{"id":"F2023L00730","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 96 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104480,"registerId":"commonwealth-F2023L00730-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s premium revenue and claims.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.","sortOrder":0},{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":1},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n 2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.","sortOrder":2},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n 3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.","sortOrder":3},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n 4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.","sortOrder":4},{"sectionNumber":"Method of submission","sectionType":"division","heading":"Method of submission","content":"### Method of submission\n\n 5. The information required by this Reporting Standard must be given to APRA:\n (a) in electronic format using an electronic method available on APRA’s website; or\n (b) by a method notified by APRA prior to submission.","sortOrder":5},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n 6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n (a) in respect of each quarter based on the financial year of the insurer; and\n (b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\nThe auditor’s certificate on the annual information required by this Reporting Standard must be based on at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters (GPS 310).\n\n 7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n 8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n (a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n (b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n (c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n 9. APRA may, in writing, grant an insurer an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an insurer is nonetheless required to submit the information required no later than the due date.","sortOrder":6},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n 10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n (a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n (b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of GPS 310.\n 11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":7},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n 12. When an officer, or agent, of an insurer provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n 13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n 14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.","sortOrder":8},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n 15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\nTransition\n\n 16. An insurer must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standards revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n(a) which ended before 1 July 2023; and\n\n(b) in relation to which the insurer was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if an insurer was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.","sortOrder":9},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n 17. In this Reporting Standard:\n (a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n (b) the following definitions are applicable:\n Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In this Reporting Standard, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA-authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n 18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":10},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"Reporting Standard GRS 600.0\n\nSupplementary Capital Data: Premiums and Claims\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\n### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\n### C\n\n| Class of business | This is the direct or reinsurance classes of business in accordance with Prudential Standard GPS 001 Definitions (GPS 001.In respect of the ‘Other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) as per Table 1 of Attachment A in Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) 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.For reinsurance business, the classes of business in are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115. |\n| ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### D\n\n| Direct business | This refers to insurance business written directly by the reporting insurer in accordance with the direct classes of business in GPS 001. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Direct business or reinsurance business | This is either the direct or reinsurance classes of business written by the reporting insurer, in accordance with GPS 001.direct business andreinsurance business. |\n\n### F\n\n| Fire service levy and other levies imposed by state and territory governments | This is the value of fire service levy or other levies imposed by state and territory governments that was charged as part of written premiums over the reporting period. This excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). |\n| ----------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### G\n\n| Gross accrued premium | This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.Accrued premium is defined as:Premiums received minus A plus B, where:A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period – Unpaid premiums at the start of the specified period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| --------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Gross claims incurred | This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).Claims incurred is defined as:Claims paid minus A plus B, where:A equals GPS 340 OCL and the start of the period; andB equals GPS 340 OCL at the end of the period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Gross claims paid | This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |\n| Gross premium received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |\n| Gross written premium | This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers. |\n| Gross written premium relating to unclosed business | This is the amount charged in relation to accepting risk from the insured over the reporting period related to unclosed business. This item excludes any fire service levy and other levies imposed by state and territory governments and is gross of any associated outwards reinsurance expense.Unclosed business is that which has been accepted by the reporting insurer / reinsurer prior to the balance date but there is insufficient information to fully identify the business. |\n\n### N\n\n| Net accrued premium | This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Net claims incurred | This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 OCL.The definition of claims incurred is outlined in gross claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Net claims paid | This is the value of claims paid over the reporting period. This item is net of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |\n| Net premiums received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is net of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |\n| Non-reinsurance recoveries incurred | This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Non-reinsurance recoveries received | This is the value of non-reinsurance recoveries received over the reporting period.This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred. |\n| Number of risks written | For direct business, report the number of risks written during the relevant period, on a financial year to date basis. Where a policy covers multiple APRA classes of business and the premium is apportioned between these classes, one risk must be reported in each APRA class of business to which premium was allocated. For example, a home and contents policy with a domestic liability component must have premium allocated to both the householders class of business, and the public liability class of business. For this policy, one risk must be reported for the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business. |\n\n### R\n\n| Reinsurance business | This refers to the reinsurance business written by the reporting insurer in accordance with the reinsurance classes of business in GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the Category and Reinsurance Type as per Table 2 of Attachment A in GPS 115. |\n| ------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Reinsurance recoveries incurred | This is the value of reinsurance recoveries incurred during the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Reinsurance recoveries received | Report the amount of reinsurance recoveries received over the reporting period.This relates to all reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the reinsurance recoveries may have been incurred. |\n\n##","sortOrder":11},{"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.","sortOrder":12},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.","sortOrder":13},{"sectionNumber":"C","sectionType":"division","heading":"C","content":"### C\n\n| Class of business | This is the direct or reinsurance classes of business in accordance with Prudential Standard GPS 001 Definitions (GPS 001.In respect of the ‘Other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) as per Table 1 of Attachment A in Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) 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.For reinsurance business, the classes of business in are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115. |\n| ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":14},{"sectionNumber":"D","sectionType":"division","heading":"D","content":"### D\n\n| Direct business | This refers to insurance business written directly by the reporting insurer in accordance with the direct classes of business in GPS 001. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Direct business or reinsurance business | This is either the direct or reinsurance classes of business written by the reporting insurer, in accordance with GPS 001.direct business andreinsurance business. |","sortOrder":15},{"sectionNumber":"F","sectionType":"division","heading":"F","content":"### F\n\n| Fire service levy and other levies imposed by state and territory governments | This is the value of fire service levy or other levies imposed by state and territory governments that was charged as part of written premiums over the reporting period. This excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). |\n| ----------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":16},{"sectionNumber":"G","sectionType":"division","heading":"G","content":"### G\n\n| Gross accrued premium | This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.Accrued premium is defined as:Premiums received minus A plus B, where:A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period – Unpaid premiums at the start of the specified period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| --------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Gross claims incurred | This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).Claims incurred is defined as:Claims paid minus A plus B, where:A equals GPS 340 OCL and the start of the period; andB equals GPS 340 OCL at the end of the period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Gross claims paid | This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |\n| Gross premium received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |\n| Gross written premium | This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers. |\n| Gross written premium relating to unclosed business | This is the amount charged in relation to accepting risk from the insured over the reporting period related to unclosed business. This item excludes any fire service levy and other levies imposed by state and territory governments and is gross of any associated outwards reinsurance expense.Unclosed business is that which has been accepted by the reporting insurer / reinsurer prior to the balance date but there is insufficient information to fully identify the business. |","sortOrder":17},{"sectionNumber":"N","sectionType":"division","heading":"N","content":"### N\n\n| Net accrued premium | This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Net claims incurred | This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 OCL.The definition of claims incurred is outlined in gross claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Net claims paid | This is the value of claims paid over the reporting period. This item is net of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |\n| Net premiums received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is net of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |\n| Non-reinsurance recoveries incurred | This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Non-reinsurance recoveries received | This is the value of non-reinsurance recoveries received over the reporting period.This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred. |\n| Number of risks written | For direct business, report the number of risks written during the relevant period, on a financial year to date basis. Where a policy covers multiple APRA classes of business and the premium is apportioned between these classes, one risk must be reported in each APRA class of business to which premium was allocated. For example, a home and contents policy with a domestic liability component must have premium allocated to both the householders class of business, and the public liability class of business. For this policy, one risk must be reported for the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business. |","sortOrder":18},{"sectionNumber":"R","sectionType":"division","heading":"R","content":"### R\n\n| Reinsurance business | This refers to the reinsurance business written by the reporting insurer in accordance with the reinsurance classes of business in GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the Category and Reinsurance Type as per Table 2 of Attachment A in GPS 115. |\n| ------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Reinsurance recoveries incurred | This is the value of reinsurance recoveries incurred during the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |\n| Reinsurance recoveries received | Report the amount of reinsurance recoveries received over the reporting period.This relates to all reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the reinsurance recoveries may have been incurred. |\n\n##","sortOrder":19},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"## Specific instructions\n\n### Table 1: Premium and Claims by Class of Business\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report class of business. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |\n| 11 | Gross Premium Received | Whole dollars | Report the gross premium received amount. |\n| 12 | Net Premiums Received | Whole dollars | Report the net premiums received amount |\n| 13 | Gross Claims Paid | Whole dollars | Report the gross claims paid amount. |\n| 14 | Reinsurance Recoveries Received | Whole dollars | Report the reinsurance recoveries received amount. |\n| 15 | Non-reinsurance Recoveries Received | Whole dollars | Report the non-reinsurance recoveries received amount. |\n| 16 | Net Claims Paid | Whole dollars | Report the net claims paid amount. |\n| 17 | Number Of Risks Written | Whole number | Report the number of risks written.Report for direct business only. |\n\n \n\n### Table 2: Premium and Claims by Related Party Type\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\nTable 2 collects similar information to Table 1, but by related parties. In particular:\n\n Parent entity: Report the amounts that are with/from the parent entity of the reporting insurer.\n Controlled entities / controlled entities of the parent: Report the amounts that are with/from a controlled entity of the reporting insurer, or another branch of the parent entity for a category C insurer.\n Associate / joint venture: Report the amounts that are with / from an associate or joint venture of the reporting insurer.\n Other related parties: Report the amounts that are with/from a related entity of the reporting insurer that is not the parent entity, a subsidiary, an associate or a joint venture of the reporting insurer.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | ------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Related Party Type | ParentControlled entityAssociate / joint ventureOther related party | Report the related party type. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |","sortOrder":20},{"sectionNumber":"Table 1: Premium and Claims by Class of ","sectionType":"division","heading":"Table 1: Premium and Claims by Class of Business","content":"## Specific instructions\n\n### Table 1: Premium and Claims by Class of Business\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report class of business. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |\n| 11 | Gross Premium Received | Whole dollars | Report the gross premium received amount. |\n| 12 | Net Premiums Received | Whole dollars | Report the net premiums received amount |\n| 13 | Gross Claims Paid | Whole dollars | Report the gross claims paid amount. |\n| 14 | Reinsurance Recoveries Received | Whole dollars | Report the reinsurance recoveries received amount. |\n| 15 | Non-reinsurance Recoveries Received | Whole dollars | Report the non-reinsurance recoveries received amount. |\n| 16 | Net Claims Paid | Whole dollars | Report the net claims paid amount. |\n| 17 | Number Of Risks Written | Whole number | Report the number of risks written.Report for direct business only. |\n\n \n\n### Table 2: Premium and Claims by Related Party Type\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\nTable 2 collects similar information to Table 1, but by related parties. In particular:\n\n Parent entity: Report the amounts that are with/from the parent entity of the reporting insurer.\n Controlled entities / controlled entities of the parent: Report the amounts that are with/from a controlled entity of the reporting insurer, or another branch of the parent entity for a category C insurer.\n Associate / joint venture: Report the amounts that are with / from an associate or joint venture of the reporting insurer.\n Other related parties: Report the amounts that are with/from a related entity of the reporting insurer that is not the parent entity, a subsidiary, an associate or a joint venture of the reporting insurer.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | ------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Related Party Type | ParentControlled entityAssociate / joint ventureOther related party | Report the related party type. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |","sortOrder":21},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report class of business. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |\n| 11 | Gross Premium Received | Whole dollars | Report the gross premium received amount. |\n| 12 | Net Premiums Received | Whole dollars | Report the net premiums received amount |\n| 13 | Gross Claims Paid | Whole dollars | Report the gross claims paid amount. |\n| 14 | Reinsurance Recoveries Received | Whole dollars | Report the reinsurance recoveries received amount. |\n| 15 | Non-reinsurance Recoveries Received | Whole dollars | Report the non-reinsurance recoveries received amount. |\n| 16 | Net Claims Paid | Whole dollars | Report the net claims paid amount. |\n| 17 | Number Of Risks Written | Whole number | Report the number of risks written.Report for direct business only. |","sortOrder":22},{"sectionNumber":"Table 2: Premium and Claims by Related P","sectionType":"division","heading":"Table 2: Premium and Claims by Related Party Type","content":"## Specific instructions\n\n### Table 1: Premium and Claims by Class of Business\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report class of business. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |\n| 11 | Gross Premium Received | Whole dollars | Report the gross premium received amount. |\n| 12 | Net Premiums Received | Whole dollars | Report the net premiums received amount |\n| 13 | Gross Claims Paid | Whole dollars | Report the gross claims paid amount. |\n| 14 | Reinsurance Recoveries Received | Whole dollars | Report the reinsurance recoveries received amount. |\n| 15 | Non-reinsurance Recoveries Received | Whole dollars | Report the non-reinsurance recoveries received amount. |\n| 16 | Net Claims Paid | Whole dollars | Report the net claims paid amount. |\n| 17 | Number Of Risks Written | Whole number | Report the number of risks written.Report for direct business only. |\n\n \n\n### Table 2: Premium and Claims by Related Party Type\n\n### Reporting basis\n\nWhere a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.\n\nTable 2 collects similar information to Table 1, but by related parties. In particular:\n\n Parent entity: Report the amounts that are with/from the parent entity of the reporting insurer.\n Controlled entities / controlled entities of the parent: Report the amounts that are with/from a controlled entity of the reporting insurer, or another branch of the parent entity for a category C insurer.\n Associate / joint venture: Report the amounts that are with / from an associate or joint venture of the reporting insurer.\n Other related parties: Report the amounts that are with/from a related entity of the reporting insurer that is not the parent entity, a subsidiary, an associate or a joint venture of the reporting insurer.\n\n| | Name | Valid values | Description |\n| --- | ----------------------------------------------------------------------------- | ------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ |\n| 1 | Related Party Type | ParentControlled entityAssociate / joint ventureOther related party | Report the related party type. |\n| 2 | Gross Written Premium | Whole dollars | Report the gross written premium amount. |\n| 3 | Gross Written Premium Relating To Unclosed Business | Whole dollars | Report the gross written premium relating to unclosed business amount. |\n| 4 | Fire Service Levy And Other Levies Imposed By State And Territory Governments | Whole dollars | Report the fire service levy and other levies imposed by state and territory governments amount. |\n| 5 | Gross Accrued Premium | Whole dollars | Report the gross accrued premium amount. |\n| 6 | Net Accrued Premium | Whole dollars | Report the net accrued premium amount. |\n| 7 | Gross Claims Incurred | Whole dollars | Report the gross claims incurred amount. |\n| 8 | Reinsurance Recoveries Incurred | Whole dollars | Report the reinsurance recoveries incurred amount. |\n| 9 | Non-reinsurance Recoveries Incurred | Whole dollars | Report the non-reinsurance recoveries incurred amount. |\n| 10 | Net Claims Incurred | Whole dollars | Report the net claims incurred amount. |","sortOrder":23}],"analysis":{"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"},"kimi_summary":{"_metrics":{"provider":"moonshot","completionTokens":1728},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The determination remains tightly focused on its original purpose under the Financial Sector (Collection of Data) Act 2001: specifying granular data requirements for prudential supervision of general insurers. While the technical detail is extensive (spanning premium and claims metrics, audit requirements, and validation rules), this depth is consistent with the parent Act's intent to enable APRA to assess capital adequacy and compliance. No extraneous regulatory purposes have been added."},"complexity_factors":["12 defined terms in the Interpretation section, with layered definitions (e.g., 'insurer' incorporates definitions from the Insurance Act and GPS 001)","Extensive cross-referencing to external prudential standards (GPS 001, GPS 115, GPS 310, GPS 340, GRS 001) that define key concepts like 'class of business' and 'capital standards'","Mathematical formulas for calculating reported items (e.g., the algorithm for 'accrued premium' requiring adjustments for premiums in advance and unpaid premiums)","Dual reporting dimensions: insurers must report by both 'class of business' (17 categories including direct and reinsurance lines) and 'related party type' (4 categories)","Conditional exceptions throughout (e.g., 'unless the contrary intention appears', 'insurers may use approximate methods' subject to materiality tests)","Nested assurance requirements: data must satisfy both professional auditing standards *and* specific prudential standard GPS 310","Distinguishing between 'gross' (before reinsurance) and 'net' (after reinsurance) figures, plus 'accrued' (accounting basis) versus 'received/paid' (cash basis)","Transitional provisions requiring parallel reporting under old and new standards during the changeover period"],"plain_english_summary":"**What this is:**\nThis is a rule (called a \"reporting standard\") issued by the Australian Prudential Regulation Authority (APRA) that tells general insurance companies exactly what financial data they must submit and when. It operates under the *Financial Sector (Collection of Data) Act 2001*.\n\n**Who it affects:**\nAll **general insurers** (companies that sell car insurance, home insurance, business insurance, etc.—like Suncorp, IAG, or QBE) that are authorised under the *Insurance Act 1973*.\n\n**What it requires:**\nInsurers must regularly report detailed information about their **premium revenue** (money coming in from policyholders) and **claims** (money going out to cover losses). Specifically:\n\n- **Quarterly and annual reports** detailing:\n - Premiums written and received (gross and net of reinsurance)\n - Claims incurred and paid (gross and net of reinsurance)\n - Fire service levies and government charges\n - Number of risks written\n - Related-party transactions (business done with parent companies, subsidiaries, or affiliates)\n\n- **Technical calculations:** The standard prescribes exact formulas for calculating figures like \"accrued premium\" (adjusting cash received for timing differences) and \"claims incurred\" (accounting for changes in money set aside for future claims).\n\n- **Audit requirements:** An independent **Appointed Auditor** must review the insurer's systems and controls annually to ensure the data is reliable. Annual reports must meet auditing standards and receive a formal certificate from the auditor.\n\n- **Submission details:** Data must be submitted electronically through APRA's systems within 20 business days (for quarterly data) or three months (for annual data).\n\n**Why it matters:**\nAPRA uses this data to monitor the financial health of insurance companies—making sure they have enough money to pay future claims (capital adequacy) and aren't taking reckless risks. This protects policyholders from insurer collapses."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"This Reporting Standard retains the original, stated purpose of collecting premium and claims data from general insurers for prudential supervision and capital assessment (para 2). It replaces prior reporting standards for the same subject matter (see transitional provisions, para 16) but does not materially expand the categories of information required beyond the expected premium/claims and related‑party breakdowns; rather it consolidates definitions, prescribes a specific electronic submission format, and clarifies audit and quality control expectations. Therefore the scope has not significantly changed beyond updating format, definitions and procedural requirements."},"complexity_factors":["Two main reporting tables with many data fields (Table 1: 17 fields per class; Table 2: 10 fields per related‑party type)","Cross‑references to multiple prudential standards and statutes (GPS 001, GPS 115, GPS 340, GPS 310, Insurance Act) affecting definitions and audit requirements (para 17 and notes)","Numerous defined terms and interpretation rules (Interpretation para 17 with multiple specific definitions)","Conditional APRA discretions to vary reporting frequency, change requirements, and grant extensions (paras 7, 9, 15)","Mandatory auditor involvement and prescribed assurance level (annual Appointed Auditor review and limited assurance for annual information) (paras 6 note, 10)","Multiple conditional definitions allowing 'approximate methods' and materiality judgements (Definitions under G/N)","Operational requirements for electronic authorisation, agent submission controls and board/senior management responsibilities (paras 11–14)","Transitional rules preserving old‑standard obligations for certain reporting periods (para 16)","Repeated and slightly inconsistent wording across the document (duplication across sections) increasing interpretative effort for implementers","Classification judgments required for 'Other' classes by Appointed Actuary under GPS 115 (affects aggregation and comparability)"],"plain_english_summary":"**What this instrument does (mechanically)**\n\n- Requires every APRA-authorised general insurer to submit specified data about premiums and claims to APRA each quarter and each financial year (paras 3, 6, 4).\n- Sets the method of submission (electronic via APRA’s website or another APRA-notified method) and requires digital signing when submitted electronically (paras 5, 12).\n- Prescribes detailed data fields and two reporting tables: Table 1 (Premiums and Claims by Class of Business) and Table 2 (Premiums and Claims by Related Party Type). Table 1 contains 17 fields per class (e.g. class of business, gross/net written premium, accrued premium, claims incurred/paid, reinsurance and non‑reinsurance recoveries, number of risks written). Table 2 collects a subset of similar fields split by related‑party categories (parent, controlled entities, associates/joint ventures, other related parties) (Specific instructions / Table 1 & Table 2).\n- Requires insurers’ systems, processes and controls that produce the reported information to be reviewed and tested by the Appointed Auditor at least annually (paras 10–11). Annual reported information must be audited (auditor certificate) consistent with the Insurance Act and GPS 310 requirements (paras 6 note, 10(a)).\n- Gives APRA discretion to change reporting frequency or vary reporting requirements for specific insurers by written notice, and to grant extensions of due dates (paras 7, 8(c), 9, 15).\n- Includes transition rules so that certain reporting obligations that fall under the old (revoked) standard may still need to be submitted under the old standard for specified transitional reporting periods (para 16).\n\n**Who this affects**\n\n- Directly: all general insurers authorised under the Insurance Act 1973 (\"insurers\") (para 3). It also affects agents who submit on an insurer’s behalf because insurers must keep a copy of agent submissions and ensure agents are authorised (paras 13–14).\n- Indirectly: appointed auditors, appointed actuaries (for classification of ‘Other’ classes; see GPS 115 cross‑reference), and in practice finance, actuarial and IT teams inside insurers who map data from internal systems into APRA’s submission format.\n\n**Why APRA asks for this (official rationale) and how that works in practice**\n\n- Official purpose: APRA will use the information for prudential supervision, including assessing compliance with capital standards (para 2). Practically, APRA receives standardised, class‑level and related‑party breakdowns of premiums, claims, recoveries and counts of risks to monitor underwriting performance, liquidity of claims payments, reinsurance exposures and information used in capital adequacy monitoring (see Specific instructions / Reporting tables).\n\n**Costs, incentives, trade-offs and implementation points (practical testing of the purpose claim)**\n\n- Who pays: insurers bear the compliance costs. Costs include: ongoing data extraction and mapping to the prescribed tables, systems and controls development, internal review and authorisation processes required by the board and senior management (para 11), and auditor fees for the required review/testing and for the annual auditor certificate (paras 10, 6 note).\n- Compliance burden and scope of work: reporting is detailed (17 fields by class; further breakdown by related party). Insurers must reconcile cash‑flow items (premiums received, claims paid) to accrual‑based measures (accrued premiums, claims incurred) and to prudential measures such as GPS 340 outstanding claims liabilities (gross/net claims definitions cross‑refer to GPS 340). That reconciliation work creates both ongoing operational burden and one‑off mapping effort when this standard is implemented (see Definitions: Gross/Net Claims accrued and GPS 340 cross‑reference).\n- Flexibility that reduces burden: the standard allows materiality judgements and approximate methods in some definitions (e.g. accrued premium, claims incurred) which can reduce the need for perfect reconciliation where differences are immaterial (Definitions under G / N: gross/net accrued premium and claims definitions).\n- Auditor involvement: the Appointed Auditor must review and test reporting systems and controls at least annually and perform at least a limited assurance engagement for the annual information (paras 10(a)–(b)). This adds external assurance cost but increases the reliability of reported data for APRA’s supervisory use.\n- Decision authority and operational discretion: APRA can change reporting frequency, vary requirements for a named insurer, or grant time extensions by written notice (paras 7, 15, 9). That gives APRA supervisory flexibility and places a requirement on insurers to respond to bespoke notices.\n- Implementation risks and judgement points: the standard requires classification choices (e.g. where a class is ‘Other’, the Appointed Actuary must allocate it to category A/B/C per GPS 115 Attachment A). That introduces actuarial judgement and potential inconsistency across firms unless APRA or industry provides consistent guidance (Definition: Class of business; cross‑ref GPS 115).\n\n**Practical behaviour changes required**\n\n- Insurers must implement or adapt data collection, mapping and reconciliation workflows to produce the specified tables each quarter and annually (paras 4, 6, Specific instructions).\n- Boards and senior management must maintain authorisation procedures for data submitted to APRA (para 11).\n- Electronic submissions must be digitally signed by an officer or agent acceptable to APRA and must be authorised by the CEO or CFO before submission (paras 12, 14).\n- If using agents, insurers must retain copies of agent submissions and remain responsible for accuracy (para 13).\n\n**Key cross‑references that affect interpretation and use**\n\n- GPS 001 (definitions), GPS 115 (class/category guidance), GPS 340 (outstanding claims liabilities basis), GPS 310 (audit and related matters) and the Insurance Act 1973 (auditor appointment and yearly statutory accounts) are all referenced and are operationally important to how items are defined, aggregated and audited (Interpretation para 17, notes in paras 6 and 10).\n\n**Immediate trade‑offs**\n\n- Benefit to APRA: more granular, standardised data to support prudential assessment and capital monitoring (para 2).\n- Cost to industry: data collection, assurance and internal control costs, plus judgement work on class allocation and reconciliations. Materiality and approximate methods are permitted in limited places, reducing some cost (Definitions sections). APRA’s ability to vary requirements (paras 7, 15) concentrates compliance risk on insurers who receive bespoke notices.\n\n(References in parentheses are to paragraph numbers or named sections in the Reporting Standard.)"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-96-of-2023/documents"}}