Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2010 GRS 900.0 Transitional Arrangements 2010 (Cth)

Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2010

Reporting standard GRS 900.0 Transitional Arrangements 2010

Financial Sector (Collection of Data) Act 2001

I, Ian Laughlin, a delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard GRS 900.0 Transitional Arrangements 2010 in the form set out in the Schedule, which applies to the financial sector entities referred to in paragraph 2 of the reporting standard.

Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on the date of registration of this instrument on the Federal Register of Legislative Instruments.

Dated   30   July 2010

[Signed]

Ian Laughlin

Member

Interpretation

In this determination:

APRA means the Australian Prudential Regulation Authority.

Schedule

Reporting Standard GRS 900.0 Transitional Arrangements 2010 comprises the 16 pages commencing on the following page.

Reporting Standard GRS 900.0

Transitional Arrangements 2010

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA the data set out in Attachment A and Attachment B in respect of their operations as a transitional measure and data for statistical publications.

This standard will apply to data relating to the general insurers for reporting periods ending between 1 April 2010 to 30 June 2010.  This means insurers will be required to report this data consistently with data required to be reported in the format required under the new reporting standards.

This reporting standard outlines the overall requirements for the provision of relevant information to APRA.

Purpose

1. Information collected in Attachment A and Attachment B to this reporting standard is used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards and actuarial standards where appropriate. It may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics and the Australian Securities and Investment Commission.

Application

1. This reporting standard applies to all insurers under the Insurance Act 1973 (the Insurance Act).  

Information required

1. An insurer must provide APRA with the information required by Attachment A and Attachment B for each quarterly reporting period in the transitional period.

Method of submission

1. The information required by this reporting standard must be given to APRA in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application.

Reporting periods and due dates

1. An insurer must provide the information required by this reporting standard in unaudited form in respect of each quarter ending within the transitional period based on the financial year of the insurer.

1. The quarterly information required by this reporting standard in unaudited form must be provided to APRA within three months after the end of the reporting period to which the information relates.

1. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.

Authorisation

1. If the officer of an insurer that provides the information required by this reporting standard under paragraph 4, 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).

1. If an insurer provides the information required by this reporting standard through an agent under paragraph 4, the agent will not be required to sign or authorise the information.  However, the insurer must:

(a)obtain from the agent a paper copy of the completed form as provided to APRA (under paragraph 4); and

(b)cause the paper copy to be signed in accordance with paragraph 10; 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 in relation to the insurer to lodge the signed paper copy with APRA).

Note: APRA may, for example, decide to waive the requirement under subparagraph 9(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.

1. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:

(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).

Minor alterations to forms and instructions

1. APRA may make minor variations to the instructions to a form, to clarify their application to the form provided it does not involve changing any substantive requirement in the form or instructions.

1. If APRA makes such a variation it must notify insurers of this in writing.

Interpretation

1. In this Reporting Standard:

reporting period means a reporting period under paragraph 5;

Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity.

Attachment A
        

Attachment B