Document ID: chunk:federal_register_of_legislation:F2023L00713:front:0:p4
Version: federal_register_of_legislation:F2023L00713
Segment Type: other
Provision Reference: 
Character Range: 8371–11417

was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.

Interpretation

    18.         In this Reporting Standard:

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and

       (b)          the following definitions are applicable:

       Auditor means an auditor appointed under paragraph 83 of the Life Act.

       capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.

       Chief Financial Officer means the chief financial officer of the life company, by whatever name called.

       financial year has the meaning in the Corporations Act 2001.

       general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.

       Life Act means the Life Insurance Act 1995.

       Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.

       reporting period means a reporting period under subparagraph 7(a) or, if applicable, paragraph 8.

    19.         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.

Reporting Standard LRS 400.0

Statement of Policy Liabilities

General Instructions

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Allocation principles for APRA product group reporting

A life insurer must apply the allocation principles outlined in LRS 001 to allocate accounting numbers to APRA product groups. However, a life insurer cannot use allocation principles to allocate insurance and reinsurance assets and liabilities (and investment liabilities) across the components of the Life Act reporting structure. Refer to Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340) for details.

LPS 340 also outlines the requirements of valuation of policy liabilities for friendly societies.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A

APRA product group  This is APRA product group which is defined in LRS 001 Reporting Requirements. Life companies must report data items by the listed APRA product groups