Commonwealth legislation

Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2018

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Commonwealth

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legislative instrument

Plain English Summary

2/10 complexity

This short determination says APRA will treat reports supplied under Reporting Standard LRS 750.0 from life insurers and friendly societies as non‑confidential once 14 days have passed from the date they were required to provide them, enabling APRA to publish the non‑confidential material (s56(5C)). The decision is made by an APRA delegate under paragraph 57(2)(a); affected entities still must deliver the same LRS 750.0 data but face a publication risk after the 14‑day window.

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Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2018

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Australian Prudential Regulation Authority (confidentiality) determination

No. 2 of 2018

Information provided by life insurers and friendly societies under Reporting Standard LRS 750.0

Australian Prudential Regulation Authority Act 1998

I, Michael Phillip Fermor, a delegate of APRA, under paragraph 57(2)(a) of the Australian Prudential Regulation Authority Act 1998, DETERMINE that the reporting document described in the Schedule does not contain confidential information.

This determination commences on the date of registration on the Federal Register of Legislation under the Legislation Act 2003.

Note: The effect of this determination is that the non-confidential information may be published under subsection 56(5C) of the Australian Prudential Regulation Authority Act 1998.

Dated: 23 October 2018

[Signed]

_____________________

Michael Phillip Fermor

Senior Manager

Data Analytics

Interpretation

In this determination:

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.

body regulated by APPRA means a body regulated by APRA within the meaning of section 3 of the Australian Prudential Regulation Authority Act 1998.

LRS 750.0 means Reporting Standard LRS 750.0 Claims and Disputes, or another reporting standard in substantially the same terms replacing it, made under section 13 of the Financial Sector (Collection of Data) Act 2001.

reporting document means a reporting document within the meaning of section 13 of the Financial Sector (Collection of Data) Act 2001.

Schedule

Reporting documents covered by this determination

This determination applies to information given to APRA under reporting standard LRS 750.0, where a period of at least 14 days has elapsed from the date a body regulated by APRA was required to provide the information specified in LRS 750.0.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2018