Commonwealth legislation

Financial Sector (Collection of Data) exemption No. 1 of 2023

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This instrument exempts financial sector entities covered by Reporting Standard GRS 310.3 from supplying the Item 4 data on underwriting expenses and acquisition costs in the GRF 310.3 income-and-expenses reporting form. Mechanically, it removes that specific reporting obligation, lowering the compliance burden for those entities and reducing APRA’s receipt of those particular cost data.

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Financial Sector (Collection of Data) exemption No. 1 of 2023

Commonwealth Coat of Arms of Australia

Financial Sector (Collection of Data) exemption No. 1 of 2023

Reporting Standard GRS 310.3 Details of Income and Expenses

Financial Sector (Collection of Data) Act 2001

I, Surabhi Jain, delegate of APRA, under paragraph 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001 (the Act) exempt those financial sector entities to which GRS 310.3 applies from the requirement specified in the Schedule attached to this instrument

This instrument commences at the start of the day after the day the instrument is registered on the Federal Register of Legislation.

Dated: 09 October 2023

Surabhi Jain

General Manager – Chief Data Officer

Technology and Data Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

GRS 310.3 means Reporting Standard GRS 310.3 Details of Income and Expenses made under Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2023.

Schedule

The requirement under paragraph 4 of GRS 310.3 to provide the following information in Reporting Form GRF 310.3 Details of Income and Expenses:

Item 4 Underwriting expenses and Acquisition costs – Section 1: Direct Business;
Item 4 Underwriting expenses and Acquisition costs – Section 2: Reinsurance Business; and
Item 4 Underwriting expenses and Acquisition costs – Section 3: Total

in GRS 310.3.

Source text

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

1 Financial Sector (Collection of Data) exemption No. 1 of 2023

Financial Sector (Collection of Data) exemption No. 1 of 2023

Reporting Standard GRS 310.3 Details of Income and Expenses

Financial Sector (Collection of Data) Act 2001

This instrument commences at the start of the day after the day the instrument is registered on the Federal Register of Legislation.

Dated: 09 October 2023

Surabhi Jain

General Manager – Chief Data Officer

Technology and Data Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

GRS 310.3 means Reporting Standard GRS 310.3 Details of Income and Expenses made under Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2023.

Schedule

The requirement under paragraph 4 of GRS 310.3 to provide the following information in Reporting Form GRF 310.3 Details of Income and Expenses:

Item 4 Underwriting expenses and Acquisition costs – Section 1: Direct Business;
Item 4 Underwriting expenses and Acquisition costs – Section 2: Reinsurance Business; and
Item 4 Underwriting expenses and Acquisition costs – Section 3: Total

in GRS 310.3.