Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2009 - LRS 410.0 - Capital Measurement Statistics
RepealedCTH
This Act has been repealed and is no longer in force. It is retained for historical reference.
Jurisdiction
Commonwealth
Collection
legislative instrument
Plain English Summary
6/10 complexity
This law makes every life insurer (including friendly societies) submit an audited annual capital‑measurement return (Form LRF 410.0) to APRA, showing whether they hold sufficient capital against future policyholder claims.
Returns must be actuarially based, authorised by senior management, and filed promptly each year. APRA (and other regulators) use the data to monitor insurer solvency and protect consumers and financial stability.
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Current sections
Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2009 - LRS 410.0 - Capital Measurement Statistics.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Purpose
Information collected in Form LRF 410.0 Capital Measurement Statistics (LRF 410.0) is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investments Commission.
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 Insurance Act) for reporting periods commencing on or after 1 October 2009.
Information required
A life company must provide APRA with the information required by Form LRF 410.0 for each reporting period.
Note: The instructions for Form LRF 410.0 explain in more detail the information that is required.
The information required to be provided to APRA under this reporting standard is not intended to form part of the financial statements or the annual returns, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA.
Method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by completing Form LRF 410.0 on paper and mailing the completed form to APRA
Note: The ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 7, a life company must provide the information required by this reporting standard in audited form in respect of the financial year of the life company.
Note: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Actuarial Requirements.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular life company, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the life company;
(b) the extent to which the information is required for the purposes of the prudential supervision of the life company; and
(c) the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics or the Australian Securities and Investments Commission.
The information required by this reporting standard must be provided to APRA within four months after the end of the reporting period to which the information relates.
APRA may grant a life company an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a life company under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
All information provided by a life company under this reporting standard must be subject to processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Actuarial valuations and calculations included in, or used in the preparation of, the information provided to APRA must be in accordance with the prudential standards in force for the reporting period.
Authorisation
If the officer of a life company provides the information required by this reporting standard:
(a) using Direct to APRA (D2A), the officer must digitally authorise, submit the data to APRA and receive a D2A receipt number for the information to be considered given to APRA. APRA will issue ‘digital certificates’ to officers of the life company who have authority to transmit the data to APRA; or
(b) on paper, the relevant completed form must be signed on the front page by the principal executive officer or chief financial officer of the life company.
Note: Information in draft returns saved at APRA using D2A will not be considered to be provided to APRA for the purposes of the life company's obligations under this reporting standard.
Transitional
A life company must report in relation to a reporting period ending prior to 1 October 2009 in accordance with the reporting standard that this reporting standard replaces rather than under this reporting standard.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the life company for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity;
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
A reference to a prudential standard means the prudential standard made under section 230A of the Life Insurance Act mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.
Capital Measurement Statistics
Capital Measurement Statistics
Capital Measurement Statistics
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Purpose
Information collected in Form LRF 410.0 Capital Measurement Statistics (LRF 410.0) is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investments Commission.
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 Insurance Act) for reporting periods commencing on or after 1 October 2009.
Information required
A life company must provide APRA with the information required by Form LRF 410.0 for each reporting period.
Note: The instructions for Form LRF 410.0 explain in more detail the information that is required.
The information required to be provided to APRA under this reporting standard is not intended to form part of the financial statements or the annual returns, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA.
Method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by completing Form LRF 410.0 on paper and mailing the completed form to APRA
Note: The ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 7, a life company must provide the information required by this reporting standard in audited form in respect of the financial year of the life company.
Note: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Actuarial Requirements.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular life company, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the life company;
(b) the extent to which the information is required for the purposes of the prudential supervision of the life company; and
(c) the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics or the Australian Securities and Investments Commission.
The information required by this reporting standard must be provided to APRA within four months after the end of the reporting period to which the information relates.
APRA may grant a life company an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a life company under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
All information provided by a life company under this reporting standard must be subject to processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Actuarial valuations and calculations included in, or used in the preparation of, the information provided to APRA must be in accordance with the prudential standards in force for the reporting period.
Authorisation
If the officer of a life company provides the information required by this reporting standard:
(a) using Direct to APRA (D2A), the officer must digitally authorise, submit the data to APRA and receive a D2A receipt number for the information to be considered given to APRA. APRA will issue ‘digital certificates’ to officers of the life company who have authority to transmit the data to APRA; or
(b) on paper, the relevant completed form must be signed on the front page by the principal executive officer or chief financial officer of the life company.
Note: Information in draft returns saved at APRA using D2A will not be considered to be provided to APRA for the purposes of the life company's obligations under this reporting standard.
Transitional
A life company must report in relation to a reporting period ending prior to 1 October 2009 in accordance with the reporting standard that this reporting standard replaces rather than under this reporting standard.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the life company for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity;
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
A reference to a prudential standard means the prudential standard made under section 230A of the Life Insurance Act mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.
Objective of this reporting standard
Objective of this reporting standard
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Reporting levels
Reporting levels
Reporting levels
LRF 410.0 must be completed by all life insurance companies, including friendly societies.
The form is to be completed for each statutory fund (approved benefit fund).
LRF 410.0 contains two sections:
All Statutory Fund Products; and
Totals by Class of Business.
Within section 1, reporting items are to be completed for each APRA Product Group (as defined below).
Within each APRA Product Group, some data will be collected in respect of the main Related Product Group represented in the business that makes up that APRA Product Group.
Unit of measurement
Unit of measurement
Unit of measurement
LRF 410.0 is to be prepared in thousands of Australian dollars (AUD). Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
Definitions
Definitions
Definitions
Definitions for data reporting items required by this form have been provided where appropriate in the instructions under the section headed ‘Instructions for specific items’.
Definitions, unless specified, apply to all life insurance companies, including friendly societies as if each reference to a statutory fund, or shareholders’ fund, were a reference to an approved benefit fund, or management fund, respectively. Likewise, reference to shareholders should be taken to embrace ‘members’ of a mutual association and/or a society. The term ‘life companies’ or ‘life insurance companies’ includes friendly societies unless stated otherwise. This is in line with the usage of terms in the Life Insurance Act 1995.
Reporting period
Reporting period
Reporting period
Life companies are required to report the information in the reporting form on an annual basis i.e. in respect of the financial year of the life company.
Basis of preparation
Basis of preparation
Basis of preparation
In completing this form, unless specifically stated otherwise, institutions are to follow the basis that is used for the preparation of the annual financial statements in accordance with the Australian accounting standards.
Actuarial valuations and calculations included in, or used in the preparation of, the statistics must be in accordance with prudential standards.
If additional clarification is required for specific revenue or expense items in this form, reference should be made to the section ‘Instructions for specific items’, which is provided as a guide.
APRA Product Groups
APRA Product Groups
APRA Product Groups
For consistency of reporting across the range of forms applicable to life insurers, APRA adopts a single set of product groupings for life insurers. The following tables list the APRA product groups applicable to (1) life companies other than friendly societies, and (2) friendly societies.
Note that Product Groups L11 and L12 are not applicable to this form.
Rather than requiring a Related Product Group (as defined in APRA and other prudential standards) of a Life Insurer’s business to be allocated across APRA product groups, APRA will permit it to be contained wholly within one APRA Product Group.
A separate set of product groupings is adopted for Friendly Societies, as follows:
The classification of participating and non-participating business does not apply to friendly societies. Note that Product Groups F7 and F8 are not applicable to this form.
Instructions for specific items
While these instructions apply to all life insurance companies, including friendly societies, not all items may be applicable to both: some items may not be applicable to friendly societies while others may not be applicable to life insurers.
All items are derived from the requirements of Prudential Standards LPS 2.04 Solvency Standard (LPS 2.04) and LPS 3.04 Capital Adequacy Standard (LPS 3.04).
1
All Statutory Fund Products
Section 1 All Statutory Fund Products
This section is to be completed for each class of business, as specified in the drop-down box list:
Australia – Superannuation Business
Australia – Ordinary Business
Overseas – All business
The expressions ‘ordinary business’ and ‘superannuation business’ are defined in the dictionary of the Life Insurance Act 1995.
1.1. Greater of Capital Adequacy Liability and Current Termination Value (CTV)
Each component is determined at Related Product Group (RPG) level and then aggregated across the APRA Product Group.
Columns 1 to 3 are to be reported gross of outwards reinsurance.
Columns 5 to 7 are to be reported as the amounts ceded under outwards reinsurance.
Where paragraphs 7.2 and 7.3 of LPS 3.04 apply, the methodology to be followed in completing columns 1 to 3 and columns 5 to 7 is outlined in the Instruction Guide for LRF 110.0 Capital Adequacy.
Note that amounts under columns 5 to 7 are expected to be entered with the opposite arithmetical sign to amounts under columns 1 to 3 consistent with the methodology outlined in the Instruction Guide for LRF 110.0 Capital Adequacy.
Paragraph 7.4 of LPS 3.04 allows an item of difference to be included as an offset or addition to Capital Adequacy Liability, Current Termination Value and ‘Greater of” amount. The effective amount(s) of such difference will be reported in Column 4.
1.2. Greater of Solvency Liability and Minimum Termination Value (MTV), and Solvency Current Termination Value (SCTV)
Each component is determined at RPG level and then aggregated across the APRA Product Group.
Columns 1 to 3 are to be reported gross of outwards reinsurance.
Columns 7 to 9 are to be reported as the amounts ceded under outwards reinsurance.
Where paragraphs 6.2 and 6.3 of LPS 2.04 apply the methodology to be followed in completing columns 1 to 3 and columns 7 to 9 is outlined in the Instruction Guide for LRF 100.0 Solvency.
Note that amounts under columns 7 to 9 are expected to be entered with the opposite arithmetical sign to amounts under columns 1 to 3 consistent with the methodology outlined in the Instruction Guide for LRF 100.0 Solvency.
Paragraph 6.4 of LPS 2.04 allows an item of difference to be included as an offset or addition to Solvency Liability, Minimum Termination Value and ‘Greater of” amount. The effective amount(s) of such difference will be reported in Column 4.
Column 6 reports the Solvency Current Termination Value. This amount is to be reported gross of outwards reinsurance but inclusive of any amount of reinsurance/risk mitigation difference applicable to the Solvency Current Termination Value.
1.3. Related Product Group Capital Adequacy Margins
The following provides information where there are multiple RPGs within the APRA Product Group, each with its specific valuation assumptions.
Column 1 Number of RPGs in this APRA Product Group
Enter the number of Related Product Groups in this APRA Product Group.
Column 2 Name of Main RPG in this APRA Product Group
Enter the name of main Related Product Group in this APRA Product Group.
Columns 3 to 16 Capital Adequacy Margin
Report this information for the main RPG named in Column 2.
The Capital Adequacy Margins are those applied to the Best Estimate assumptions in order to produce the Capital Adequacy assumptions. In completing this part of the form, life companies should refer to LPS 3.04 Section 4 for guidance.
2
Totals by Class of Business
Section 2 Totals by Class of Business
All fields in Section 2 are derived items; therefore, no value is required to be entered in this section.
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Reporting Standard LRS 410.0 Reporting Standard LRS 410.0
Reporting Standard LRS 410.0
Capital Measurement Statistics
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Purpose
Information collected in Form LRF 410.0 Capital Measurement Statistics (LRF 410.0) is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investments Commission.
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 Insurance Act) for reporting periods commencing on or after 1 October 2009.
Information required
A life company must provide APRA with the information required by Form LRF 410.0 for each reporting period.
Note: The instructions for Form LRF 410.0 explain in more detail the information that is required.
The information required to be provided to APRA under this reporting standard is not intended to form part of the financial statements or the annual returns, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA.
Method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by completing Form LRF 410.0 on paper and mailing the completed form to APRA
Note: The ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Subject to paragraph 7, a life company must provide the information required by this reporting standard in audited form in respect of the financial year of the life company.
Note: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Actuarial Requirements.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular life company, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the life company;
(b) the extent to which the information is required for the purposes of the prudential supervision of the life company; and
(c) the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics or the Australian Securities and Investments Commission.
The information required by this reporting standard must be provided to APRA within four months after the end of the reporting period to which the information relates.
APRA may grant a life company an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a life company under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
All information provided by a life company under this reporting standard must be subject to processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Actuarial valuations and calculations included in, or used in the preparation of, the information provided to APRA must be in accordance with the prudential standards in force for the reporting period.
Authorisation
If the officer of a life company provides the information required by this reporting standard:
(a) using Direct to APRA (D2A), the officer must digitally authorise, submit the data to APRA and receive a D2A receipt number for the information to be considered given to APRA. APRA will issue ‘digital certificates’ to officers of the life company who have authority to transmit the data to APRA; or
(b) on paper, the relevant completed form must be signed on the front page by the principal executive officer or chief financial officer of the life company.
Note: Information in draft returns saved at APRA using D2A will not be considered to be provided to APRA for the purposes of the life company's obligations under this reporting standard.
Transitional
A life company must report in relation to a reporting period ending prior to 1 October 2009 in accordance with the reporting standard that this reporting standard replaces rather than under this reporting standard.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the life company for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity;
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
A reference to a prudential standard means the prudential standard made under section 230A of the Life Insurance Act mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.
Capital Measurement Statistics Capital Measurement Statistics
Capital Measurement Statistics
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Purpose
Information collected in Form LRF 410.0 Capital Measurement Statistics (LRF 410.0) is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investments Commission.
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 Insurance Act) for reporting periods commencing on or after 1 October 2009.
Information required
A life company must provide APRA with the information required by Form LRF 410.0 for each reporting period.
Note: The instructions for Form LRF 410.0 explain in more detail the information that is required.
The information required to be provided to APRA under this reporting standard is not intended to form part of the financial statements or the annual returns, within the meaning of section 124 of the Life Insurance Act, given by the life company to APRA.
Method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by completing Form LRF 410.0 on paper and mailing the completed form to APRA
Note: The ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 7, a life company must provide the information required by this reporting standard in audited form in respect of the financial year of the life company.
Note: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Actuarial Requirements.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular life company, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the life company;
(b) the extent to which the information is required for the purposes of the prudential supervision of the life company; and
(c) the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics or the Australian Securities and Investments Commission.
The information required by this reporting standard must be provided to APRA within four months after the end of the reporting period to which the information relates.
APRA may grant a life company an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a life company under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
All information provided by a life company under this reporting standard must be subject to processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Actuarial valuations and calculations included in, or used in the preparation of, the information provided to APRA must be in accordance with the prudential standards in force for the reporting period.
Authorisation
If the officer of a life company provides the information required by this reporting standard:
(a) using Direct to APRA (D2A), the officer must digitally authorise, submit the data to APRA and receive a D2A receipt number for the information to be considered given to APRA. APRA will issue ‘digital certificates’ to officers of the life company who have authority to transmit the data to APRA; or
(b) on paper, the relevant completed form must be signed on the front page by the principal executive officer or chief financial officer of the life company.
Note: Information in draft returns saved at APRA using D2A will not be considered to be provided to APRA for the purposes of the life company's obligations under this reporting standard.
Transitional
A life company must report in relation to a reporting period ending prior to 1 October 2009 in accordance with the reporting standard that this reporting standard replaces rather than under this reporting standard.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the life company for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity;
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
A reference to a prudential standard means the prudential standard made under section 230A of the Life Insurance Act mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.
Objective of this reporting standard Objective of this reporting standard
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all registered life insurance companies to report to APRA, in general, on an annual basis in relation to capital measurement statistics.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form LRF 410.0 Capital Measurement Statistics, and the associated instructions (both of which are attached and form part of this reporting standard).
Reporting levels Reporting levels
Reporting levels
LRF 410.0 must be completed by all life insurance companies, including friendly societies.
The form is to be completed for each statutory fund (approved benefit fund).
LRF 410.0 contains two sections:
All Statutory Fund Products; and
Totals by Class of Business.
Within section 1, reporting items are to be completed for each APRA Product Group (as defined below).
Within each APRA Product Group, some data will be collected in respect of the main Related Product Group represented in the business that makes up that APRA Product Group.
Unit of measurement Unit of measurement
Unit of measurement
LRF 410.0 is to be prepared in thousands of Australian dollars (AUD). Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.
Definitions Definitions
Definitions
Definitions for data reporting items required by this form have been provided where appropriate in the instructions under the section headed ‘Instructions for specific items’.
Definitions, unless specified, apply to all life insurance companies, including friendly societies as if each reference to a statutory fund, or shareholders’ fund, were a reference to an approved benefit fund, or management fund, respectively. Likewise, reference to shareholders should be taken to embrace ‘members’ of a mutual association and/or a society. The term ‘life companies’ or ‘life insurance companies’ includes friendly societies unless stated otherwise. This is in line with the usage of terms in the Life Insurance Act 1995.
Reporting period Reporting period
Reporting period
Life companies are required to report the information in the reporting form on an annual basis i.e. in respect of the financial year of the life company.
Basis of preparation Basis of preparation
Basis of preparation
In completing this form, unless specifically stated otherwise, institutions are to follow the basis that is used for the preparation of the annual financial statements in accordance with the Australian accounting standards.
Actuarial valuations and calculations included in, or used in the preparation of, the statistics must be in accordance with prudential standards.
If additional clarification is required for specific revenue or expense items in this form, reference should be made to the section ‘Instructions for specific items’, which is provided as a guide.
APRA Product Groups APRA Product Groups
APRA Product Groups
For consistency of reporting across the range of forms applicable to life insurers, APRA adopts a single set of product groupings for life insurers. The following tables list the APRA product groups applicable to (1) life companies
This is an opening excerpt, not the complete document.