Document ID: chunk:federal_register_of_legislation:F2023L00307:body:0:p1
Version: federal_register_of_legislation:F2023L00307
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Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2023

Reporting Standard GRS 112.3 Related Party Exposures

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. 4 of 2013, including Reporting Standard GRS 112.3 Related Party Exposures made under that Determination; and

(b)   DETERMINE Reporting Standard GRS 112.3 Related Party Exposures, 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 on 1 April 2023, and the revoked reporting standard shall cease to apply, on 1 April 2023.

This instrument commences on 1 April 2023.

Dated: 16 March 2023

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

Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

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

Schedule

Reporting Standard GRS 112.3 Related Party Exposures comprises the document commencing on the following page.

Reporting Standard GRS 112.3

Related Party Exposures

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer's related party exposures.

It includes Form GRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with the general instruction guide.

Authority

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

Purpose

    2.             Information collected in Form GRF 112.3 Related Party Exposures (GRF 112.3) 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). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.

Information required

    4.             An insurer must provide APRA with the information required by Form GRF 112.3 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, an insurer must provide the information required by this Reporting Standard:

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