Reporting Standard GRS 320.0 (2008)
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
Requires all general insurers to submit an audited reconciliation (Form GRF 320.0) that maps their published AASB 1023-based financial statements to APRA’s regulatory accounts for each financial year (reporting periods from 1 July 2008). Reports must be audited, authorised (digital or signed paper), lodged within four months of year‑end (subject to APRA extensions), and follow specified line‑by‑line reconciliations and fair‑value measurement rules.
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Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2008 - GRS 320.0 (2008) - Reconciliation of Annual Disclosure.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to
(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and
(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 6 of this reporting standard (unless an extension is granted under paragraph 8).
The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 13; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 13(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to
(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and
(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 6 of this reporting standard (unless an extension is granted under paragraph 8).
The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 13; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 13(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
Introduction
This form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘General Insurance Contracts’) and published to members under section 314 of the Corporations Act 2001.
This form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.
Yearly statutory accounts
The forms that comprise the yearly statutory accounts are highlighted in the Reporting Requirements table. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.
The reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.
It is a requirement of GPS 310 Audit and Actuarial Reporting and Valuation and of section 49J of the Insurance Act 1973 that the Appointed Auditor of the insurer must audit the yearly statutory accounts of the insurer.
This form is required to be subject to review by the Appointed Auditor of the insurer.
The scope and nature of audit testing required is outlined in the applicable Auditing and Assurance Guidance Statement issued by the Auditing and Assurance Standards Board.
Information provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:
the completed form for the financial year must be audited by the Appointed Auditor of the insurer (see paragraph 49J(1)(a) of the Act);
the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));
the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));
the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.
This form is to be completed by:
Unit of measurement
The form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 320.0 Reconciliation of Annual Disclosure.
Specific instructions
Audited financial statements
This refers to the audited financial statements of the reporting insurer, for the applicable financial year that has been prepared in accordance with Australian accounting pronouncements.
APRA forms
For the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.
Statement of Financial Position
Report the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.
Add back the following items (disclosed in AASB 1023 based Statement of Financial Position):
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a current liability.
Report in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a non-current liability.
Report in this field the value of the Unearned Premium Liability that is reported as a Current Liability in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Unearned Premium Liability that is reported as a Non-Current Liability in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Tax Liabilities recognised in the AASB 1023 based financial statements of the insurer.
Subtract the following items (disclosed in AASB 1023 based Statement of Financial Position):
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the Deferred Acquisition Costs reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Acquisition Costs reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Reinsurance Expense reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
This item relates only to reinsurance recoveries associated with the outstanding claims liability. Do not include other reinsurance recoveries.
Report in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
This item relates only to non-reinsurance recoveries associated with the outstanding claims liability. Do not include other non-reinsurance recoveries.
Report in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Tax Assets recognised in the AASB 1023 based financial statements of the insurer.
Represents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 9).
Do not enter a value as this is automatically calculated by the form.
Add back the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report the value of Expected Reinsurance Recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Expected Reinsurance Recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of Deferred Tax Assets reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Deferred Tax Assets reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Subtract the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report the value of Premium Liabilities reported as a current liability in GRF 300.0 Statement of Financial Position.
Report the value of Premium Liabilities reported as a non-current liability in GRF 300.0 Statement of Financial Position.
Report the value of Outstanding Claims Provision reported as a current liability in GRF 300.0 Statement of Financial Position.
Report the value of Outstanding Claims Provision reported as a non-current liability in GRF 300.0 Statement of Financial Position.
Report the value of the Deferred Tax Liabilities recognised in GRF 300.0 Statement of Financial Position.
This represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 11 – 15), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 16 – 18).
Do not enter a value as this is automatically calculated by the form.
Fair value measurement of assets
APRA applies the notion of activities integral to insurance operations for its regulatory reporting[1]. APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[2] investments that are controlled by the entity in the conduct of its general insurance activities.
Investments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:
This represents the Net Asset value reported in item number 1, adjusted for item 10 “Net adjustments”, item 19 “Net adjustment for APRA items” and any amount disclosed in item 20 “Other reconciling differences”.
Do not enter a value as this is automatically calculated by the form.
Report the Net Assets as reported in GRF 300.0 Statement of Financial Position. The value disclosed in this field must agree to the figure calculated in item number 21 “Adjusted Net Assets”.
Statement of Financial Performance
Report the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.
Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of taxation expense that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the claims expense that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the underwriting costs that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance expense that is reported in the AASB 1023 based financial statements of the insurer.
Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance:
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the earned premium revenue that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the non-reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.
Represents the aggregate value of the items in the section “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 24 – 27), less the aggregate value of the items disclosed in the section “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 28 - 30).
Do not enter a value as this is automatically calculated by the form.
Add back the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report in this field the value of the premium revenue that is reported in GRF 310.0 Statement of Financial Performance.
Report in this field the value of the Reinsurance recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance. Reinsurance recoveries revenue is to be reported for the following:
Report in this field the value of the other recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance.
Subtract the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance.
Report in this field that component of the value of claims expense relating to future years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.
Report in this field that component of the value of claims expense relating to current and prior years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.
Report in this field the value of acquisition costs as disclosed in GRF 310.0 Statement of Financial Performance.
Report in this field the value of outwards reinsurance expense as disclosed in GRF 310.0 Statement of Financial Performance.
This represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 32 - 34), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 35 – 38).
Do not enter a value as this is automatically calculated by the form.
Fair value measurement of assets
APRA applies the notion of activities integral to insurance operations for its regulatory reporting[4]. APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[5] investments that are controlled by the entity in the conduct of its general insurance activities.
Investments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:
This represents the Net profit/loss after income tax attributable to members of the company reported in item 23, adjusted for item 31 “Net Adjustments”, item 39 “Net adjustment for APRA Items” and any amount disclosed in item 40 “Other reconciling differences’.
Do not enter a value as this is automatically calculated by the form.
Report the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance. The value disclosed in this field must agree to the figure calculated in item 41 “Adjusted Net profit/loss after income tax attributable to members of the company”.
Introduction
This form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘General Insurance Contracts’) and published to members under section 314 of the Corporations Act 2001.
This form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.
Yearly statutory accounts
The forms that comprise the yearly statutory accounts are highlighted in the Reporting Requirements table. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.
The reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.
It is a requirement of GPS 310 Audit and Actuarial Reporting and Valuation and of section 49J of the Insurance Act 1973 that the Appointed Auditor of the insurer must audit the yearly statutory accounts of the insurer.
This form is required to be subject to review by the Appointed Auditor of the insurer.
The scope and nature of audit testing required is outlined in the applicable Auditing and Assurance Guidance Statement issued by the Auditing and Assurance Standards Board.
Information provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:
the completed form for the financial year must be audited by the Appointed Auditor of the insurer (see paragraph 49J(1)(a) of the Act);
the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));
the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));
the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.
This form is to be completed by:
Unit of measurement
The form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 320.0 Reconciliation of Annual Disclosure.
Specific instructions
Audited financial statements
This refers to the audited financial statements of the reporting insurer, for the applicable financial year that has been prepared in accordance with Australian accounting pronouncements.
APRA forms
For the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.
Statement of Financial Position
Report the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.
Add back the following items (disclosed in AASB 1023 based Statement of Financial Position):
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a current liability.
Report in this field the value of the Outstanding Claims Liability that is reported in the AASB 1023 based financial statements of the insurer as a non-current liability.
Report in this field the value of the Unearned Premium Liability that is reported as a Current Liability in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Unearned Premium Liability that is reported as a Non-Current Liability in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Tax Liabilities recognised in the AASB 1023 based financial statements of the insurer.
Subtract the following items (disclosed in AASB 1023 based Statement of Financial Position):
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the Deferred Acquisition Costs reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Acquisition Costs reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Reinsurance Expense reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
This item relates only to reinsurance recoveries associated with the outstanding claims liability. Do not include other reinsurance recoveries.
Report in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
This item relates only to non-reinsurance recoveries associated with the outstanding claims liability. Do not include other non-reinsurance recoveries.
Report in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the non-reinsurance recoveries associated with the outstanding claims liability reported as a non-current asset in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the Deferred Tax Assets recognised in the AASB 1023 based financial statements of the insurer.
Represents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 9).
Do not enter a value as this is automatically calculated by the form.
Add back the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report the value of Expected Reinsurance Recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Expected Reinsurance Recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries on premium liabilities reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries on premium liabilities reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of non-reinsurance recoveries associated with the Outstanding Claims Provision, reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Report the value of Deferred Tax Assets reported as a current asset in GRF 300.0 Statement of Financial Position.
Report the value of Deferred Tax Assets reported as a non-current asset in GRF 300.0 Statement of Financial Position.
Subtract the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report the value of Premium Liabilities reported as a current liability in GRF 300.0 Statement of Financial Position.
Report the value of Premium Liabilities reported as a non-current liability in GRF 300.0 Statement of Financial Position.
Report the value of Outstanding Claims Provision reported as a current liability in GRF 300.0 Statement of Financial Position.
Report the value of Outstanding Claims Provision reported as a non-current liability in GRF 300.0 Statement of Financial Position.
Report the value of the Deferred Tax Liabilities recognised in GRF 300.0 Statement of Financial Position.
This represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 11 – 15), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 16 – 18).
Do not enter a value as this is automatically calculated by the form.
Fair value measurement of assets
APRA applies the notion of activities integral to insurance operations for its regulatory reporting[1]. APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[2] investments that are controlled by the entity in the conduct of its general insurance activities.
Investments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:
This represents the Net Asset value reported in item number 1, adjusted for item 10 “Net adjustments”, item 19 “Net adjustment for APRA items” and any amount disclosed in item 20 “Other reconciling differences”.
Do not enter a value as this is automatically calculated by the form.
Report the Net Assets as reported in GRF 300.0 Statement of Financial Position. The value disclosed in this field must agree to the figure calculated in item number 21 “Adjusted Net Assets”.
Statement of Financial Performance
Report the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 ‘General Insurance Contracts’.
Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of taxation expense that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the claims expense that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the underwriting costs that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance expense that is reported in the AASB 1023 based financial statements of the insurer.
Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance:
This section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 ‘General Insurance Contracts’. Disclose values in this section as positives.
Report in this field the value of the earned premium revenue that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.
Report in this field the value of the non-reinsurance recoveries revenue that is reported in the AASB 1023 based financial statements of the insurer.
Represents the aggregate value of the items in the section “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 24 – 27), less the aggregate value of the items disclosed in the section “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 28 - 30).
Do not enter a value as this is automatically calculated by the form.
Add back the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report in this field the value of the premium revenue that is reported in GRF 310.0 Statement of Financial Performance.
Report in this field the value of the Reinsurance recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance. Reinsurance recoveries revenue is to be reported for the following:
Report in this field the value of the other recoveries revenue that is reported in GRF 310.0 Statement of Financial Performance.
Subtract the following items as disclosed in the APRA forms:
This section refers to values disclosed in GRF 310.0 Statement of Financial Performance prepared in accordance with the associated instructions. Disclose values in this section as positives.
Report in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance.
Report in this field that component of the value of claims expense relating to future years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.
Report in this field that component of the value of claims expense relating to current and prior years as disclosed in GRF 310.0 Statement of Financial Performance in relation to both direct and inwards reinsurance business.
Report in this field the value of acquisition costs as disclosed in GRF 310.0 Statement of Financial Performance.
Report in this field the value of outwards reinsurance expense as disclosed in GRF 310.0 Statement of Financial Performance.
This represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 32 - 34), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 35 – 38).
Do not enter a value as this is automatically calculated by the form.
Fair value measurement of assets
APRA applies the notion of activities integral to insurance operations for its regulatory reporting[4]. APRA does not follow the classification basis in AASB 1023 ‘General Insurance Contracts’, which encompasses only assets backing insurance liabilities. Therefore, the value of these investments reported in this form may or may not equate to the value of investments deemed to be assets backing insurance liabilities. For APRA regulatory reporting purposes, investments integral to the entity's general insurance activities means[5] investments that are controlled by the entity in the conduct of its general insurance activities.
Investments reported in this form that are integral to the entity's general insurance activities must be measured at fair value. The investments must not be valued at cost. Fair value has the same meaning as defined in the AASB 132 ‘Financial Instruments: Presentation’, that is, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:
This represents the Net profit/loss after income tax attributable to members of the company reported in item 23, adjusted for item 31 “Net Adjustments”, item 39 “Net adjustment for APRA Items” and any amount disclosed in item 40 “Other reconciling differences’.
Do not enter a value as this is automatically calculated by the form.
Report the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance. The value disclosed in this field must agree to the figure calculated in item 41 “Adjusted Net profit/loss after income tax attributable to members of the company”.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to
(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and
(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 6 of this reporting standard (unless an extension is granted under paragraph 8).
The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 13.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 13; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 13(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to
(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and
(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 320.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: The annual information required by paragraph 3 read with paragraph 5, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 5 must be provided to APRA by the time specified in paragraph 6 of this reporting standard (unless an extension is granted under paragraph 8).
The information provided by an insurer under this reporting standard must be the product of processes and controls that have been reviewed and tested by the appointed auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the appointed auditor to form an opinion on the accuracy and reliability of the data.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) under subparagraph 4
This is an opening excerpt, not the complete document.