational 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 118 Capital Adequacy: Operational Risk Charge (GPS 118).","sortOrder":0},{"sectionNumber":"Authority","sectionType":"division","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":"division","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":"division","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":"division","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":"division","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":"division","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":"division","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":"division","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":"division","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.\n\nTransition\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":9},{"sectionNumber":"Interpretation","sectionType":"division","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":10},{"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":11},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.","sortOrder":12},{"sectionNumber":"O","sectionType":"division","heading":"O","content":"### O\n\n| Operational risk charge for business that is not inwards reinsurance (ORCNI)           | This is the operational risk charge relating to business written directly by the reporting insurer.This is calculated using the formula in accordance with GPS 118.                                                                                                                                                                                                                                                                                                                                                                 |\n| -------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Operational risk charge for inwards reinsurance business (ORCI)                        | This is the operational risk charge relating to the reporting insurer's inwards reinsurance business.This is automatically calculated using the formula in accordance with GPS 118.                                                                                                                                                                                                                                                                                                                                                 |\n| ORCI - central estimate of net insurance liabilities                                   | This is the value, relating to the reporting insurer’s inwards reinsurance business, of the central estimate component of outstanding claims liabilities (OCL) and premiums liabilities (PL), net of any recoveries that relate to the gross OCL and gross PL, determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).The OCL and PL relate to business written directly by the reporting insurer.                                                                                       |\n| ORCI - GWP for the 12 months ending on the date 12 months prior to the reporting date  | This is the value of written premium revenue (gross of reinsurance), relating to the reporting insurer's inwards reinsurance business, recognised for the 12 months ending on the date that is 12 months prior to the reporting date.Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business. |\n| ORCI - GWP for the 12 months ending on the reporting date                              | This is the value of written premium revenue (gross of reinsurance), relating to the reporting insurer's inwards reinsurance business, recognised for the 12 months ending on the reporting date.Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business.                                     |\n| ORCNI - Central estimate of net insurance liabilities                                  | This is the value, relating to the business written directly by the reporting insurer, of the central estimate component of OCL and PL, net of any recoveries that relate to the gross OCL and gross PL, determined in accordance with GPS 340.                                                                                                                                                                                                                                                                                     |\n| ORCNI - GWP for the 12 months ending on the date 12 months prior to the reporting date | This is the value of written premium revenue, relating to business written directly by the reporting insurer, recognised for the 12 months ending on the date that is 12 months prior to the reporting date.Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business.                          |\n| ORCNI - GWP for the 12 months ending on the reporting date                             | This is the value of written premium revenue, relating to business written directly by the reporting insurer, recognised for the 12 months ending on the reporting dateWritten premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business.                                                               |","sortOrder":13},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"## Specific instructions\n\n### Reporting basis\n\nReport items relating to the Operational Risk Charge\n\nReport all items gross of any associated outwards reinsurance expense.\n\n### Units of measurement\n\nThis values in this table must be completed in whole Australian dollars.\n\n### Table 1: Operational Risk Charge\n\n| Column 1 | Report the value for each of the items listed below. |\n| -------- | ---------------------------------------------------- |\n\n1.  Operational Risk Charge for inwards reinsurance business (ORCI)\n\n| Item 1   | The ORCI is a derived item and is calculated using the formula in accordance with GPS 118.        |\n| -------- | ------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report the ORCI - GWP for the 12 months ending on the reporting date.                             |\n| Item 1.2 | Report the ORCI - GWP for the 12 months ending on the date 12 months prior to the reporting date. |\n| Item 1.3 | Report the ORCI - central estimate of net insurance liabilities.                                  |\n\n2. Operational Risk Charge for business that is not inwards reinsurance (ORCNI)\n\n| Item 2   | The ORCNI is a derived item and is calculated using the formula in accordance with GPS 118.        |\n| -------- | -------------------------------------------------------------------------------------------------- |\n| Item 2.1 | Report the ORCNI - GWP for the 12 months ending on the reporting date.                             |\n| Item 2.2 | Report the ORCNI - GWP for the 12 months ending on the date 12 months prior to the reporting date. |\n| Item 2.3 | Report the ORCNI - central estimate of net insurance liabilities.                                  |","sortOrder":14},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nReport items relating to the Operational Risk Charge\n\nReport all items gross of any associated outwards reinsurance expense.","sortOrder":15},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nThis values in this table must be completed in whole Australian dollars.","sortOrder":16},{"sectionNumber":"Table 1: Operational Risk Charge","sectionType":"division","heading":"Table 1: Operational Risk Charge","content":"### Table 1: Operational Risk Charge\n\n| Column 1 | Report the value for each of the items listed below. |\n| -------- | ---------------------------------------------------- |\n\n1.  Operational Risk Charge for inwards reinsurance business (ORCI)\n\n| Item 1   | The ORCI is a derived item and is calculated using the formula in accordance with GPS 118.        |\n| -------- | ------------------------------------------------------------------------------------------------- |\n| Item 1.1 | Report the ORCI - GWP for the 12 months ending on the reporting date.                             |\n| Item 1.2 | Report the ORCI - GWP for the 12 months ending on the date 12 months prior to the reporting date. |\n| Item 1.3 | Report the ORCI - central estimate of net insurance liabilities.                                  |\n\n2. Operational Risk Charge for business that is not inwards reinsurance (ORCNI)\n\n| Item 2   | The ORCNI is a derived item and is calculated using the formula in accordance with GPS 118.        |\n| -------- | -------------------------------------------------------------------------------------------------- |\n| Item 2.1 | Report the ORCNI - GWP for the 12 months ending on the reporting date.                             |\n| Item 2.2 | Report the ORCNI - GWP for the 12 months ending on the date 12 months prior to the reporting date. |\n| Item 2.3 | Report the ORCNI - central estimate of net insurance liabilities.                                  |","sortOrder":17}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"The instrument replaces a prior reporting standard but expressly applies to all general insurers authorised under the Insurance Act for reporting periods ending on or after 1 July 2023 (see para 3) and sets transition rules for periods under the old standard (para 16). The text does not state an expansion or narrowing of the class of entities required to report."},"complexity_factors":["Multiple cross‑references to other prudential instruments (GPS 118, GPS 340, GRS 001) requiring readers to consult external texts for calculation and definitions","Derived data items (ORCI, ORCNI) calculated by formulas set out outside this instrument (GPS 118)","Audit and assurance requirements tied to Insurance Act auditing provisions and professional standards (annual limited assurance engagements)","Administrative rules: electronic submission method, digital signing, officer authorisation, agent record‑keeping","APRA discretion to vary reporting frequency or requirements for individual insurers (notice powers and extensions)","Data integrity constraints: unique row combinations, whole‑dollar reporting, gross reporting basis","Transition rules preserving obligations under a revoked prior standard for certain periods"],"plain_english_summary":"This Reporting Standard requires all APRA‑authorised general insurers to report quarterly and annual data on their Operational Risk Charge (ORC), separately for inwards reinsurance and other business, using APRA’s electronic submission method and specified Australian‑dollar fields. It relies on GPS 118 for the ORC formula and GPS 340 for liability components. APRA uses the data for prudential supervision. Insurers must have audited systems and controls, digitally sign submissions, retain agent copies, and may be given varied reporting periods or extensions by APRA."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This determination appears tightly scoped to its original purpose. It replaces a previous reporting standard (addressed through the transitional provisions in section 16) but maintains the same fundamental scope: collecting operational risk charge data from general insurers. The document does not show evidence of scope creep into unrelated areas of prudential supervision."},"complexity_factors":["Extensive cross-referencing to external documents: requires reading alongside GRS 001 (general reporting requirements), GPS 118 (calculation formulas), GPS 001 (definitions), GPS 340 (insurance liability valuation), and the Insurance Act 1973","Nested definitions: 11 defined terms in section 17, with some definitions themselves containing conditions (e.g., 'APRA-authorised reinsurer' has three sub-conditions including specific treatment of Lloyd's underwriters and the Australian Reinsurance Pool Corporation)","Dual reporting tracks: splits reporting between ORCI (inwards reinsurance) and ORCNI (non-reinsurance business) with parallel but distinct data fields","Temporal complexity: requires reporting data for 12-month periods ending on the reporting date AND 12-month periods ending 12 months prior, creating overlapping reporting windows","Conditional timing rules: standard quarterly/annual deadlines in section 6, but APRA can override these under section 7; plus transitional arrangements in section 16 for old reporting standard obligations","Quality control layering: requires Appointed Auditor review (section 10) AND internal board-level authorisation processes (section 11), with reference to professional auditing standards","Legislative integration: information feeds into statutory accounts under the Insurance Act, triggering separate audit certificate requirements under sections 49J and 49L of that Act"],"plain_english_summary":"This APRA reporting standard requires all general insurers (including Australian branches of foreign insurers) to submit quarterly and annual Operational Risk Charge data for periods ending on/after 1 July 2023. Insurers must report specified amounts for direct and inwards reinsurance business, submit electronically, have filings digitally signed and reviewed by their Appointed Auditor, and retain agent submissions.\n\nThe data lets APRA monitor insurers’ capital buffers for non-claims risks and forms part of audited statutory accounts."},"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-77-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-77-of-2023/documents"}}