Document ID: chunk:federal_register_of_legislation:F2023L00623:body:0:p1
Version: federal_register_of_legislation:F2023L00623
Segment Type: other
Provision Reference: 
Character Range: 0–3139

Financial Sector (Collection of Data) (reporting standard) determination No. 116 of 2023

Reporting Standard LRS 114.5 Friendly Society Related Items

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, determine Reporting Standard LRS 114.5 Friendly Society Related Items, 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 the day it is registered on the Federal Register of Legislation.

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

Dated: 26 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 LRS 114.5 Friendly Society Related Items comprises the document commencing on the following page.

Reporting Standard LRS 114.5

Friendly Society Related Items

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to friendly society related items.  It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001).

Authority

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

Purpose

2.             The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards. This extended reporting will assist APRA in performing comparability analysis of profitability and risk profiles of insurance risk components across different friendly societies.

Application and commencement

3.             This Reporting Standard applies to all life insurance companies which are friendly societies (referred to as 'friendly societies') registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

Information required

4.             A friendly society must provide APRA with the information required by this Reporting Standard for each reporting period.

5.             The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.

Method of submission

    6.             The information required by this Reporting Standard