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Financial Sector (Collection of Data) (reporting standard) determination No. 42 of 2018

Reporting Standard LRS 750.0 Claims and Disputes

Financial Sector (Collection of Data) Act 2001

I, Geoff Summerhayes, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard LRS 750.0 Claims and Disputes, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities from the date of its registration on the Federal Register of Legislation.

This instrument commences on registration on the Federal Register of Legislation.

Dated:  23 October 2018

[Signed]

Geoff Summerhayes
Member
Australian Prudential Regulation Authority

Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given in section 5 of the Act.

Schedule

Reporting Standard LRS 750.0 Claims and Disputes comprises the document commencing on the following page.

Reporting Standard LRS 750.0

Claims and Disputes
Objectives and key requirements of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA by an authorised life company in relation to its claims and disputes data.
It includes Form LRF 750.0 Claims and Disputes and associated instructions.

Table of Contents
Authority
Purpose
Application
Commencement
Information required
Forms and method of submission
Reporting Periods and due dates
Quality control
Authorisation
Minor alterations to forms and instructions
Interpretation
Reporting Form LRF 750.0
Claims and Disputes
A. Application
B. Inclusions
C. General Instructions
D. General Definitions
E. Policy Data Detail
F. Claims Data Detail
G. Disputes Data Detail

Authority
     1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose
2.             Information collected by this Reporting Standard is used by APRA for the purposes of assisting APRA to perform its functions including prudential supervision, enabling APRA to publish information given by financial sector entities and assisting the Australian Securities and Investments Commission to perform its functions.

Application
3.             This Reporting Standard applies to all life companies authorised under the Life Insurance Act 1995 (Life Act) which write business as per section 'A. Application' in the Instructions.

Commencement
4.             This Reporting Standard commences on the day it is registered on the Federal Register of Legislation.

Information required
5.             A life company to which this Reporting Standard applies must provide APRA with the information required by LRF 750.0 for each reporting period.
6.             The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124