Document ID: chunk:federal_register_of_legislation:F2023L00569:body:0:p3
Version: federal_register_of_legislation:F2023L00569
Segment Type: other
Provision Reference: 
Character Range: 5701–8769

provided in respect of the first six months of the financial year of the parent entity of the Level 2 insurance group; and

    quarterly information means information required to be provided in respect of each quarter based on the financial year of a general insurer or life company.

    11.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

ATTACHMENT A

General Insurance Reporting Requirements

General Instruction Guide

   1. Introduction

The General Instruction Guide is intended to assist Level 1 general insurers (Level 1 insurers) and Level 2 general insurance groups (Level 2 groups), collectively referred to as reporting insurers in this document, in completing the reporting tables required to be lodged under the Reporting Standards made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Detailed instructions for the individual reporting items are included in the specific instructions for each reporting standard. These specific instructions need to be considered in conjunction with this document, the relevant reporting standards and the prudential standards.

The General Instruction Guide covers all reporting standards for reporting insurers.

  2.     Timing of submission

The time for submitting reporting tables varies according to whether the tables require the reporting of quarterly, semi-annual or annual information:

     * reporting standards requiring the reporting of quarterly information must be completed as at the end of each quarter based on the financial year of the Level 1 insurers (not the calendar year);

     * reporting standards requiring the reporting of half yearly information must be completed in respect of the first six months of the financial year of the Level 2 group; and

     * reporting standards requiring the reporting of annual information must be completed as at the end of the financial year of the reporting insurer.

   3.        Basis of preparation

  3.1.          Year to date

The financial information required to be reported must be reported as at the close of business for the last day of the reporting period, or for the year-to-date period ending at the close of business on the last day of the reporting period, as relevant.

  3.2.          Definition of insurance business

Reporting insurers are to follow the definition of insurance business provided in section 3 of the Insurance Act 1973 (the Act) for completing the reporting standards.

    3.3.           General accounting basis

Unless otherwise specifically stated, reporting insurers are to report in accordance with the relevant Australian Accounting Standards.

    3.4.           Materiality

Subject to APRA's discretion, the reporting tables must be prepared based on the concept of materiality as applied in the Australian Accounting Standards. APRA's discretion is likely to apply in instances where