Objective of this reporting standardObjective of this reporting standard

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on a quarterly and annual basis, in relation to their outstanding claims provision.

This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:

• the versions of Form GRF 210.0 Outstanding Claims Provision – Insurance Risk Charge (Form GRF 210.0) designated for a ‘Licensed Insurer’ and ‘Consolidated Insurance Group’ and the associated instructions (which are attached and all of which form part of this reporting standard); and
• Prudential Standard GPS 110 Capital Adequacy for General Insurers, Guidance Notes GGN 110.1, GGN 110.2, GGN 110.3, GGN 110.4 and GGN 110.5 and Prudential Standard GPS 210 Liability Valuation for General Insurers.