Insurance Exemption Determination No. 1 of 2005 Audit requirements relating to certain yearly statutory accounts (Cth)

Insurance Exemption Determination No. 1 of 2005

Audit requirements relating to certain yearly statutory accounts

Insurance Act 1973, s 7

I, Wayne Stephen Byres, a delegate of APRA, under subsection 7(1) of the Insurance Act (‘the Act’), EXEMPT each person mentioned in the first column of the Schedule from the requirement mentioned in the corresponding row of the second column.

This exemption shall be taken to have commenced on 30 June 2005.

Dated 27 July 2005

[Signed]

Wayne Byres

Executive General Manager

Diversified Institutions Division

APRA

Interpretation

In this instrument:

approved auditor means an auditor who has been approved under section 40 of the Act.

APRA means the Australian Prudential Regulation Authority.

consolidated insurance group has the meaning in the reporting standards.

exempt yearly statutory accounts means the yearly statutory accounts listed in Schedule 2.

GRS reporting standards means the reporting standards determined by Financial Sector (Collection of Data) Determinations Nos. 1 to 28 on 21 June 2005 (under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001).

Note:      The GRS reporting standards are registered on the Federal Register of Legislative Instruments.

GRS 400 reporting standards means reporting standards GRS 400.0, GRS 410.0, GRS 420.0, GRS 430.0. GRS 440.0 and GRS 450.0 determined by Financial Sector (Collection of Data) Determinations Nos. 23, 24, 25, 26, 27 and 28 respectively.

Schedule 1

Person exempt	Requirement from which person exempt
Approved auditors of a general insurers	The requirement in paragraph 49J(1)(a), but only to the extent that it requires the auditing of the exempt yearly statutory accounts.
General insurers	The requirement in paragraph 49J(2), but only to the extent that it requires a general insurer to make arrangements for the auditing of the exempt yearly statutory accounts.
Approved auditors of a general insurers	The requirement in paragraph 49J(3), but only to the extent that it requires the giving of a certificate in relation to the exempt yearly statutory accounts.
General insurers	The requirement in paragraph 49L(1)(a), but only to the extent that it requires the lodging of a certificate in relation to the exempt yearly statutory accounts.

Schedule 2

• all yearly statutory accounts required under a GRS reporting standard in respect of a consolidated insurance group.

• all yearly statutory accounts required under a GRS 400 reporting standard.