Document ID: chunk:federal_register_of_legislation:F2023L00715:body:0:p1
Version: federal_register_of_legislation:F2023L00715
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Character Range: 0–3130

Financial Sector (Collection of Data) (reporting standard) determination No. 86 of 2023

Reporting Standard GRS 320.0 Liability Roll Forwards

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 GRS 320.0 Liability Roll Forwards, 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: 2 June 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 GRS 320.0 Liability Roll Forwards comprises the document commencing on the following page.

Reporting Standard GRS 320.0

Liability Roll Forwards

Objective of this Reporting Standard

This Reporting Standard sets out requirements for the provision of information to APRA relating to a general insurer's reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts.

It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including 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.             The information reported to APRA under this Reporting Standard 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 does not apply to a Category C insurer if the insurer or its foreign parent are not required to prepare general purpose financial statements in accordance with AASB 17 Insurance Contracts. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

Information required

4.             An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.

Method of submission

5.             The information required by this Reporting Standard must be given to APRA:

      (a)   in electronic format using an electronic method available on APRA's website; or

      (b)   by a method notified by APRA prior to submission.

Reporting periods and due dates