{"id":"F2008L03954","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 82 of 2008 - GRS 310.3 (2008) - Investment and Operating Income and Expense","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":75698,"registerId":"commonwealth-F2008L03954-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 310.3 (2008)","sectionType":"part","heading":"Reporting Standard GRS 310.3 (2008)","content":"## Reporting Standard GRS 310.3 (2008)","sortOrder":0},{"sectionNumber":"Investment and Operating Income and Expe","sectionType":"part","heading":"Investment and Operating Income and Expense","content":"# Investment and Operating Income and Expense\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on a quarterly and annual basis, investment and operating income and expense.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 310.3 Investment and Operating Income and Expense (Form GRF 310.3) and the instructions to that form (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Data collected in Form GRF 310.3 is used by APRA for the purpose of prudential supervision of insurers.\n\n# Application and commencement\n\n2. This reporting standard applies to all insurers for reporting periods commencing on or after 1 July 2008.\n\n# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 310.3 for each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 310.3 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\n# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard:\n\n(a) in respect of each quarter based on the financial year (within the meaning of the Corporations Act 2001) of the insurer; and\n\n(b) in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with subparagraph 5(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 1973 (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 auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by subparagraph 5(a) or (b)).\n\n7. The information required by paragraph 3 of this reporting standard from an insurer must be provided to APRA by the following times:\n\n(a) in the case of the quarterly information required by subparagraph 5(a) – 20 business days after the end of the reporting period to which the information relates; and\n\n(b) in the case of the annual information required by subparagraph 5(b) – 4 months after the end of the reporting period to which the information relates.\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 in relation to the annual information required by paragraph 3 read with subparagraph 5(b) must be provided to APRA by the time specified in subparagraph 7(b) of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n9. The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.\n\n10. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n12. If an insurer provides the information required by this reporting standard through an agent under either subparagraphs 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 12(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(c) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to the instructions to a form, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransition\n\n> 16. An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.\n\n  \nInterpretation\n\n17. In this reporting standard:\n\nappointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;\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\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, 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\n# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in subparagraph 5(a) or (b) or, if applicable, paragraph 6.\n\n18. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on a quarterly and annual basis, investment and operating income and expense.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 310.3 Investment and Operating Income and Expense (Form GRF 310.3) and the instructions to that form (which are attached and form part of this reporting standard).","sortOrder":2},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Data collected in Form GRF 310.3 is used by APRA for the purpose of prudential supervision of insurers.","sortOrder":3},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all insurers for reporting periods commencing on or after 1 July 2008.","sortOrder":4},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 310.3 for each reporting period.","sortOrder":5},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 310.3 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.","sortOrder":6},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard:\n\n(a) in respect of each quarter based on the financial year (within the meaning of the Corporations Act 2001) of the insurer; and\n\n(b) in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with subparagraph 5(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 1973 (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 auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by subparagraph 5(a) or (b)).\n\n7. The information required by paragraph 3 of this reporting standard from an insurer must be provided to APRA by the following times:\n\n(a) in the case of the quarterly information required by subparagraph 5(a) – 20 business days after the end of the reporting period to which the information relates; and\n\n(b) in the case of the annual information required by subparagraph 5(b) – 4 months after the end of the reporting period to which the information relates.\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 in relation to the annual information required by paragraph 3 read with subparagraph 5(b) must be provided to APRA by the time specified in subparagraph 7(b) of this reporting standard (unless an extension is granted under paragraph 8).\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":7},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n9. The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.\n\n10. The information provided by an insurer under this reporting standard must be subject to 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":8},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n11. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.\n\n12. If an insurer provides the information required by this reporting standard through an agent under either subparagraphs 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 13; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 12(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(c) the Chief Financial Officer of the insurer (whatever his or her official title may be).","sortOrder":9},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to the instructions to a form, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransition\n\n> 16. An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.\n\n  \nInterpretation\n\n17. In this reporting standard:\n\nappointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;\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\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, 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.","sortOrder":10},{"sectionNumber":"Principal Executive Officer means the pr","sectionType":"part","heading":"Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;","content":"# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in subparagraph 5(a) or (b) or, if applicable, paragraph 6.\n\n18. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":11},{"sectionNumber":"Instruction Guide","sectionType":"part","heading":"Instruction Guide","content":"# Instruction Guide\n\nIntroduction\n\nThe purpose of this form is to provide information relating to investment income and operating expenses of the reporting insurance entity.","sortOrder":12},{"sectionNumber":"Audit requirements","sectionType":"subdivision","heading":"Audit requirements","content":"#### Audit requirements\n\nThe form relating to authorised insurance entities and reinsurance entities is required to be subject to audit review and testing.\n\nThe scope and nature of audit testing required is outlined in the applicable Auditing and Assurance Guidance Statement issued by the Auditing and Assurance Standards Board.\n\nInformation provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:\n\n-   the completed form for the financial year must be audited by the Appointed Auditor of the insurer (see paragraph 49J(1)(a) of the Act);\n\n-   the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));\n-   the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));\n-   the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Branch insurers of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations);\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity); and\n3.  Authorised reinsurance entities (reference to licensed insurer in the form means total operations of the licensed entity).","sortOrder":13},{"sectionNumber":"Definitions","sectionType":"subdivision","heading":"Definitions","content":"#### Definitions\n\nDefinitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.\n\nAmounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (e.g. some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on a quarterly and annual basis.\n\n-   The quarterly information is to be completed in respect of each quarter based on the financial year of the insurer, not the calendar year.\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.","sortOrder":14},{"sectionNumber":"Reporting lag","sectionType":"part","heading":"Reporting lag","content":"## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 310.3Investment and Operating Income and Expense.","sortOrder":15},{"sectionNumber":"Basis of preparation","sectionType":"part","heading":"Basis of preparation","content":"## Basis of preparation\n\nUnless specifically mentioned in these instructions insurers should follow the recognition and measurement requirements of the Australian accounting standards in completing this form.\n\nThe interpretation and required measurement basis for items listed in the form which are not measured in line with the requirements of Australian accounting standards are specified in these instructions.\n\nFair value measurement of assets\n\nAPRA applies the notion of activities integral to insurance operations for its regulatory reporting[\\[4\\]](#_ftn4). APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[\\[5\\]](#_ftn5) investments that are controlled by the entity in the conduct of its general insurance activities.\n\nInvestments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n(i) the quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n(ii) when there is infrequent activity in a market, and the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs[\\[6\\]](#_ftn6).\n\nFor investments integral to general insurance activities, changes in the values at which such investments are measured must be recognised as revenues (or losses) in GRF 310.0 Statement of Financial Performance and GRF 310.3 Investment and Operating Income and Expense in the reporting period in which the changes occur.\n\nFair value of charged/encumbered assets\n\nIf an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the fair value of the asset, the value attached to the asset needs to reflect the existence of these arrangements. For example, if the insurer has agreed to deliver an asset to a purchaser at a price below the arms length value, the fair value cannot exceed the agreed price. This may also have relevance to this form.","sortOrder":16},{"sectionNumber":"Netting","sectionType":"part","heading":"Netting","content":"## Netting\n\nUnless otherwise specifically stated, institutions are allowed to take advantage of netting agreements in relation to disclosure of data items in this form. Institutions are to comply with the prerequisite for netting outlined in Australian accounting standards AASB7 ‘Financial Instruments: Disclosures’, AASB 139 ‘Financial Instruments: Recognition and Measurement’ and AASB 132 ‘Financial Instruments: Presentation’.\n\nRelated party disclosure\n\nAmounts due from, loans to, debentures of, shares in, or units in a trust or body corporate that is related to the insurer are to be disclosed for items of assets and liabilities where indicated in the form.\n\nFor the purposes of this form, related bodies corporate are to be interpreted consistently with the meaning as in AASB 124 ‘Related Party Disclosures’.\n\nIn accordance with AASB 124, related party means a party that directly or indirectly through one or more intermediaries:\n\n(a) controls, is controlled by or is under common control with, the entity (this includes parents, subsidiaries and fellow subsidiaries);\n\n(b) has significant influence over the entity or has joint control over the entity; or\n\n(c) is an associate (as defined in AASB 128 ‘Investments in Associates’) of the entity; or\n\n(d) is a joint venture in which the entity is a venturer (see AASB 131 ‘Interests in Joint Ventures’); or\n\n(e) is a member of the key management personnel of the entity or its parent; or\n\n(f) is a close member of the family of any individual referred to in (a), (b) or (e); or\n\n(g) is an entity that its controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (e) or in (f); or\n\n(h) is a post-employment benefit plan for the benefit of the employees of the entity, or of any entity that is a related party of the entity.\n\n  \nSpecific Instructions\n\nFor the purposes of this form, income and expenses are to be disclosed into the following categories:\n\n(i) Parent/controlled entities\n\nReport the income received or receivable and expenses paid or payable to:\n\n-   the parent (direct or ultimate parent of the group) of the licensed insurer; and\n-   entities controlled by the reporting insurer; or\n-   entities controlled by the foreign parent insurer for branches.\n\n(ii) Other related parties\n\nReport the income received or receivable and expenses paid or payable to all other related entities (other than disclosed in the category Parent/Controlled entities). Refer to the definition of related parties provided earlier in the instruction guide.\n\n(iii) Other\n\nReport income received or receivable and expenses paid or payable to all other sources (excluding Parent/controlled entities and other related parties).\n\n1.  Investment Income\n\nInterest\n\nInterest is the income normally receivable on assets such as deposits, loans, bonds, and accounts receivable. Interest must be recognised and measured in accordance with the Australian accounting standards. This will mean that interest income is recognised on an accrual basis, unless the asset is considered to be impaired/non-performing in which interest is to be recognised on a cash basis. Include:\n\n-   Coupon payments from fixed interest securities (i.e. Commonwealth Government Bonds);\n-   Earnings on discounted securities (i.e. bank accepted bills);\n-   Interest from deposits with banks and non-bank financial intermediaries;\n-   Interest from loans and advances (to related and unrelated entities); and\n-   Interest on finance leases.\n\nDerivatives\n\nReport the interest received/receivable in relation to derivative positions e.g. from swap contracts. If interest income from derivative contracts is with the parent/controlled entities or other related entities, report interest income under the appropriate headings above, do not duplicate reporting under this heading.\n\nTotal interest income\n\nThis is automatically calculated by the form and represents the total interest income from all sources.\n\nDividends\n\nDividend is the income receivable on assets such as shares, units and trusts. For the purposes of this form, dividend income is to be disclosed into the following categories:\n\nTotal dividend income\n\nThis is automatically calculated by the form and represents the total dividend from all sources.\n\nRental income\n\nRent is the income receivable on assets such as land and property.\n\nTotal rental income\n\nThis is automatically calculated by the form and represents the total rental income from all sources.\n\nTrust distributions\n\nThis refers to the distributions received or receivable in relation to investments in trust vehicles.\n\nTotal trust distributions\n\nThis is automatically calculated by the form and represents the total trust distributions from all sources.\n\nOther distributions\n\nSpecify the nature of other forms of distributions not specifically reported in the form under the above categories.\n\nTotal Other distributions\n\nThis is automatically calculated by the form and represents the total other distributions from all sources.\n\nForeign exchange gains/losses relating to Investments (realised and unrealised)\n\n(i) Investments (other than derivatives)\n\nReport realised and unrealised currency exchange gains/losses relating to the translation/conversion into Australian currency of investments (e.g. every investment other than derivative positions) denominated in a currency other than the Australian currency. Do not report the gains and losses attributable to the movement in the fair value of the underlying investments that are denominated in a foreign currency, these are reported below under “Change in fair value of investments”. Only report the gain/loss that is attributable to movements in the currency value the investments are denominated in, respective to the Australian currency.\n\n(ii) Derivatives\n\nReport exchange gains/losses relating to the currency translation/conversion in the Australian currency of derivative contracts held in relation to the underlying investment portfolios (e.g. as hedges of the interest rate or equity investment portfolios or as outright position taking - altering the asset allocation strategy). Do not report the gains and losses attributable to the movement in the fair value of the derivative position that are denominated in a foreign currency, these are reported below under “Change in fair value of investments”. Only report the gain/loss that is attributable to movements in the currency value that the derivative contract is denominated in, respective to the Australian dollar.\n\nTotal foreign exchange gains/losses\n\nThis is automatically calculated by the form and represents the total foreign exchange gains/losses relating to investments and derivatives.\n\nChange in fair value of Investments\n\n(a) Unrealised gains/losses\n\nChange in net fair value is the increase or decrease in the fair value of each asset compared to the value of that asset at the beginning of the reporting period. These assets are still owned by the insurer at the end of the period, they have not been sold as a result the gains or losses on the assets are termed unrealised. If the assets are sold during the reporting period, then the gains or losses are realised and are to be disclosed separately under part (b) “Realised gains/losses”.\n\nOnly include the movement in the fair value of the asset. Do not include the movement in the value of the currency comparative to the Australian dollar if the asset is denominated in a currency other than the Australian dollar. Movements in value attributable to the movements in the currency exchange rates are to be separately disclosed under the heading “Foreign exchange gains/losses (realised and unrealised)”.\n\nFor the purposes of this return unrealised gains/losses must be disclosed into the following categories:\n\nDirect Investments:\n\nThis relates to investments where the reporting insurer holds direct title/ownership of the underlying asset (i.e. holding of debt securities, listed equity securities, freehold property).\n\n-   Interest rate investments\n\nDisclose any unrealised gain/loss on the interest rate investments portfolio. Do not include unrealised gains/losses on interest rate related derivative contracts. These are to be disclosed separately under the heading “Derivatives”.\n\n-   Equity investments\n\nDisclose any unrealised gain/loss on the equity investments portfolio. Do not include unrealised gains/losses on equity related derivative contracts. These are to be disclosed separately under the heading Unrealised gains/losses - “Derivatives”.\n\n-   Property investments\n\nDisclose any unrealised gain/loss on the property portfolio.\n\n-   Loans and advances\n\nDisclose any unrealised gain/loss on the loans and advances portfolio. This is only applicable where the reporting insurer revalues the loans and advances portfolio to fair value.\n\n-   Derivatives (other than foreign exchange)\n\nDisclose unrealised gains/losses in the fair value of the derivative exposure. Do not include unrealised or realised movements in foreign currency derivative contracts, as these are to be separately disclosed under the heading “Foreign exchange gains/losses (realised and unrealised)”.\n\nIndirect Investments:\n\nThis relates to investments where the reporting insurer does not hold direct title/ownership of underlying assets (i.e. holding of units in listed or unlisted unit trusts).\n\n-   Units in trusts/managed investment vehicles\n\nDisclose the change in fair value (unrealised gain/loss) of holdings of units in trusts or other management investment vehicles.\n\nTotal unrealised gains/losses\n\nThis is automatically calculated by the form and represents the total unrealised gains and losses.\n\n(b) Realised gains/losses\n\nChange in fair value is the increase or decrease in the fair value of each asset at the date of its disposal, compared to the value of that asset at the beginning of the reporting period or when last revaluation was recognised. These assets have been sold and as a result the gains or losses on the assets are termed realised. If the assets have not been sold during the reporting period, then the gains or losses are unrealised and are to be disclosed separately under part (a) “Unrealised gains/losses”.\n\nOnly include the movement in the fair value of the asset. Do not include the movement in the value of the currency comparative to the Australian dollar if the asset is denominated in a currency other than the Australian dollar. Movements in value attributable to the movements in the currency exchange rates are to be separately disclosed under the heading “Foreign exchange gains/losses (realised and unrealised)”.\n\nFor the purposes of this return realised gains/losses must be disclosed into the following categories:\n\nDirect Investments:\n\nThis relates to investments where the reporting insurer holds direct title/ownership of the underlying asset (i.e. holding of debt securities, listed equity securities, freehold property).\n\n-   Interest rate investments\n\nDisclose any realised gain/loss on the interest rate investments portfolio. Do not include realised gains/losses on interest rate related derivative contracts. These are to be disclosed separately under the heading “Derivatives”.\n\n-   Equity investments\n\nDisclose any realised gain/loss on the equity investments portfolio. Do not include realised gains/losses on equity related derivative contracts. These are to be disclosed separately under the heading realised gains/losses - “Derivatives”.\n\n-   Property investments\n\nDisclose any realised gain/loss on the property portfolio.\n\n-   Loans and advances\n\nDisclose any realised gain/loss on the loans and advances portfolio. This is only applicable where the reporting insurer revalues the loans and advances portfolio to fair value.\n\n-   Derivatives (other than foreign exchange)\n\nDisclose realised gains/losses. Do not include realised gains and losses on movements in foreign currency derivative contracts, as these are to be separately disclosed under the heading “Foreign exchange gains/losses (realised and unrealised)”.\n\nIndirect Investments:\n\nThis relates to investments where the reporting insurer does not hold direct title/ownership of underlying assets (i.e. holding of units in listed or unlisted unit trusts).\n\n-   Units in trusts/managed investment vehicles\n\nDisclose the realised gain or loss arising on disposal of holdings of units in trusts or other management investment vehicles.\n\nTotal realised gains/losses\n\nThis is automatically calculated by the form and represents the total realised gains and losses.\n\nOther investment income\n\nReport investment income from sources not specifically reported elsewhere in the form.\n\nProvide a brief description in the space provided in the form, of the nature of the income.\n\nTotal investment income\n\nThis is automatically calculated by the form and represents the sum of interest income, dividends, rental income, foreign exchange gains/losses (realised and unrealised), change in fair value of investments (realised and unrealised).\n\nTotal investment income, which is attributable to shareholders funds.\n\nDisclose that value of total investment income that is associated or attributable to the investment of shareholders funds only. As of 1 July 2008 it is mandatory for insurers to make this disclosure. In cases where the insurer has an existing internal split of the assets between shareholders and insurance liabilities then this should be used to determine the investment income attributable to shareholder funds. Otherwise insurers must assume that the insurance liabilities are backed by investment assets and proportionally allocate the investment income to the insurance liabilities and the balance to shareholders fund. For example:\n\nAssets $150\n\nInvestment assets $110\n\nInvestment income $10\n\nNet insurance liabilities $60\n\nInvestment income attributed to shareholders funds: (110-60)/110\\*10=$4.55\n\n2. Other operating income\n\nInclude income earned which does not constitute investment income and is reported under the section titled “Investment Income” i.e. income or expense that does not relate to the investment portfolio of the general insurer. Some of these items will not be applicable for branch operations.\n\nRealised gains/losses on disposal of:\n\n-   Insurance portfolios\n\nDisclose any realised gain or loss recorded on the sale or transfer of insurance portfolios.\n\n-   Investments in controlled entities (this is not applicable for branch operations)\n\nDisclose any realised gain or loss recorded on the disposal (partial and full disposal) of the investment in controlled entities. This should be done in compliance with AASB 127 ‘Consolidated and Separate Financial Statements’.\n\n-   Investments in associates/joint ventures\n\nDisclose any realised gain or loss recorded on the disposal (partial and full disposal) of the investment in associated entities or joint venture entities/operations. Joint ventures are to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’ and Associates is to be interpreted as defined in AASB 128 ‘Investments in Associates’.\n\n-   Other assets\n\nDisclose any realised gain or loss recorded on the disposal of other assets not specifically disclosed above or under “Investment income” section.\n\nTotal realised gains/losses\n\nThis is automatically calculated by the form and represents the total realised gains and losses.\n\nForeign exchange gains/losses (realised and unrealised)\n\n-   Borrowings\n\nReport realised and unrealised currency exchange gains/losses relating to the translation/conversion into Australian currency of the value of borrowings that are denominated in a currency other than the Australian Dollar.\n\nRecord the exchange gains losses relating to borrowings that are denominated in a currency other than Australian currency into the following:\n\n(i) Underlying exposure\n\nThis is the exchange gains/losses relating to the conversion of the underlying/physical borrowing.\n\n(ii) Derivatives (hedging borrowing exposure)\n\nThis is the exchange gains/losses relating to the conversion of any derivative exposure taken by the insurer to hedge the currency risk associated with the underlying/physical borrowing.\n\n-   Claims liability\n\nReport any realised and unrealised currency exchange gains/losses relating to the translation/conversion into Australian currency of the value of outstanding claims liabilities that are to be paid/settled in a currency other than the Australian Dollar.\n\nRecord the exchange gains losses relating to claims liability into the following:\n\n(i) Underlying exposure\n\nThis is the exchange gains/losses relating to the conversion of the underlying claim liability.\n\n(ii) Derivatives (hedging claims exposure)\n\nThis is the exchange gains/losses relating to the conversion of any derivative exposure taken by the insurer to hedge the currency risk associated with the settlement of the underlying claim liability.\n\n-   Other\n\nReport any realised and unrealised currency exchange gains/losses relating to the translation/conversion into Australian currency of other liabilities not specifically required above. Include the currency exchange gains/losses on any derivative contracts taken to hedge movements in borrowings and outstanding claims liabilities that are denominated in a currency other than the Australian Dollar.\n\nTotal foreign exchange gains/losses\n\nThis is automatically calculated by the form and represents the total foreign exchange gains/losses relating to borrowings, claims liability and Other items.\n\nNet increment/decrement (or write down) from the revaluation of:\n\n-   Investments in controlled entities (not applicable for branch operations)\n\nDisclose the value of any increment or write down in recoverable value of investment in controlled entities that is taken directly to the Statement of Financial Performance. Do not include revaluation increment or decrement that are taken to an Asset Revaluation Reserve in accordance with AASB 140 ‘Investment Property’.\n\n-   Investments in associates/joint ventures\n\nDisclose the value of any increment or write down in recoverable value of investment in associates or joint ventures that is taken directly to the Statement of Financial Performance. Do not record revaluation increment or decrement that are taken to an Asset Revaluation Reserve in accordance with AASB 140 ‘Investment Property’.\n\nNote:\n\nThis is not applicable where the reporting insurer accounts for these interests by the use of the equity method of accounting.[\\[7\\]](#_ftn7)\n\n-   Other assets\n\nDisclose the value of any increment or write down in recoverable value of other assets (except investments) not separately disclosed above, that are taken to the Statement of Financial Performance. Note do not record any values attributable to assets recorded as investments, these must be disclosed in the appropriate section under the heading “Investment Income”. Do not record revaluation increment or decrement that are taken to an Asset Revaluation Reserve.\n\nTotal Net increment/decrement (or write down) from revaluation\n\nThis is automatically calculated by the form and represents the total net increment/decrement (or write down) from revaluation.\n\nShare of net profits (losses) of associates and joint ventures accounted for using the equity method of accounting\n\nThis represents income/loss recognised by the reporting insurer where the equity method is adopted to account for the investment in the associate or joint venture as required by AASB 128 ‘Investments in Associates’ and AASB 131 ‘Interests in Joint Ventures’.7\n\nFees and commissions\n\nDisclose the value of all fees and commissions income earned into the appropriate categories required in the form. Do not include commission revenue that is associated with underwriting activities and is disclosed as commission revenue in the calculation of underwriting expenses in GRF 310.0 Statement of Financial Performance.\n\nLife Insurance\n\nDisclose the value of income recognised from life insurance activities/business. Income earned is to be recognised in accordance with AASB 1038 ‘Life Insurance Contracts’.\n\nOther operating income\n\nDisclose the value of any other operating income not separately disclosed above. Provide a brief description of the nature of this income in the space provided in the form.\n\nTotal other operating income\n\nThis is automatically calculated by the form and represents the totals for the following “Other operating income” categories:\n\n-   Realised gains/losses on disposal;\n-   Foreign exchange gains/losses (realised and unrealised);\n-   Net increment/decrement (or write down) from the revaluation;\n-   Share of net profits (losses) of associates and joint ventures accounted for using the equity method;\n-   Fees and Commissions;\n-   Life insurance; and\n-   Other operating income.\n\n3. Operating expenses\n\nInclude expenses incurred (i.e. paid or payable) and recognised which are not ordinarily directly associated with the generation of Investment Income (i.e. expense that are not directly related to the investment portfolio of the general insurer). They do not include underwriting expenses reported on GRF 310.0 Statement of Financial Performance.\n\nInterest expense\n\n-   Borrowings\n\nReport the interest expense recognised with funds classified as borrowings in the Statement of Financial Position.\n\n-   Loan capital\n\nReport the interest expense recognised with funds classified as Loan capital in the Statement of Financial Position.\n\n-   Other interest bearing liabilities\n\nReport the interest expense associated with other interest bearing liabilities not separately disclosed above.\n\n-   Derivatives\n\nReport the interest expense associated with derivative contracts (i.e. swap contracts).\n\nTotal interest expense\n\nThis is automatically calculated by the form and represents the total interest expense.\n\nTotal interest expense paid to:\n\nReport the total interest expense recognised/paid to:\n\n-   Parent entity;\n-   Controlled entities;\n-   Associates/joint ventures; and\n-   Other related parties.\n\nPersonnel expenses\n\n-   Wages & salaries\n\nReport the total expenses relating to the payment of employees that represent wages and salaries. Wages and salaries expense in relation to employee expenses are to be recognised in accordance with AASB 119 ‘Employee Benefits’.\n\n-   Other employee related costs\n\nReport all other costs associated with the employment of employees other than direct salary and wages expense as disclosed above.\n\n-   Share-based payment expenses\n\nReport total share-based payment expenses in accordance with AASB2 ‘Share-based Payment’.\n\nTotal personnel expense\n\nThis is automatically calculated by the form and represents the total personnel expense.\n\nOccupancy and Equipment expenses\n\n-   Depreciation/impairment of:\n\n(i) Plant and equipment\n\nRecord the amount of depreciation/impairment recognised for plant and equipment. Depreciation expense is to be calculated in accordance with the requirements of AASB 116 ‘Property, Plant and Equipment’.\n\n(ii) Other\n\nRecord the amount of depreciation/impairment recognised for other depreciable assets not included above (e.g. motor vehicles). Depreciation expense is to be calculated in accordance with the requirements of AASB 116 “Property, Plant and Equipment”.\n\n-   Operating lease rentals\n\nRecord the amount of operating lease rentals paid/payable on leased assets (e.g. motor vehicles).\n\n-   Other\n\nRecord amounts of all other types of occupancy and equipment expense not separately disclosed above.\n\nTotal Occupancy and Equipment expenses\n\nThis is automatically calculated by the form and represents the total occupancy and equipment expenses.\n\nOther operating expenses\n\nReport the operating expenses of the business in accordance with AASB 1023 and other applicable accounting standards.\n\n-   Impairment of:\n\nGoodwill\n\nDisclose the impairment losses of goodwill for the reporting period. Goodwill is to be tested for impairment whenever there is indication that goodwill may be impaired in accordance with AASB 138 ‘Intangible Assets’.\n\nIntangible assets with an infinite life\n\nReport the impairment losses of intangible assets with infinite lives.\n\nOther assets\n\nReport the amortisation charge against other assets not specifically noted above or under Occupancy and Equipment expense in accordance with. AASB 136 ‘Impairment of Assets’.\n\n-   Amortisation of:\n\nIntangible assets with a finite life\n\nReport the amortisation charge against intangible assets with a finite life.\n\n-   Investment management fees\n\nRecord the amount of fees paid/payable that relate to the management/investment of the insurers investment portfolio. Include fees paid to independent third parties as well as related entities of the insurer/insurance group.\n\n-   Other management fees\n\nRecord the amount of management fees paid/payable other than that disclosed as fees paid for the management/investment of the insurers investment portfolio. Include fees paid to independent third parties as well as related entities of the insurer/insurance group.\n\n-   Fees for:\n\nAudit related services\n\nRecord the fees paid/payable that relate to the provision of audit related services to the insurer/insurance group by the appointed external audit firm.\n\nNon-audit related services provided by audit firm\n\nRecord the fees paid/payable, that relate to the provision of non-audit related services by the appointed external audit firm.\n\n-   Consulting fees\n\nRecord the amount of all other fees paid/payable by the insurer/insurance group other than that already specifically disclosed elsewhere in the form that relate to other professional services. Include fees paid to independent third parties as well as related entities of the insurer/insurance group.\n\n-   Actuarial fees\n\nRecord the fees paid/payable that relate to the payment of actuarial services.\n\n-   Directors fees\n\nRecord the fees paid/payable that relate to the payment of directors fees for the discharge of their service.\n\n-   Bad & doubtful debts\n\nThis includes the amount representing increments to a provision for doubtful debts/impairment as well as bad debts written off directly against the profit and loss (i.e. where no provision has been created). This can be recorded in relation to receivables and loans and advances.\n\n-   Other operating expenses\n\nRecord all other operating expenses not specifically disclosed above.\n\nTotal Other Operating Expenses\n\nThis is automatically calculated by the form and represents the sum of the following categories:\n\n-   Impairment of Goodwill;\n-   Impairment of Intangible Assets with an infinite life;\n-   Impairment of Other assets;\n-   Amortisation of Intangible Assets with a finite life;\n-   Investment management fees;\n-   Other management fees;\n-   Fees for audit and non-audit related services provided by the audit firm;\n-   Consulting fees;\n-   Actuarial fees;\n-   Directors fees;\n-   Bad & doubtful debts; and\n-   Other operating expenses.\n\nTotal Operating Expenses\n\nThis is automatically calculated by the form and represents the sum of:\n\n-   Total interest expense;\n-   Total personnel expenses;\n-   Total occupancy and equipment expenses; and\n-   Total other operating expenses.","sortOrder":17}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":3053},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This is the original 2008 determination establishing the reporting requirements for investment and operating income/expense. It replaces earlier standards but its scope aligns with its original intent as a prudential reporting instrument for general insurers."},"complexity_factors":["Extensive cross-referencing to Australian Accounting Standards (AASB 121, AASB 139, AASB 1023, AASB 116, etc.)","Granular categorization of investment income into direct vs indirect, realised vs unrealised gains/losses","Detailed foreign currency translation rules with specific hedge accounting treatments","Dual submission pathways (electronic vs paper) with different authorisation requirements","Mandatory allocation calculations (e.g., apportioning investment income between shareholder funds and insurance liabilities)","8 defined terms in the interpretation section with nested references to other legislation"],"plain_english_summary":"This reporting standard requires all general insurers in Australia — including foreign insurers operating through branches — to regularly report investment income and operating expenses to APRA using Form GRF 310.3. Reports are submitted quarterly and audited annually, with electronic or paper lodgement options.\n\nIt mandates board and auditor checks, digital or authorised signatures, fair‑value measurement, Australian dollar conversion for foreign currency, and separate disclosure of related‑party versus external transactions, to ensure accurate supervisory oversight."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"Scope applies to all general insurers (including foreign branches) for reporting periods commencing on or after 1 July 2008 (paragraph 2). Transition rules require earlier periods to use the previous standard (paragraph 16). APRA retains discretion to vary reporting periods/frequency for particular insurers (paragraph 6), but the covered population and subject-matter were not altered by this instrument."},"complexity_factors":["Mandatory auditor review and testing of reporting processes and controls (paragraph 9; Instruction Guide – Audit requirements) increases compliance and assurance requirements.","Detailed accounting and measurement rules, including fair value for investments and multiple AASB cross-references (Instruction Guide – Basis of preparation; AASB 121, AASB 139, AASB 132, AASB 127, AASB 128, AASB 131).","Granular categorisation of income/expense items (interest, dividends, realised/unrealised gains/losses, derivatives, foreign exchange, fees, personnel costs, etc.) creating data-mapping burden (Specific Instructions; Investment Income; Operating expenses).","Foreign currency translation rules and separation of FX effects from fair value movements (Instruction Guide – Unit of measurement; Foreign exchange gains/losses sections).","Netting and related-party disclosure prerequisites tied to multiple accounting standards (Netting section; Related party disclosure; AASB7/AASB139/AASB132/AASB124).","Submission and authorisation mechanics: digital signing/encryption via ‘Direct to APRA’, paper-signature fallback, agent submission constraints and signed-paper retention (paragraphs 4, 11–13, 12 note).","Timing, frequency and deadline rules with APRA discretion to change frequency or grant extensions (paragraphs 5–8), requiring operational flexibility.","Form presentation and conversion requirements (AUD, rounded to thousands) and translation of foreign-currency amounts per accounting standards (Instruction Guide – Unit of measurement)."],"plain_english_summary":"Requires all general insurers (including foreign branches) to submit quarterly and annual investment and operating income/expense data to APRA using Form GRF 310.3 (applicable from 1 July 2008). Insurers must submit electronically (or by paper in limited cases), have submissions authorised and audited, and maintain auditor-tested systems and internal controls. APRA sets deadlines, may change reporting frequency or grant extensions, and may make minor instruction changes."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-82-of-2008-grs-310-3-2008-in/documents"}}