Insurance Exemption Determination No. 1 of 2013 Audit requirements relating to certain yearly statutory accounts (Cth)

Insurance Exemption Determination No. 1 of 2013

Audit requirements relating to certain yearly statutory accounts

Insurance Act 1973

I, Charles Littrell, 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 exemption commences on the day it is registered on the Federal Register of Legislative Instruments.

Dated:    31 October 2013

[signed]

Charles Littrell

Executive General Manager

Policy, Statistics and International

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 Premium Revenue by State and Territory of Australia and Reporting Standard GRS 430.0 Claims Expense by State and Territory of Australia, determined by Financial Sector (Collection of Data) Determinations Nos. 21, 23 and 24 of 2013 respectively.

Note 1    The Reporting Standards are registered on the Federal Register of Legislative Instruments.

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.