Document ID: chunk:federal_register_of_legislation:F2023L00578:front:0:p1
Version: federal_register_of_legislation:F2023L00578
Segment Type: other
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Character Range: 0–3221

Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2023

Reporting Standard GRS 117.0 Asset Concentration 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. 16 of 2022, including Reporting Standard GRS 117.0 Asset Concentration Risk Charge made under that Determination; and

    (b)          determine Reporting Standard GRS 117.0 Asset Concentration 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 GRS 117.0 Asset Concentration 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 GRS 117.0 Asset Concentration 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 GRS 117.0 Asset Concentration Risk Charge comprises the document commencing on the following page.

Reporting Standard GRS 117.0

Asset Concentration Risk Charge

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 Asset Concentration Risk Charge.

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, and Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge (GPS 117).

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 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)