Financial Sector (Collection of Data) (reporting standard) determination No. 127 of 2023
Objective of this Reporting StandardObjective of this Reporting Standard
Start here
Get a plain-English read of Objective of this Reporting Standard
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 127 of 2023.
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a statement of a life company’s policy liabilities.
It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.
Authority
- This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
- The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.
Application and commencement
- 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.
Information required
-
A life company must provide APRA with the information required by this Reporting Standard for each reporting period.
-
The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.
Method of submission
-
The information required by this Reporting Standard must be given to APRA:
(a) in electronic format using an electronic method available on APRA’s website; or (b) by a method notified by APRA prior to submission.
Reporting periods and due dates
- Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:
(a) in respect of each financial year of the life company on an unaudited basis.
Note 1: This means that information provided under this Reporting Standard will be submitted once for a full financial year.
-
If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.
-
The information required by this Reporting Standard in respect of a life company must be provided to APRA: