Document ID: chunk:federal_register_of_legislation:F2023L00600:front:0:p1
Version: federal_register_of_legislation:F2023L00600
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Financial Sector (Collection of Data) (reporting standard) determination No. 117 of 2023

Reporting Standard LRS 115.0 Insurance Risk Charge

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. 29 of 2023, including Reporting Standard LRS 115.0 Insurance Risk Charge made under that Determination; and

    (b)          determine Reporting Standard LRS 115.0 Insurance Risk Charge, 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 LRS 115.0 Insurance Risk Charge shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on the day Reporting Standard LRS 115.0 Insurance Risk Charge 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 LRS 115.0 Insurance Risk Charge comprises the document commencing on the following page.

Reporting Standard LRS 115.0

Insurance Risk Charge

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life insurance company's Insurance Risk Charge.

It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide, and Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge (LPS 115).

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.

Application and commencement

    3.             This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as 'life companies') 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 life company 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