{"id":"F2008L03975","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 86 of 2008 - GRS 420.0 (2008) - Premium Revenue by State and Territory of Australia","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":75751,"registerId":"commonwealth-F2008L03975-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 420.0 (2008)","sectionType":"part","heading":"Reporting Standard GRS 420.0 (2008)","content":"## Reporting Standard GRS 420.0 (2008)","sortOrder":0},{"sectionNumber":"Premium Revenue by State and Territory o","sectionType":"part","heading":"Premium Revenue by State and Territory of Australia","content":"# Premium Revenue by State and Territory of Australia\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 an annual basis, information on the diversification of underwriting business within each State and Territory of Australia.\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 420.0 Premium Revenue by State and Territory of Australia (Form GRF 420.0) 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 420.0 is used by APRA on behalf of the Australian Bureau of Statistics (ABS). APRA will use this information to monitor the source and diversification/concentration of underwriting business in the States and Territories of Australia.\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 420.0 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 420.0 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 in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\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 paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\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# Authorisation\n\n9. 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\n10. 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 12.\n\n11. 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 12; 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 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. 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(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to the instructions, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n15. 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\nInterpretation\n\n16. In this reporting standard:\n\nappointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nauthorised reinsurer means an insurer whose business consists only of undertaking liability by way of reinsurance;\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.\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\n# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. 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 an annual basis, information on the diversification of underwriting business within each State and Territory of Australia.\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 420.0 Premium Revenue by State and Territory of Australia (Form GRF 420.0) 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 420.0 is used by APRA on behalf of the Australian Bureau of Statistics (ABS). APRA will use this information to monitor the source and diversification/concentration of underwriting business in the States and Territories of Australia.","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 420.0 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 420.0 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 in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\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 paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\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":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n9. 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\n10. 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 12.\n\n11. 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 12; 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 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. 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(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).","sortOrder":8},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to the instructions, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n15. 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\nInterpretation\n\n16. In this reporting standard:\n\nappointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nauthorised reinsurer means an insurer whose business consists only of undertaking liability by way of reinsurance;\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.","sortOrder":9},{"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":"![](image.001.png)\n\n## Reporting Standard GRS 420.0 (2008)\n\n# Premium Revenue by State and Territory of Australia\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 an annual basis, information on the diversification of underwriting business within each State and Territory of Australia.\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 420.0 Premium Revenue by State and Territory of Australia (Form GRF 420.0) 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 420.0 is used by APRA on behalf of the Australian Bureau of Statistics (ABS). APRA will use this information to monitor the source and diversification/concentration of underwriting business in the States and Territories of Australia.\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 420.0 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 420.0 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 in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\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 paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\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# Authorisation\n\n9. 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\n10. 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 12.\n\n11. 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 12; 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 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. 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(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to the instructions, to clarify their application to the form without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n15. 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\nInterpretation\n\n16. In this reporting standard:\n\nappointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nauthorised reinsurer means an insurer whose business consists only of undertaking liability by way of reinsurance;\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.\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\n# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. 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":10},{"sectionNumber":"reporting period means a period mentione","sectionType":"part","heading":"reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.","content":"# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. 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":"Reporting Form GRF 420.0","sectionType":"part","heading":"Reporting Form GRF 420.0","content":"## Reporting Form GRF 420.0\n\n## Premium Revenue by State and Territory of Australia\n\n### Instruction Guide\n\n#### Introduction\n\nThis form captures data required by the Australian Bureau of Statistics. Premium revenue inside Australia is to be reported by, class of business for each state or territory of Australia, based on where the risk is located.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\n# Reporting entities\n\nThis form is to be completed by:\n\n1.  Branch operations of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations); and\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity).\n\nThis form is not to be completed by authorised reinsurers.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of premium revenue in this form. Specifically, premium revenue is to be recognised as per the instructions to GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nWhere the insurers operations are wholly within Australia, total premium revenue per this form should agree to the aggregate of premium revenue disclosed in GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nDo not follow the recognition and measurement requirements for premium revenue contained in AASB 1023 ‘General Insurance Contracts’.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\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.\n\n## 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 420.0 Premium Revenue by State and Territory of Australia.\n\n  \nSpecific instructions\n\nClasses of Insurance Business\n\n1.  Direct Business\n\nThe classes of business for companies that are not specialist reinsurers are as follows:\n\n(I). Houseowners/Householders (H & H)\n\nThis class covers the common H & H policies inclusive of:\n\n-   Contents;\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item XIII.\n\n(II). Commercial Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.\n\n(III). Domestic Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.\n\n(IV). Travel\n\nInsurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V). Fire and Industrial Special Risks (ISR)\n\nFire\n\nIncludes all policies normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire policies, e.g. flood.\n\nISR\n\nStandard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.\n\n(VI). Marine\n\nIncludes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).\n\n(VII). Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII). Mortgage\n\nInsurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX). Consumer Credit (CCI)\n\nInsurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X). Other Accident\n\nIncludes the following types of insurance:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n-   Engineering when not part of ISR or Fire policy;\n-   Plate glass when not part of packaged policy (e.g. houseowners /householders)\n-   Guarantee (Insurance Bonds);\n-   Live Stock;\n-   Pluvius; and\n-   Sickness and Accident (which provides stated benefits where the insured is killed or suffers loss of specific parts of the body or is prevented from carrying out the insured’s normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability policies are now considered to be Life Insurance Policies and should not be provided by general insurance companies).\n\n(XI). Other\n\nAll other insurance business not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity Guarantee)\n-   Trade Credit;\n-   Extended Warranty (includes insurance by a third party for a period in excess of the manufacturer's or seller’s normal warranty);\n-   Kidnap and Ransom; and\n-   Contingency.\n\n(XII). Compulsory Third Party Motor Vehicle (CTP)\n\nThis class consists only of CTP business.\n\n(XIII). Public and Product Liability\n\n-   Public Liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business. Product Liability includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by Fire and ISR policies.\n-   Also will include builders warranty insurance.\n-   Includes public liability attaching to houseowners/householders policies.\n\n(XIV). Professional Indemnity (PI)\n\nIncludes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.\n\n(XV). Employers' Liability (EL)\n\nIncludes:\n\n-   Workers' compensation;\n-   Seamen's compensation; and\n-   Domestic workers compensation.\n\n2. Inwards reinsurance\n\nInclude the aggregate value of all inwards reinsurance business in this line item.\n\n### Premium Revenue - Each State and Territory\n\nReport premium revenue Inside Australia according to where the risk is located.\n\nThis is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).\n\nPremium revenue must be reported separately for:\n\n-   Direct business; and\n-   Inwards reinsurance business.\n\nPremium revenue must be recognised on a basis that is consistent with the measurement of premiums liabilities as measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n\nPremium revenue must be recognised in line with the following:\n\n-   Premium recognition for direct business: Premium revenue must be recognised fully upfront on the date the policy is accepted (bound) by insurers writing direct business.\n-   Premium recognition for inwards reinsurance business: Premium revenue for inwards reinsurance business is to be recognised from the date of acceptance of the reinsurance risk by the reinsurer. Reinsurers are required to recognise the premium based on the Gross Net Premium Income to be written by the direct insurer under the contract for proportional reinsurance. For excess of loss reinsurance contracts, the premium revenue is to be recognised on the basis of the agreed minimum/deposit premium, which will be subject to a final adjustment factor applied to the final declared values of the premium determinant.\n-   Premium revenue must be discounted where it is to be received beyond the current year of cover under an insurance/reinsurance contract. In these cases, use the discount rate as required in calculating insurance liabilities in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n-   Premium revenue excludes amounts collected on behalf of third parties i.e. government stamp duty and taxes.\n-   Levies charged to insured, such as fire service levies, are to be included as premium revenue.\n-   Premium refunds and rebates are to be deducted from premium revenue.\n-   For installment premium policies, the amount of the annualised premium is to be used.\n-   Where premium is calculated on an adjustment basis, the estimated annual premium is to be brought to account, with the estimated premium being replaced by the actual amount as it becomes known.\n-   Where premium is accepted on a deposit basis, the full annual premium is to be brought into account.\n-   Premium revenue must be gross of reinsurance expense.\n-   Premium revenue includes premium receivable on unclosed business. This includes the business which has been accepted by the insurer/reinsurer prior to the balance date but there is insufficient information to fully identify the business.\n-   For premium revenue relating to insurance/reinsurance contracts written on a long-term basis:\n    -   where the insurer/reinsurer accepting the risk has the option to cancel the contract at pre-agreed dates, premium revenue is to be recognised from the date of acceptance up to the next possible cancellation date.\n    -   where the insurer/reinsurer accepting the risk does not have the option to cancel the contract at pre-agreed dates, the full premium for the long-term insurance/reinsurance contract is to be recognised from the date of acceptance.","sortOrder":12},{"sectionNumber":"Instruction Guide","sectionType":"division","heading":"Instruction Guide","content":"## Reporting Form GRF 420.0\n\n## Premium Revenue by State and Territory of Australia\n\n### Instruction Guide\n\n#### Introduction\n\nThis form captures data required by the Australian Bureau of Statistics. Premium revenue inside Australia is to be reported by, class of business for each state or territory of Australia, based on where the risk is located.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\n# Reporting entities\n\nThis form is to be completed by:\n\n1.  Branch operations of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations); and\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity).\n\nThis form is not to be completed by authorised reinsurers.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of premium revenue in this form. Specifically, premium revenue is to be recognised as per the instructions to GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nWhere the insurers operations are wholly within Australia, total premium revenue per this form should agree to the aggregate of premium revenue disclosed in GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nDo not follow the recognition and measurement requirements for premium revenue contained in AASB 1023 ‘General Insurance Contracts’.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\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.\n\n## 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 420.0 Premium Revenue by State and Territory of Australia.\n\n  \nSpecific instructions\n\nClasses of Insurance Business\n\n1.  Direct Business\n\nThe classes of business for companies that are not specialist reinsurers are as follows:\n\n(I). Houseowners/Householders (H & H)\n\nThis class covers the common H & H policies inclusive of:\n\n-   Contents;\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item XIII.\n\n(II). Commercial Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.\n\n(III). Domestic Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.\n\n(IV). Travel\n\nInsurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V). Fire and Industrial Special Risks (ISR)\n\nFire\n\nIncludes all policies normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire policies, e.g. flood.\n\nISR\n\nStandard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.\n\n(VI). Marine\n\nIncludes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).\n\n(VII). Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII). Mortgage\n\nInsurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX). Consumer Credit (CCI)\n\nInsurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X). Other Accident\n\nIncludes the following types of insurance:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n-   Engineering when not part of ISR or Fire policy;\n-   Plate glass when not part of packaged policy (e.g. houseowners /householders)\n-   Guarantee (Insurance Bonds);\n-   Live Stock;\n-   Pluvius; and\n-   Sickness and Accident (which provides stated benefits where the insured is killed or suffers loss of specific parts of the body or is prevented from carrying out the insured’s normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability policies are now considered to be Life Insurance Policies and should not be provided by general insurance companies).\n\n(XI). Other\n\nAll other insurance business not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity Guarantee)\n-   Trade Credit;\n-   Extended Warranty (includes insurance by a third party for a period in excess of the manufacturer's or seller’s normal warranty);\n-   Kidnap and Ransom; and\n-   Contingency.\n\n(XII). Compulsory Third Party Motor Vehicle (CTP)\n\nThis class consists only of CTP business.\n\n(XIII). Public and Product Liability\n\n-   Public Liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business. Product Liability includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by Fire and ISR policies.\n-   Also will include builders warranty insurance.\n-   Includes public liability attaching to houseowners/householders policies.\n\n(XIV). Professional Indemnity (PI)\n\nIncludes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.\n\n(XV). Employers' Liability (EL)\n\nIncludes:\n\n-   Workers' compensation;\n-   Seamen's compensation; and\n-   Domestic workers compensation.\n\n2. Inwards reinsurance\n\nInclude the aggregate value of all inwards reinsurance business in this line item.\n\n### Premium Revenue - Each State and Territory\n\nReport premium revenue Inside Australia according to where the risk is located.\n\nThis is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).\n\nPremium revenue must be reported separately for:\n\n-   Direct business; and\n-   Inwards reinsurance business.\n\nPremium revenue must be recognised on a basis that is consistent with the measurement of premiums liabilities as measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n\nPremium revenue must be recognised in line with the following:\n\n-   Premium recognition for direct business: Premium revenue must be recognised fully upfront on the date the policy is accepted (bound) by insurers writing direct business.\n-   Premium recognition for inwards reinsurance business: Premium revenue for inwards reinsurance business is to be recognised from the date of acceptance of the reinsurance risk by the reinsurer. Reinsurers are required to recognise the premium based on the Gross Net Premium Income to be written by the direct insurer under the contract for proportional reinsurance. For excess of loss reinsurance contracts, the premium revenue is to be recognised on the basis of the agreed minimum/deposit premium, which will be subject to a final adjustment factor applied to the final declared values of the premium determinant.\n-   Premium revenue must be discounted where it is to be received beyond the current year of cover under an insurance/reinsurance contract. In these cases, use the discount rate as required in calculating insurance liabilities in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n-   Premium revenue excludes amounts collected on behalf of third parties i.e. government stamp duty and taxes.\n-   Levies charged to insured, such as fire service levies, are to be included as premium revenue.\n-   Premium refunds and rebates are to be deducted from premium revenue.\n-   For installment premium policies, the amount of the annualised premium is to be used.\n-   Where premium is calculated on an adjustment basis, the estimated annual premium is to be brought to account, with the estimated premium being replaced by the actual amount as it becomes known.\n-   Where premium is accepted on a deposit basis, the full annual premium is to be brought into account.\n-   Premium revenue must be gross of reinsurance expense.\n-   Premium revenue includes premium receivable on unclosed business. This includes the business which has been accepted by the insurer/reinsurer prior to the balance date but there is insufficient information to fully identify the business.\n-   For premium revenue relating to insurance/reinsurance contracts written on a long-term basis:\n    -   where the insurer/reinsurer accepting the risk has the option to cancel the contract at pre-agreed dates, premium revenue is to be recognised from the date of acceptance up to the next possible cancellation date.\n    -   where the insurer/reinsurer accepting the risk does not have the option to cancel the contract at pre-agreed dates, the full premium for the long-term insurance/reinsurance contract is to be recognised from the date of acceptance.","sortOrder":14},{"sectionNumber":"Introduction","sectionType":"subdivision","heading":"Introduction","content":"#### Introduction\n\nThis form captures data required by the Australian Bureau of Statistics. Premium revenue inside Australia is to be reported by, class of business for each state or territory of Australia, based on where the risk is located.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.","sortOrder":15},{"sectionNumber":"Reporting entities","sectionType":"part","heading":"Reporting entities","content":"# Reporting entities\n\nThis form is to be completed by:\n\n1.  Branch operations of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations); and\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity).\n\nThis form is not to be completed by authorised reinsurers.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.","sortOrder":16},{"sectionNumber":"Basis of preparation","sectionType":"part","heading":"Basis of preparation","content":"## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the reporting of premium revenue in this form. Specifically, premium revenue is to be recognised as per the instructions to GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nWhere the insurers operations are wholly within Australia, total premium revenue per this form should agree to the aggregate of premium revenue disclosed in GRF 310.1 Premium Revenue and Reinsurance Expense.\n\nDo not follow the recognition and measurement requirements for premium revenue contained in AASB 1023 ‘General Insurance Contracts’.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\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":17},{"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 420.0 Premium Revenue by State and Territory of Australia.\n\n  \nSpecific instructions\n\nClasses of Insurance Business\n\n1.  Direct Business\n\nThe classes of business for companies that are not specialist reinsurers are as follows:\n\n(I). Houseowners/Householders (H & H)\n\nThis class covers the common H & H policies inclusive of:\n\n-   Contents;\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item XIII.\n\n(II). Commercial Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.\n\n(III). Domestic Motor Vehicle\n\nMotor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.\n\n(IV). Travel\n\nInsurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V). Fire and Industrial Special Risks (ISR)\n\nFire\n\nIncludes all policies normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire policies, e.g. flood.\n\nISR\n\nStandard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.\n\n(VI). Marine\n\nIncludes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).\n\n(VII). Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII). Mortgage\n\nInsurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX). Consumer Credit (CCI)\n\nInsurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X). Other Accident\n\nIncludes the following types of insurance:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n-   Engineering when not part of ISR or Fire policy;\n-   Plate glass when not part of packaged policy (e.g. houseowners /householders)\n-   Guarantee (Insurance Bonds);\n-   Live Stock;\n-   Pluvius; and\n-   Sickness and Accident (which provides stated benefits where the insured is killed or suffers loss of specific parts of the body or is prevented from carrying out the insured’s normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability policies are now considered to be Life Insurance Policies and should not be provided by general insurance companies).\n\n(XI). Other\n\nAll other insurance business not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity Guarantee)\n-   Trade Credit;\n-   Extended Warranty (includes insurance by a third party for a period in excess of the manufacturer's or seller’s normal warranty);\n-   Kidnap and Ransom; and\n-   Contingency.\n\n(XII). Compulsory Third Party Motor Vehicle (CTP)\n\nThis class consists only of CTP business.\n\n(XIII). Public and Product Liability\n\n-   Public Liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business. Product Liability includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by Fire and ISR policies.\n-   Also will include builders warranty insurance.\n-   Includes public liability attaching to houseowners/householders policies.\n\n(XIV). Professional Indemnity (PI)\n\nIncludes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.\n\n(XV). Employers' Liability (EL)\n\nIncludes:\n\n-   Workers' compensation;\n-   Seamen's compensation; and\n-   Domestic workers compensation.\n\n2. Inwards reinsurance\n\nInclude the aggregate value of all inwards reinsurance business in this line item.","sortOrder":18},{"sectionNumber":"Premium Revenue - Each State and Territo","sectionType":"division","heading":"Premium Revenue - Each State and Territory","content":"### Premium Revenue - Each State and Territory\n\nReport premium revenue Inside Australia according to where the risk is located.\n\nThis is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).\n\nPremium revenue must be reported separately for:\n\n-   Direct business; and\n-   Inwards reinsurance business.\n\nPremium revenue must be recognised on a basis that is consistent with the measurement of premiums liabilities as measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n\nPremium revenue must be recognised in line with the following:\n\n-   Premium recognition for direct business: Premium revenue must be recognised fully upfront on the date the policy is accepted (bound) by insurers writing direct business.\n-   Premium recognition for inwards reinsurance business: Premium revenue for inwards reinsurance business is to be recognised from the date of acceptance of the reinsurance risk by the reinsurer. Reinsurers are required to recognise the premium based on the Gross Net Premium Income to be written by the direct insurer under the contract for proportional reinsurance. For excess of loss reinsurance contracts, the premium revenue is to be recognised on the basis of the agreed minimum/deposit premium, which will be subject to a final adjustment factor applied to the final declared values of the premium determinant.\n-   Premium revenue must be discounted where it is to be received beyond the current year of cover under an insurance/reinsurance contract. In these cases, use the discount rate as required in calculating insurance liabilities in accordance with GPS 310 Audit and Actuarial Reporting and Valuation.\n-   Premium revenue excludes amounts collected on behalf of third parties i.e. government stamp duty and taxes.\n-   Levies charged to insured, such as fire service levies, are to be included as premium revenue.\n-   Premium refunds and rebates are to be deducted from premium revenue.\n-   For installment premium policies, the amount of the annualised premium is to be used.\n-   Where premium is calculated on an adjustment basis, the estimated annual premium is to be brought to account, with the estimated premium being replaced by the actual amount as it becomes known.\n-   Where premium is accepted on a deposit basis, the full annual premium is to be brought into account.\n-   Premium revenue must be gross of reinsurance expense.\n-   Premium revenue includes premium receivable on unclosed business. This includes the business which has been accepted by the insurer/reinsurer prior to the balance date but there is insufficient information to fully identify the business.\n-   For premium revenue relating to insurance/reinsurance contracts written on a long-term basis:\n    -   where the insurer/reinsurer accepting the risk has the option to cancel the contract at pre-agreed dates, premium revenue is to be recognised from the date of acceptance up to the next possible cancellation date.\n    -   where the insurer/reinsurer accepting the risk does not have the option to cancel the contract at pre-agreed dates, the full premium for the long-term insurance/reinsurance contract is to be recognised from the date of acceptance.","sortOrder":19}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2368},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: collecting granular premium revenue data by geographic location (state/territory) and business line from general insurers. There is no evidence of scope creep beyond this statistical reporting function."},"complexity_factors":["Cross-references to multiple external instruments including the Insurance Act 1973, Prudential Standard GPS 310, Form GRF 310.1, and AASB 1023","15 distinct insurance business classes with detailed definitional boundaries (e.g., separating 'Fire' from 'Industrial Special Risks', or public liability attaching to household policies)","Technical premium recognition rules including discounting for long-dated receivables, treatment of unclosed business, adjustment basis calculations, and installment policy annualisation","Dual submission tracks with different authentication mechanisms (digital certificates for electronic submission vs physical signatures for paper forms)","Conditional reporting periods allowing APRA to modify frequency based on prudential supervision needs","Specific rules for outsourced submissions requiring paper copy retention and signature workflows when using agents"],"plain_english_summary":"This law requires all general insurers operating in Australia (excluding pure reinsurers) to annually report detailed premium income breakdowns by state and territory to APRA, using a prescribed form. The data—covering major insurance classes—helps APRA (and the ABS) monitor geographic concentration and market stability. Reports must meet specified recognition, timing, submission, and internal governance rules to ensure accuracy and timely oversight."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The text sets the scope to 'all insurers' for reporting periods commencing on or after 1 July 2008 and preserves transition rules for earlier periods; it does not indicate a widening or narrowing of scope within this instrument (see paragraph 2 and paragraph 15)."},"complexity_factors":["Cross-references to other reporting/valuation rules and forms (GRF 310.1 Premium Revenue and Reinsurance Expense; GPS 310 Audit and Actuarial Reporting and Valuation; instruction not to use AASB 1023) — (Basis of preparation; Premium Revenue - Each State and Territory).","APRA discretion to change reporting frequency for particular insurers (more or less frequent) based on prudential needs — (paragraph 6).","Multiple submission pathways and technology/security requirements: electronic 'Direct to APRA' with digital certificates and encryption, or paper submission with signing — (paragraph 4; paragraph 10).","Agent submission rules requiring insurer to obtain and lodge a signed paper copy unless APRA waives the requirement — (paragraph 11).","Detailed premium recognition and measurement rules with many conditional adjustments (upfront recognition for direct business, special rules for reinsurance, discounting for multi-year receivables, instalments, deposits, unclosed business, gross of reinsurance) — (Instruction Guide: Premium Revenue - Each State and Territory).","Extensive class-of-business categorisation (15 direct classes plus inwards reinsurance) requiring correct mapping of policies to classes — (Instruction Guide: Classes of Insurance Business).","Authorisation and internal control obligations placed on the board and senior management to develop processes for internal review and data authorisation — (paragraph 9).","Fixed lodgement timing with possible APRA extensions (standard due date: four months after period end) and an explicit reporting-period definition — (paragraphs 5, 7, 8).","Audit/exemption treatment noted (information is exempted from 'yearly statutory accounts' audit requirement; APRA may determine auditing exemptions under the Insurance Act) — (Audit requirements; paragraph 5 note).","Powers for APRA to make minor variations to instructions and the duty to notify insurers of such variations, creating a modest ongoing compliance maintenance task — (paragraphs 13–14).","Reporting units, rounding and presentation rules (Australian currency, thousands, no decimals) introduce formatting constraints — (Unit of measurement)."],"plain_english_summary":"This reporting standard requires all general insurers (including foreign insurer branches) to report, usually annually, premium revenue by class of business and by Australian State/Territory to APRA using Form GRF 420.0 so APRA (for the ABS) can monitor geographic diversification and concentration. Insurers must apply specified premium recognition rules, submit electronically or by paper, digitally sign or authorise returns, meet a four‑month lodgement deadline (subject to APRA variation), and maintain internal controls and board-level authorisation for the data submitted."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-86-of-2008-grs-420-0-2008-pr/documents"}}