Document ID: chunk:federal_register_of_legislation:F2016L01228:body:0:p2
Version: federal_register_of_legislation:F2016L01228
Segment Type: other
Provision Reference: 
Character Range: 2823–5731

entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 112.3_G in respect of the Level 2 insurance group 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, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:

       (a)          in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and

       (b)          in respect of each financial year of the Level 2 insurance group on an audited basis.

    Note: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group's annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.

    7.             If, having regard to the particular circumstances of a Level 2 insurance group, 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 to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.

    8.             The information required by this Reporting Standard in respect of a Level 2 insurance group 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: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group's annual accounts.  Accordingly, the Group Auditor's report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).

    9.             On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.

Quality control

    10.         The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product