Insurance Exemption Determination No. 1 of 2023
1Insurance Exemption Determination No. 1 of 2023
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Commonwealth Coat of Arms of Australia
Insurance Exemption Determination No. 1 of 2023
Audit requirements relating to certain yearly statutory accounts
Insurance Act 1973
I, Bruce Young, a delegate of APRA, under subsection 7(1) of the Insurance Act 1973 (the Act), exempt each class of person mentioned in the first column of the Schedule from the provision mentioned in the corresponding row of the second column of the Schedule.
This instrument commences upon registration on the Federal Register of Legislation.
Dated: 3 July 2023
Bruce Young
Executive Director
Technology and Data Division
Interpretation
In this instrument:
appointed auditor means an auditor who has been appointed under section 39 of the Act.
APRA means the Australian Prudential Regulation Authority.
Exempt Reporting Standards means Reporting Standard GRS 400.0 Statement of Risk by Country, Reporting Standard GRS 420.0 Insurance Revenue and Incurred Claims by State and Territory of Australia, Reporting Standard GRS 460.0 Reinsurance Assets by Counterparty and Reporting Standard GRS 460.1 Exposure Analysis by Reinsurance Counterparty, determined by Financial Sector (Collection of Data) Determinations Nos. 88, 90, 92 and 94 of 2023 respectively.
Schedule
| Person exempt | Provision from which person exempt |
|---|---|
| Appointed auditor of a general insurer | The requirement in paragraph 49J(1)(a) to audit yearly statutory accounts, but only to the extent that the paragraph would require the auditing of the information required by the Exempt Reporting Standards. |
| General insurer | The requirement in paragraph 49J(2) to make arrangements for the auditing of yearly statutory accounts, but only to the extent that the subsection would require a general insurer to make arrangements for the auditing of the Exempt Reporting Standards. |
| Appointed auditor of a general insurer | The requirement in paragraph 49J(3) to give a certificate in relation to yearly statutory accounts, but only to the extent that the subsection would require the giving of a certificate in relation to the information required by the Exempt Reporting Standards. |
| General insurer | The requirement in paragraph 49L(1)(a) to lodge a certificate in relation to yearly statutory accounts, but only to the extent that the subsection would require the lodging of a certificate in relation to the information required by the Exempt Reporting Standards. |