Minor alterations to forms and instructions

15. APRA may make minor variations to:

(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or

(b) the instructions to a form, to clarify their application to the form

without changing any substantive requirement in the form or instructions.

16. If APRA makes such a variation it must notify insurers in writing.

Transitional

17. If a reporting period of an insurer ended on 30 June 2005, or ends after that date, the insurer must report under this reporting standard in respect of that reporting period.

Interpretation

18. In this reporting standard:

Accounting Standard AASB 1024 means the accounting standard so designated made by the Australian Accounting Standards Board, being the accounting standard that applied in respect of reporting periods (within the meaning of the accounting standard) commencing immediately before 1 January 2005;

approved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;

business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;

consolidated insurance group means a group comprising:

(a) an insurer that is a highest parent entity; and

(b) each subsidiary under the control (within the meaning of Accounting Standard AASB 1024) of that insurer, whether the subsidiary is incorporated in Australia or not;

foreign insurer means a foreign general insurer within the meaning of the Insurance Act;

Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.

highest parent entity means an insurer that satisfies all of the following conditions:

(a) it is incorporated in Australia;

(b) it has at least one subsidiary under its control (within the meaning of Accounting Standard AASB 1024); and

(c) it is not itself a subsidiary of an insurer that is incorporated in Australia;

Insurance Act means the Insurance Act 1973;

insurer means a general insurer within the meaning of the Insurance Act;

Note: In the forms and instructions, 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.