Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2025
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Financial Sector (Collection of Data) Act 2001, sections 13 and 15
Acts Interpretation Act 1901, section 33
Under subsection 13(1) of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA has the power to determine reporting standards, in writing, with which financial sector entities must comply. Such standards relate to reporting financial or accounting data and other information regarding the business or activities of the entities. Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to issue an instrument the power shall, unless the contrary intention appears, be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to revoke any such instrument.
Subsection 15(1) of the Act provides that APRA may declare a day on and after which the reporting standards are to apply.
On 24 November 2025, APRA made:
- Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2025 which:
- revokes Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information made under Financial Sector (Collection of Data) (reporting standard) determination No. 97 of 2023; and
- determines a new Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information (HRS 101.0).
The instrument commences at the start of the day after the day it is registered on the Federal Register of Legislation.
1. Background
The purpose of updating HRS 101.0 is to:
- replace the term 'management expenses' with ‘other business expenses’ to align with the proposed update in the corresponding Prudential Standard HPS 115 Capital Adequacy: Insurance Risk Charge;
- replace the term 'Risk Equalisation Trust Fund' (RETF) with 'Risk Equalisation Special Account' as RETF is an outdated term; and
- clarify that 'gain/losses on investments amount' includes both realised and unrealised gains/losses.
The new reporting standard applies to reporting periods ending on or after 31 March 2026.
2. Purpose and operation of the instrument
The purpose of the instrument is to revoke the existing Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information and determine a new Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information. This Reporting Standard sets out requirements for the provision of information to APRA relating to a private health insurer’s supplementary information for its regulatory income statement.
The new reporting standard will ensure that APRA’s reporting framework aligns with its prudential framework and remains up to date. Private health insurers will be required to provide data to APRA in accordance with the standard, allowing APRA to supervise their compliance against the updated capital requirements.
Explanation of each provision in the instrument
Authority – paragraph 1
This paragraph outlines APRA’s power to determine reporting standards that are required to be complied with by financial sector entities under paragraph 13(1)(a) of the Act.
Purpose – paragraph 2
This paragraph explains the purpose of APRA’s collection of information under the reporting standard. Information collected under this reporting standard will be used by APRA for the purpose of prudential supervision.
Application and commencement – paragraph 3
This provision states which financial sector entities must comply with the reporting standard as permitted by section 13 of the Act, and when the reporting standard begins to apply to these financial sector entities as provided for in section 15 of the Act.
Information required – paragraph 4
This provision states what information financial sector entities must provide to APRA for each reporting period as permitted by paragraph 13(2)(b) of the Act.
Method of submission – paragraph 5
This provision specifies how information required by the reporting standard must be given to APRA as permitted by paragraph 13(2)(e) of the Act.
Reporting periods and due dates – paragraphs 6-9
Paragraphs 13(2)(d)-(f) of the Act permit reporting standards determined by APRA to include matters related to the times as at which, or the periods to which, the information in reporting documents is to relate, the giving of reporting documents to APRA, and when they should be provided, and the discretion of APRA, in particular cases, to vary reporting standards, including, but not limited to, the discretion to vary when entities are to provide documents.
Paragraphs 6-9 rely on these provisions. Paragraph 6 states that private health insurers are to provide the information required by this reporting standard in respect of each calendar quarter, and in respect of each year ending 30 June. Paragraph 7 provides for APRA to vary the reporting periods mentioned in paragraph 6 in writing, if, having regard to the particular circumstances of a financial sector entity, APRA considers it necessary or desirable to obtain information at a different frequency than stated in paragraph 6. Paragraph 8 specifies the due dates for provision of information to APRA – quarterly information must be provided to APRA within 28 calendar days after the end of the reporting period, and annual information by 30 September each year. Paragraph 8 also states that in the case of information provided in accordance with paragraph 7, the due date will be as stated on the written notice. Paragraph 9 states that APRA may grant an extension of a due date in paragraph 8 in writing.
Quality control – paragraph 10
Paragraph 10 states that information provided under this reporting standard must be subject to systems, processes and controls developed by the entity for the internal review and authorisation of that information.
Annual audit requirements – paragraphs 11-14
Paragraph (13)(2)(bb) of the Act permits reporting standards determined by APRA to include matters related to the auditing of reporting documents.
Paragraphs 11-14 rely on these provisions. These paragraphs state which information is to be externally audited, due dates for audit certification and opinion, examination of matters in previous years’ auditor’s reports, and contents of the auditor’s report.
Authorisation – paragraph 15
Paragraph 15 states that a person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations – paragraph 16
Paragraph 16 states that APRA may vary the requirements of this reporting standard in relation to a financial sector entity in writing, as permitted by paragraph 13(2)(f) of the Act.
Transition – paragraph 17
Paragraphs 13(2)(d)-(e) of the Act provide for APRA to include matters relating to times and periods to which information in reporting documents is to relate, the provision of documents to APRA, and the time periods for provision of these documents to APRA. Paragraph 17 states that financial sector entities must report data under the reporting standard revoked in the determination making this reporting standard for reporting periods that ended before 31 March 2026.
Interpretation – paragraphs 18-19
Paragraph 18 provides definitions of common terms used throughout this reporting standard. Paragraph 19 states that unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.
General instructions
The general instructions contain details on the data to be reported to APRA under this reporting standard. Information in the general instructions applies to all data items in this reporting standard. This information includes definitions of terms that relate to the data reported to APRA under this reporting standard, and instructions on how to interpret the reporting tables.
Specific instructions
The specific instructions list the specific data items that must be reported to APRA and how financial sector entities should determine these items.
Documents incorporated by reference
Under paragraph 14(1)(a) of the Legislation Act 2003, the standard incorporates by reference as in force from time to time:
- Acts of Parliament and associated delegated legislation;
- Prudential Standards determined by APRA under subsection 92(1) of the Private Health Insurance (Prudential Supervision) Act 2015;
- Reporting Standards determined by APRA under subsection 13(1) of the Act; and
- the Australian Accounting Standards determined by the Australian Accounting Standards Board under section 334 of the Corporations Act 2001 (Cth).
These documents may be freely obtained at www.legislation.gov.au (all documents listed above except for Australian Accounting Standards), and https://www.aasb.gov.au/pronouncements/accounting-standards/ (Australian Accounting Standards).
Exercise of discretion by APRA
There are a number of powers that may be exercised by APRA in reporting standards that involve an element of discretion and which may impact the interests of the entities to which the reporting standards apply. These decisions include APRA changing a reporting period or due date for an entity to provide information required by each of the instruments.
The need to apply discretion is driven by entity specific issues and circumstances which are not adequately addressed by the generally applicable provisions of the reporting standards.
APRA will exercise the power to vary the reporting requirements in relation to a private health insurer if it is satisfied that this will achieve a better reporting or prudential outcome than if it remained in its original form. A change to a due date might be determined on APRA’s initiative taking into account APRA’s assessment of whether existing data will be sufficient for APRA’s prudential supervision purposes, or whether APRA will have the required data to assess an entity’s capital adequacy by a particular date. Alternatively, a change to a due date might be considered by APRA at the request of an entity, where the entity is able to demonstrate that it would not be appropriate or feasible to provide data for a particular reporting period by a particular date.
APRA considers a wide range of factors when exercising its discretion under reporting standards, including the considerations set out in the Act and the Australian Prudential Regulation Authority Act 1998. Other considerations include limiting regulatory burden, or correcting errors or inconsistencies in the reporting standards.
The exercise of APRA’s powers is governed by a robust decision-making framework which is documented in APRA’s internal policies. This framework supports APRA in fulfilling its mandate by limiting decision-making to those senior APRA officers with the appropriate experience and skill to exercise prudential judgement. The framework also requires decision makers to seek advice from internal technical experts.
Review of decisions
Decisions made by APRA exercising the powers in reporting standards are not subject to merits review. APRA considers decisions made by APRA exercising discretions under its reporting standards should not be subject to merits review as they are financial decisions with a significant public interest element.
APRA’s reporting standards collect financial data from regulated entities. This data contains critical indicators of a regulated entity’s financial wellbeing. APRA relies heavily on this financial data to inform its supervisory actions towards its regulated entities. Without timely and complete data, APRA may miss indicators that an entity is taking on imprudent risk or is in distress. APRA’s supervisory decisions may be jeopardised if its receipt of data is unreliable due to entities seeking merits review under its reporting standards.
3. Consultation
APRA undertook public consultation on proposed updates to HRS 101.0 as part of APRA’s wider consultation on proposed minor updates to its prudential and reporting standards from August – September 2025. The consultation was intended to ensure the prudential and reporting framework is kept up to date between comprehensive reviews of standards. APRA considered the proposed updates as being minor in nature and not creating any material changes to requirements. APRA released finalised prudential and reporting standards that incorporated industry feedback in November 2025[1].
The final round of consultation for this Reporting Standard closed on 22 September 2025. APRA did not receive any submissions on this standard.
APRA is satisfied the consultation was appropriate and reasonably practicable.
4. Regulation Impact Statement
The Office of Impact Analysis confirmed that a Regulation Impact Statement was not required.
5. Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
A Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is provided at Attachment A to this Explanatory Statement.
ATTACHMENT A
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2025 (the Legislative Instrument)
The Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 (HRPS Act).
Overview of the Legislative Instrument
The purpose of the Legislative Instrument is to revoke Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information made under Financial Sector (Collection of Data) (reporting standard) determination No. 97 of 2023 and replace it with a new Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information that incorporates minor updates to APRA’s prudential and reporting framework for private health insurers.
Human rights implications
APRA has assessed the Legislative Instrument and is of the view that it does not engage any of the applicable rights or freedoms recognised or declared in the international instruments listed in section 3 of the HRPS Act. Accordingly, in APRA's assessment, the Legislative Instrument is compatible with human rights.
Conclusion
The Legislative Instrument is compatible with human rights as it does not raise any human rights issues.
[1] Please see: https://www.apra.gov.au/prudential-and-reporting-framework-minor-updates