Get a plain-English read of Reporting Standard GRS 001

Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 58 of 2023.

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Reporting Standard GRS 001

Reporting Requirements

Objective of this Reporting Standard

This Reporting Standard sets out the general instructions for providing information under reporting standards, including the periods within which information required under reporting standards must be provided to APRA.

Authority

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

Purpose

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

This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (general insurers) and to all parent entities of Level 2 insurance groups as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

General Instructions

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 is Attachment A to this Reporting Standard), the relevant reporting standards and the prudential standards.

Periods for Provision of Returns

A general insurer 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; and

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

APRA may, in writing, grant a general insurer 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.
A parent entity of a Level 2 insurance group is to provide information required under reporting standards three months after the end of the reporting period to which the information relates.
APRA may, in writing, grant a Level 2 insurance group an extension of a due date in paragraph 7, for all or specified reporting standards, in which case the new due date will be the date on the notice of extension.