Document ID: chunk:federal_register_of_legislation:F2023L00575:body:0:p4
Version: federal_register_of_legislation:F2023L00575
Segment Type: other
Provision Reference: 
Character Range: 8296–11462

completed copy.

    14.         An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:

       (a)          the Principal Executive Officer of the insurer; or

       (b)          the Chief Financial Officer of the insurer.

Variations

    15.         APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.

Transition

    16.         An insurer must report under the old reporting standard in respect of a transitional reporting period. For these purposes:

    old reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and

    transitional reporting period means a reporting period under the old reporting standard:

      (a)   which ended before 1 July 2023; and

      (b)   in relation to which the insurer was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

    Note: For the avoidance of doubt, if an insurer 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 insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.

Interpretation

    17.         In this Reporting Standard:

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

       (b)          the following definitions are applicable:

       Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;

       APRA-authorised reinsurer means an insurer carrying on reinsurance business.  For the purposes of this definition, a Lloyd's underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;

       capital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;

       Chief Financial Officer means the chief financial officer of the insurer, by whatever name called;

       financial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;

       foreign insurer means a foreign general insurer within the meaning of the Insurance Act;

       Note: A reference to a 'branch' or 'branch operation' is a reference to the Australian operations of a foreign insurer.

       general instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;

       Insurance Act means the Insurance Act 1973;

       insurer means a general insurer within the meaning of section 11 of the Insurance Act;

       Note: In this Reporting Standard, a reference to an 'authorised insurer', 'authorised insurance entity' or 'licensed insurer' is a reference