Document ID: chunk:federal_register_of_legislation:F2023L00569:body:0:p1
Version: federal_register_of_legislation:F2023L00569
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Financial Sector (Collection of Data) (reporting standard) determination No. 58 of 2023

Reporting Standard GRS 001 Reporting Requirements

Financial Sector (Collection of Data) Act 2001

I, Michael Murphy, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

    (a)          revoke Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2016, including Reporting Standard GRS 001 Reporting Requirements made under that Determination; and

    (b)          determine Reporting Standard GRS 001 Reporting Requirements, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of that reporting standard.

Under section 15 of the Act, I declare that Reporting Standard GRS 001 Reporting Requirements shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on the day Reporting Standard GRS 001 Reporting Requirements is registered on the Federal Register of Legislation.

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

Dated: 18 May 2023

Michael Murphy
General Manager - Chief Data Officer (Acting)
Technology and Data Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislation means the register established under section 15A of the Legislation Act 2003.

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

Schedule

Reporting Standard GRS 001 Reporting Requirements comprises the document commencing on the following page.

Reporting Standard GRS 001

Reporting Requirements

Objective of this Reporting Standard

This Reporting Standard sets out the general instructions for providing information under reporting standards, including the periods within which information required under reporting standards must be provided to APRA.

Authority

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

Purpose

    2.             Reporting standards made under section 13 of the Financial Sector (Collection of Data) Act 2001 require financial sector entities to provide information to APRA. This Reporting Standard provides instructions applicable to all reporting standards to be completed by certain entities and specifies the periods within which those entities are to comply with those requirements.

Application and Commencement

    3.             This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (general insurers) and to all parent entities of Level 2 insurance groups as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

General Instructions

    4.             Detailed instructions for the individual reporting items are included in the specific instructions for each reporting standard. These specific instructions need to be considered in conjunction with the General Instruction Guide