Document ID: chunk:federal_register_of_legislation:F2023L00726:body:0:p4
Version: federal_register_of_legislation:F2023L00726
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Character Range: 7986–11041

digital certificate acceptable to APRA.

14.         If the information required by this Reporting Standard is provided by an agent who submits the information on the parent entity of a Level 2 insurance group's behalf, the parent entity of a Level 2 insurance group must:

       (a)          obtain from the agent a copy of the completed information provided to APRA; and

       (b)          retain the completed copy.

15.         An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:

       (a)          the Principal Executive Officer of the parent entity of the Level 2 insurance group; or

       (b)          the Chief Financial Officer of the parent entity of the Level 2 insurance group.

Variations

16.         APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of this Reporting Standard in relation to that Level 2 insurance group.

Interpretation

17.         In this Reporting Standard:

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and

       (b)          the following definitions are applicable:

       APRA-authorised reinsurer means an insurer carrying on reinsurance business.  For the purposes of this definition, a Lloyd's underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;

       capital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;

       Chief Financial Officer means the chief financial officer of the parent entity of a Level 2 insurance group, by whatever name called;

       financial year means the financial year (within the meaning in the Corporations Act 2001) of the parent entity of a Level 2 insurance group;

       foreign insurer means a foreign general insurer within the meaning of the Insurance Act;

       Note: A reference to a 'branch' or 'branch operation' is a reference to the Australian operations of a foreign insurer.

       general instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;

       Group Auditor has the meaning given in GPS 310;

       Insurance Act means the Insurance Act 1973;

       insurer means a general insurer within the meaning of section 11 of the Insurance Act;

       Note: In this Reporting Standard, a reference to an 'authorised insurer', 'authorised insurance entity' or 'licensed insurer' is a reference to an insurer, and a reference to an 'authorised reinsurance entity' is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.

       non-APRA-authorised reinsurer means any reinsurer that is