Insurance (exemption) determination No. 2 of 2005 Audit requirements applying to certain yearly statutory accounts under GRS 170.1 (Cth)

Insurance (exemption) determination No. 2 of 2005

Audit requirements relating to certain yearly statutory accounts under GRS 170.1

Insurance Act 1973

I, Charles Watts Littrell, a delegate of APRA, under subsection 7(1) of the Insurance Act1973 (the Act), EXEMPT each person mentioned in the first column of the Schedule from the requirement opposite in the second column.

This exemption shall commence on 1 January 2006.

Dated  14 November 2005

[Signed]

Charles Littrell

Executive General Manager

Policy, Research & Statistics Division

Interpretation

In this Notice:

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

APRA means the Australian Prudential Regulation Authority;

the Reporting Standard means Reporting Standard GRS 170.1 (2005) made by Financial Sector (Collection of Data) determination No. 106 of 2005;

Note 1 By virtue of subsection 56(1) of the Legislative Instruments Act 2003 (the LIA), the requirement in subsection 7(3) of the Act,, for publication of this exemption in the Gazette, is satisfied by registration on the Federal Register of Legislative Instruments.

Note 2    The Reporting Standard is registered on the Federal Register of Legislative Instruments.

Schedule

Person exempt	Requirement from which person exempt
Approved 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 paragraph 6(b) of the Reporting Standard.
General insurer	The requirement in subsection 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 information required by paragraph 6(b) of the Reporting Standard.
Approved auditor of a general insurer	The requirement in subsection 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 paragraph 6(b) of the Reporting Standard.
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 paragraph 6(b) of the Reporting Standard.