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Reporting Standard LRS 001

Reporting Requirements

Objective of this Reporting Standard

This Reporting Standard sets out the general instruction guide for providing information under life insurance reporting standards.

Authority

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

2. Reporting standards made under section 13 of the Financial Sector (Collection of Data) Act 2001 require financial sector entities to provide information to APRA. This Reporting Standard provides instructions applicable to all reporting standards to be completed by certain entities and specifies the periods within which those entities are to comply with those requirements.

Application and Commencement

3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

General Instructions

4. Detailed instructions for the individual reporting items are included in the specific instructions for each reporting standard. These specific instructions need to be considered in conjunction with the General Instruction Guide (which are Attachment A to this Reporting Standard), the relevant reporting standards and the prudential standards.

Periods for Provision of Returns

5. A life company is to provide information required under reporting standards:

(a) in the case of quarterly information - 20 business days after the end of the reporting period to which the information relates;

(b) in the case of half yearly information - 20 business days after the end of the reporting period to which the information relates; and

(c) in the case of annual information - three months after the end of the reporting period to which the information relates.

6. APRA may, in writing, grant a life company an extension of a due date in paragraph 5, for all or specified reporting standards, in which case the new due date will be the date on the notice of extension.

Transition

7. The old LRS 001 continues to apply to any reporting obligations for transitional reporting periods. For these purposes:

old LRS 001 means the reporting standard revoked in the determination making this Reporting Standard;

old reporting standard means a reporting standard which has been revoked; and

transitional reporting period means a reporting period:

(a) which ended before 1 July 2023; and

(b) in relation to which an insurer was required, under an old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

Interpretation

8. In this reporting standard:

AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;

annual information means information required to be provided in respect of each financial year of a life company;

financial year has the meaning in the Corporations Act 2001;

half yearly information means information required to be provided in respect of each half yearly based on the financial year of a life company; and

quarterly information means information required to be provided in respect of each quarter based on the financial year of a life company.

9. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.