Document ID: chunk:federal_register_of_legislation:F2022L01348:body:0:p1
Version: federal_register_of_legislation:F2022L01348
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Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2022

Reporting Standard GRS 114.3 Off-balance Sheet Business

Financial Sector (Collection of Data) Act 2001

I, Alison Bliss, 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. 8 of 2013, including Reporting Standard GRS 114.3 Off-balance Sheet Business made under that Determination; and

    (b)          determine Reporting Standard GRS 114.3 Off-balance Sheet Business, 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, and the revoked reporting standard shall cease to apply, on the day it is registered on the Federal Register of Legislation.

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

Dated: 12 October 2022

Alison Bliss
General Manager
Data Analytics & Insights 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 114.3 Off-balance Sheet Business comprises the document commencing on the following page.

Reporting Standard GRS 114.3

Off-balance Sheet Business

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 off-balance sheet business.

It includes Form GRF 114.3 Off-balance Sheet Business 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 114.3 Off-balance Sheet Business (GRF 114.3) 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 July 2022.

Information required

    4.             An insurer must provide APRA with the information required by Form GRF 114.3 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, an insurer