Document ID: chunk:federal_register_of_legislation:F2014L01824:body:0:p2
Version: federal_register_of_legislation:F2014L01824
Segment Type: other
Provision Reference: 
Character Range: 2771–5848

Charge and Form GRF 116.5 Probable Maximum Loss for LMIs – Additional Information (the GRF 116.1 series) is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.

Application and commencement

    3.             This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers) that are lenders mortgage insurers under paragraph 4 of Prudential Standard GPS 001 Definitions. This Reporting Standard applies for reporting periods ending on or after 31 December 2014.

Information required

    4.             An insurer must provide APRA with the information required by the GRF 116.1 series for each reporting period.

Forms and method of submission

    5.             The information required by this Reporting Standard must be given to APRA in electronic format using the 'Direct to APRA' application or, where 'Direct to APRA' is not available, by a method notified by APRA prior to submission.

    Note: The 'Direct to APRA' application software may be obtained from APRA.

Reporting periods and due dates

    6.             Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:

       (a)          in respect of each quarter based on the financial year of the insurer; and

       (b)          in respect of each financial year of the insurer.

    Note: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer's yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act.  Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor's opinions on the matters required by the prudential standards to be dealt with in the certificate.

    7.             If, having regard to the particular circumstances of an insurer, 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 insurer.

    8.             The information required by this Reporting Standard in respect of an insurer must be provided to APRA:

       (a)          within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or

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

    Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor's certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards.  The prudential standards