Document ID: chunk:federal_register_of_legislation:F2023L00615:body:0:p2
Version: federal_register_of_legislation:F2023L00615
Segment Type: other
Provision Reference: 
Character Range: 2745–5638

is to be prepared on a best endeavours basis until 1 January 2025. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.

Information required

4.             The parent entity of a Level 2 insurance group must provide APRA with the information required by this Reporting Standard in respect of the Level 2 insurance group for each reporting period.

Method of submission

5.             The information required by this Reporting Standard must be given to APRA:

      (a)   in electronic format using an electronic method available on APRA's website; or

      (b)   by a method notified by APRA prior to submission.

Reporting periods and due dates

6.             Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:

       (a)          in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and

       (b)          in respect of each financial year of the Level 2 insurance group on an audited basis.

    Note: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group's annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters contains the relevant provisions governing audits.

7.             If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.

8.             The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:

       (a)          in the case of half yearly information, within three months after the end of the reporting period to which the information relates;

       (b)          in the case of annual information, within three months after the end of the reporting period to which the information relates; or

       (c)          in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.

    Note: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group's annual accounts.  Accordingly, the Group Auditor's report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).

9.             APRA may, in writing, grant a parent entity of a Level