{"id":"F2023L00971","name":"Insurance Exemption Determination No. 1 of 2023","slug":"insurance-exemption-determination-no-1-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104613,"registerId":"commonwealth-F2023L00971-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Insurance Exemption Determination No. 1 of 2023","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\nInsurance Exemption Determination No. 1 of 2023\n\nAudit requirements relating to certain yearly statutory accounts\n\nInsurance Act 1973\n\nI, Bruce Young, a delegate of APRA, under subsection 7(1) of the Insurance Act 1973 (the Act), exempt each class of person mentioned in the first column of the Schedule from the provision mentioned in the corresponding row of the second column of the Schedule.\n\nThis instrument commences upon registration on the Federal Register of Legislation.\n\nDated: 3 July 2023\n\nBruce Young\n\nExecutive Director\n\nTechnology and Data Division\n\nInterpretation\n\nIn this instrument:\n\n> appointed auditor means an auditor who has been appointed under section 39 of the Act.\n\n> APRA means the Australian Prudential Regulation Authority.\n\n> Exempt Reporting Standards means Reporting Standard GRS 400.0 Statement of Risk by Country, Reporting Standard GRS 420.0 Insurance Revenue and Incurred Claims by State and Territory of Australia, Reporting Standard GRS 460.0 Reinsurance Assets by Counterparty and Reporting Standard GRS 460.1 Exposure Analysis by Reinsurance Counterparty, determined by Financial Sector (Collection of Data) Determinations Nos. 88, 90, 92 and 94 of 2023 respectively.\n\n  \n\nSchedule\n\n| Person exempt                          | Provision from which person exempt                                                                                                                                                                                                                                       |\n| -------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Appointed auditor of a general insurer | The requirement in paragraph 49J(1)(a) to audit yearly statutory accounts, but only to the extent that the paragraph would require the auditing of the information required by the Exempt Reporting Standards.                                                           |\n| General insurer                        | The requirement in paragraph 49J(2) to make arrangements for the auditing of yearly statutory accounts, but only to the extent that the subsection would require a general insurer to make arrangements for the auditing of the Exempt Reporting Standards.              |\n| Appointed auditor of a general insurer | The requirement in paragraph 49J(3) to give a certificate in relation to yearly statutory accounts, but only to the extent that the subsection would require the giving of a certificate in relation to the information required by the Exempt Reporting Standards.      |\n| General insurer                        | The requirement in paragraph 49L(1)(a) to lodge a certificate in relation to yearly statutory accounts, but only to the extent that the subsection would require the lodging of a certificate in relation to the information required by the Exempt Reporting Standards. |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a targeted exemption instrument that operates exactly as intended—carving out specific audit requirements for four named reporting standards. It has not expanded beyond its original purpose of reducing regulatory burden for specific disclosures."},"complexity_factors":["Very short instrument (under 500 words)","Only 2 defined terms in the interpretation section","Simple tabular structure with 4 exemption rows","No nested conditions or cross-references beyond the four named reporting standards","Single operative provision with straightforward 'exempt from X to the extent of Y' formula repeated four times"],"plain_english_summary":"This determination lets general insurers and their appointed auditors skip statutory audit and audit certification requirements—but only for four specified reporting standards (risk by country; insurance revenue and claims by state/territory; reinsurance assets by counterparty; exposure analysis by reinsurance counterparty).  \n\nIt reduces regulatory burden and cost for insurers while keeping full audit requirements in place for the principal financial statements."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument creates limited exemptions as stated; the text gives no indication it alters or expands the broader statutory framework. It narrows auditing and lodgement duties only for the information defined by the four Exempt Reporting Standards."},"complexity_factors":["Narrow, targeted scope limited to four named Exempt Reporting Standards","Relies on cross-references to other instruments (Financial Sector Determinations Nos. 88, 90, 92, 94) to define exempt data","Conditional wording: exemptions apply only to the extent the Act would otherwise require auditing/certification","References specific Act provisions (49J and 49L) without changing other statutory duties","Delegated decision-making by an APRA delegate rather than full Commission creates a procedural detail to track"],"plain_english_summary":"This instrument, made by an APRA delegate, removes audit, certification and lodgement obligations for general insurers and their appointed auditors—but only for the specific data items listed in four Exempt Reporting Standards. APRA decides the exemption; as a result, general insurers no longer must arrange or lodge auditor certificates for that specified reporting data, and appointed auditors are not required to audit that data, reducing those particular compliance tasks."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/insurance-exemption-determination-no-1-of-2023","history":"/api/acts/insurance-exemption-determination-no-1-of-2023/history","analysis":"/api/acts/insurance-exemption-determination-no-1-of-2023/analysis","conflicts":"/api/acts/insurance-exemption-determination-no-1-of-2023/conflicts","importantCases":"/api/acts/insurance-exemption-determination-no-1-of-2023/important-cases","documents":"/api/acts/insurance-exemption-determination-no-1-of-2023/documents"}}