Commonwealth legislation

Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2013 - GRS 170.0 (2008) - Concentration Risk Charge; Reporting Standard GRS 900.0 - Transitional Arrangements 2010

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This is a short legal direction from the Australian Prudential Regulation Authority (APRA) that officially cancels two old financial reporting rules, effective from 1 January 2013.

What it does:

Scraps two reporting standards that previously applied to financial institutions (specifically general insurers):
- GRS 170.0 (2008): Rules about reporting 'concentration risk charges' (reserves or capital requirements when an insurer has too much exposure to one type of risk or geographic area)
- GRS 900.0 (2010): Transitional arrangements that helped insurers move between different reporting systems in 2010

Who it affects: General insurance companies that were previously required to submit data to APRA under these specific standards.

Why it matters: This determination removes specific reporting obligations, reducing compliance paperwork for affected insurers. APRA likely introduced newer standards to replace these, making this a housekeeping measure to clear away outdated requirements.

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Current sections

Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2013 - GRS 170.0 (2008) - Concentration Risk Charge; Reporting Standard GRS 900.0 - Transitional Arrangements 2010.

Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2013 - GRS 170.0 (2008) - Concentration Risk Charge; Reporting Standard GRS 900.0 - Transitional Arrangements 2010

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Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2013

Reporting Standard GRS 170.0 (2008) Concentration Risk Charge; Reporting Standard GRS 900.0 Transitional Arrangements 2010

Financial Sector (Collection of Data) Act 2001

I, Ian Laughlin, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901 REVOKE:

(a) Financial Sector (Collection of Data) (reporting standard) determination No. 73 of 2008, including Reporting Standard GRS 170.0 (2008) Concentration Risk Charge made under that Determination; and

(b) Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2010, including Reporting Standard GRS 900.0 Transitional Arrangements 2010 made under that Determination.

This revocation takes effect on 1 January 2013.

Dated: 20 December 2012

[Signed]

Ian Laughlin

Member

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

Source text

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

1 Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2013 - GRS 170.0 (2008) - Concentration Risk Charge; Reporting Standard GRS 900.0 - Transitional Arrangements 2010