{"id":"F2023L00616","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 90 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104312,"registerId":"commonwealth-F2023L00616-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"Reporting Standard GRS 420.0\n\nInsurance Revenue and Incurred Claims by State and Territory of Australia\n\n## General instructions\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nAny specific combination of values in a table must not appear on more than one row in that table when reported.\n\nAASB Standard references\n\nEach accounting item reported aligns with the accounting standard made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item.\n\nIFRS taxonomy element references\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element. The IFRS taxonomy uses the following element reference types:\n\n    (a) disclosure — an element of this type depicts a presentation or disclosure requirement of an IFRS / AASB Standard;\n    (b) example — an element of this type represents an example provided in an IFRS / AASB Standard or its accompanying materials; and\n    (c) common practice — an element of this type reflects common reporting practice within IFRS / AASB financial statements they not specifically mentioned in IFRS / AASB Standards or their accompanying materials,but are consistent with IFRS / AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.\n\n### APRA classes of business (product groups)\n\nThe APRA classes of business (product groups) that apply for reporting are defined in GPS 001. For the ‘other’ class of business as per GPS 001, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in Table 1 and Table 2 of Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.\n\nDefinitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\nDirect business\n\nDirect business relates to direct insurance contracts when the insurer has a contract directly with a policyholder that is not an insurer or reinsurer.","sortOrder":0},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nAny specific combination of values in a table must not appear on more than one row in that table when reported.\n\nAASB Standard references\n\nEach accounting item reported aligns with the accounting standard made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item.\n\nIFRS taxonomy element references\n\nEach IFRS taxonomy element contains at least one cross-reference to an AASB standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element. The IFRS taxonomy uses the following element reference types:\n\n    (a) disclosure — an element of this type depicts a presentation or disclosure requirement of an IFRS / AASB Standard;\n    (b) example — an element of this type represents an example provided in an IFRS / AASB Standard or its accompanying materials; and\n    (c) common practice — an element of this type reflects common reporting practice within IFRS / AASB financial statements they not specifically mentioned in IFRS / AASB Standards or their accompanying materials,but are consistent with IFRS / AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.","sortOrder":1},{"sectionNumber":"APRA classes of business (product groups","sectionType":"division","heading":"APRA classes of business (product groups)","content":"### APRA classes of business (product groups)\n\nThe APRA classes of business (product groups) that apply for reporting are defined in GPS 001. For the ‘other’ class of business as per GPS 001, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in Table 1 and Table 2 of Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.\n\nDefinitions\n\nTerms that are highlighted in bold italics are defined in these instructions.\n\nDirect business\n\nDirect business relates to direct insurance contracts when the insurer has a contract directly with a policyholder that is not an insurer or reinsurer.","sortOrder":2},{"sectionNumber":"Reporting basis","sectionType":"subdivision","heading":"Reporting basis","content":"#### Reporting basis\n\nOnly insurers that write direct classes of business are required to report this table. Report on a Level 1 (licensed insurer) basis.","sortOrder":3},{"sectionNumber":"Units of measurement","sectionType":"subdivision","heading":"Units of measurement","content":"#### Units of measurement\n\nReport values in whole Australian dollars (no decimal places).\n\nConvert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.\n\nReport losses and expenses as negative values.\n\n|     | Name                             | Valid values                                                                                                                                                                                                                                                                                  | Description                                                                                                                                                                                                                                          |\n| --- | -------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1   | Class Of Business                | HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category C | Report the APRA classes of business for direct business only.                                                                                                                                                                                        |\n| 2   | State and Territory Of Australia | NSWVICQLDSAWATASACTNT                                                                                                                                                                                                                                                                         | Report by State and Territory of Australia.                                                                                                                                                                                                          |\n| 3   | Insurance Revenue                | Whole dollars                                                                                                                                                                                                                                                                                 | Report the amount of insurance revenue for direct business.Report insurance revenue in accordance with AASB 101.82 (a) (ii) Disclosure, AASB 17.80 (a) and AASB 17.83                                                                                |\n| 4   | Incurred Claims                  | Whole dollars                                                                                                                                                                                                                                                                                 | Report the amount of incurred claims for direct business.The reporting basis of incurred claims must be consistent with the incurred claims reported under Reporting Standard GRS 310.0 Statement of Profit and Loss and Other Comprehensive Income. |","sortOrder":4},{"sectionNumber":"Whole dollars","sectionType":"section","heading":"Whole dollars","content":"##### Whole dollars","sortOrder":5}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This appears to be a standard reporting determination with focused scope. It maintains the original intent of collecting granular insurance revenue and claims data by geography. No evidence of scope creep beyond the stated purpose of state/territory breakdowns for direct insurance business."},"complexity_factors":["Heavy cross-referencing to external standards: requires knowledge of AASB 101, AASB 17, AASB 121, GPS 001, GPS 115, and GRS 310.0","Nested classification system for 'other' business requiring actuarial judgment to map to categories A/B/C","IFRS taxonomy element references with three distinct reference types (disclosure, example, common practice)","Duplicate content sections suggesting formatting errors in the source document (General instructions, Reporting tables, APRA classes of business appear twice)","Specific validation rules: unique row constraints (no duplicate combinations), negative value reporting for losses, zero decimal places","Level 1 reporting basis requirement (consolidated licensed entity level)"],"plain_english_summary":"APRA requires Australian licensed general insurers (excluding reinsurers) to submit standardized tables showing insurance revenue and incurred claims broken down by state/territory and product. This rule ensures consistent, comparable state-level data to monitor industry health, spot pricing or claims anomalies, and align Australian reporting with IFRS 17 — strengthening regulator oversight and market transparency."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"No change to the reporting population is stated within this instrument. The Determination confines reporting to Level 1 (licensed) insurers that write direct classes of business and specifies data and classification rules; it does not expand or narrow that population beyond those express limits."},"complexity_factors":["Cross-references and alignment required with multiple accounting standards (AASB 17, AASB 101, AASB 121) and IFRS taxonomy elements","Appointed Actuary judgment required to classify ‘other’ business into category A/B/C per GPS 001 and GPS 115 (discretion + documentation burden)","Reporting granularity: by APRA class of business AND by State/Territory increases data volume and mapping complexity","Reporting population limited to Level 1 licensed insurers writing direct business (scope constraint but requires entity-level consolidation)","Format and validation constraints: whole Australian dollars only, negative values for losses/expenses, and uniqueness constraint (no duplicate combinations)","Inter-report consistency requirement: incurred claims must be consistent with Reporting Standard GRS 310.0 (coordination cost)","Foreign currency conversion rule (AASB 121) requires FX policies and potential remeasurement work","Repeated and detailed table/instruction text increases implementation and QA effort"],"plain_english_summary":"This Determination prescribes a reporting table (GRS 420.0) requiring licensed insurers to report insurance revenue and incurred claims by APRA class of business and Australian state or territory. It applies only to Level 1 (licensed) entities writing direct business and sets data rules (whole AUD, negative values for losses, foreign currency conversion under AASB 121) and accounting alignments with AASB/IFRS. Insurers and appointed actuaries must follow classification rules for ‘other’ product groups and ensure unique, consistent reporting across related standards."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-90-of-2023/documents"}}