Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2025
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This Reporting Standard sets out requirements for the provision of information to APRA relating to acquired insurance arrangements within a registrable superannuation entity or defined benefit registrable superannuation entity.
It includes Reporting Form SRF 251.0 Insurance arrangements, Reporting Form SRF 251.1 Insurance coverage, Reporting Form SRF 251.2 Insurance payments, Reporting Form SRF 251.3 Insurance premiums, Reporting Form SRF 251.4 Insurance table arrangements and associated specific instructions.
Authority
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may also be used by the Australian Securities and Investments Commission.
Application
This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE and defined benefit RSE within its business operations[1].
Commencement
This Reporting Standard commences at the start of the day after the day it is registered on the Federal Register of Legislation.
Reporting periods
The RSE licensee must provide the information required by this Reporting Standard for the reporting periods, by the due dates, set out in the table below.
Reporting Form
Reporting Table
Reporting Period
Due date
First Reporting Period
Reporting Form SRF 251.0 – Insurance arrangements (SRF 251.0)
Table 1 Insurance arrangements
Each year ending on 30 June
Within 3 months after the end of the relevant reporting period
The year ending on 30 June 2025
Reporting Form SRF 251.1 – Insurance coverage (SRF 251.1)
Table 1 Insurance offeringsTable 2 Member insurance choice
Each year ending on 30 June
Within 3 months after the end of the relevant reporting period
The year ending on 30 June 2025
Reporting Form SRF 251.2 – Insurance payments (SRF 251.2)
Within 3 months after the end of the relevant reporting period
The year ending on 30 June 2025
Reporting Form SRF 251.4 – Insurance table arrangements (SRF 251.4)
Table 1 Insurance table arrangements
Each year ending on 30 June
For the first reporting period: 15 December 2025For subsequent reporting periods: within 3 months after the end of the relevant reporting period
The year ending on 30 June 2025
Quarterly attestation required
An RSE licensee must provide APRA an attestation that the information it last provided APRA on SRF 251.3 and SRF 251.4 under this Reporting Standard is still accurate as at the end of every calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June each year) or that the RSE licensee has, or will be, providing updated information to APRA in accordance with paragraph 8.
An RSE licensee to which this Reporting Standard applies must provide information required under paragraph 6, within 28 calendar days after the end of each calendar quarter.
Ad-hoc information required
Where there is a change in circumstances that results in information reported on SRF 251.3 and/or SRF 251.4, on or after 1 July 2023, to no longer be accurate, the RSE licensee must provide updated information required by this Reporting Standard within 28 calendar days after the end of the calendar quarter in which the change occurred for the periods ending 30 September, 31 December and 31 March.
Notices
If, having regard to the particular circumstances of an RSE and defined benefit RSE, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 5, APRA may, by notice in writing, change the reporting periods for the particular RSE or defined benefit RSE.
Where APRA has changed the reporting periods under paragraph 9, the RSE licensee must provide the relevant information within the time specified by the notice in writing.
APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs or defined benefit RSEs within its business operations, in which case the new due date for the provision of the information will be the due date on the specified notice of extension.
Note: For the avoidance of doubt, APRA’s expectation is that if the due date falls on a day other than a usual business day, an RSE licensee will submit the information required no later than the due date.
Form and method of submission
The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.
Quality control
The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE, or defined benefit RSE to which the information relates[2]. This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:
an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and
at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies, procedures and controls for the authorisation of information submitted to APRA is in place.
Authorisation
When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.
If the information required by this Reporting Standard is provided by an agent who submits the information on the RSE licensee’s behalf, the RSE licensee must:
obtain from the agent a copy of the completed form with the information provided to APRA; and
retain the completed copy.
An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or on behalf of, the RSE licensee must be authorised by either:
the Chief Executive Officer of the RSE licensee; or
the Chief Financial Officer of the RSE licensee.
Minor alterations to forms and instructions
APRA may make minor variations to:
a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
the instructions to a form, to clarify their application to the form,
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.
Transition
An RSE licensee to which this Reporting Standard applies must report under the old reporting standard in respect of a transitional reporting period. For these purposes:
old reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and
transitional reporting period means a reporting period under the old reporting standard:
that ended before 30 June 2025; and
in relation to which the RSE licensee was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.
Note: For the avoidance of doubt, if an RSE licensee was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the RSE licensee is still required to provide any overdue reporting documents in accordance with the old reporting standard.
Interpretation
In this Reporting Standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[3].
Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called.
defined benefit RSE has the meaning of defined benefit fund in subsection 10(1) of the SIS Act.
due date means the relevant due date under paragraph 5, 7, 8, 10, or, if applicable, paragraph 11 of this Reporting Standard.
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 9 of this Reporting Standard.
RSE means a registrable superannuation entity as defined in subsection 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, small APRA fund or single member approved deposit fund[4].
RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard.
RSE licensee has the meaning given in subsection 10(1) of the SIS Act.
SIS Act means Superannuation Industry (Supervision) Act 1993.
In this Reporting Standard, unless an instrument is not disallowable or a contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.
Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.