Obligations of a Level 2 insurance groupObligations of a Level 2 insurance group

Obligations of a Level 2 insurance group

6. The parent entity of a Level 2 insurance group must make any arrangements necessary to enable its Group Auditor to undertake their functions as required by this Prudential Standard. These arrangements include ensuring that its Group Auditor is fully informed of material prudential requirements applicable to the group. These arrangements also include ensuring that its Group Auditor is provided with any other information that:

(a) APRA has provided to the group and may assist the Group Auditor in performing their duties; and

(b) has been requested by the Group Auditor in performing their duties.

7. The parent entity of a Level 2 insurance group must ensure that its Group Auditor has access to all relevant data, information, reports and staff of the group (and must take all reasonable steps to ensure access to contractors of the group) that its Group Auditor reasonably believes are necessary to fulfil their responsibilities. This will include access to:

(a) the Board of the parent entity of the group;

(b) the Board committees of the parent entity, if any;

(c) the Board of any other entity within the group; and

(d) the Board committees, if any, of any other entity within the group.

8. The parent entity of a Level 2 insurance group must submit to APRA:

(a) reports, other than those relating to a special purpose review, on or before the day that the group’s annual accounts are to be lodged in accordance with reporting standards made under the Collection of Data Act;[30] and

(b) reports relating to a special purpose review within the time specified in paragraph 16 of this Attachment.

9. A Level 2 insurance group must provide to APRA an annual declaration on financial information as set out in Attachment D.