Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2011 - GRS 310.0_G (2011) - Income Statement (Level 2 Insurance Group)
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2011 - GRS 310.0_G (2011) - Income Statement (Level 2 Insurance Group).
Specific instructions
Level 2 insurance groups are required to report financial data on Australian and international business by region. International business, as defined in GPS 001, is to be reported according to the regions specified in this form. Level 2 insurance groups are required to report according to the regions which most appropriately reflects the business and/or operational segments of the group. For prudential reporting purposes ‘Australian business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 Insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. This treatment is different to the requirements of AASB 1023 and other applicable Australian accounting standards.
Amounts reported for Australia and other regions should be reported on the basis that these entities (or regions) are separate from the group before consolidation.
Level 2 insurance groups may apply to APRA to be exempt from having to report international business as specified in this form. This exemption, however, will be subject to the group providing information to APRA in another suitable and agreed upon format.