Document ID: chunk:federal_register_of_legislation:F2023L00264:body:0:p2
Version: federal_register_of_legislation:F2023L00264
Segment Type: other
Provision Reference: 
Character Range: 2841–5810

be given to policy owners pursuant to section 124 of the Life Insurance Act. It does not constitute a reporting document for the purposes of section 124.

Method of submission

    6.             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

    7.             Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:

       (a)          in respect of each quarter based on the financial year of the life company on an unaudited basis; and

       (b)          in respect of each financial year of the life company on an audited basis.

    Note 1: This means that this form will be submitted five times for a full financial year.

    Note 2: The annual audited form must be submitted in conjunction with the annual auditor's report, as required under Prudential Standard LPS 310 Audit and Related Matters (LPS 310).

    8.             If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.

    9.             The information required by this Reporting Standard in respect of a life company must be provided to APRA:

       (a)          within the time stated in Reporting Standard LRS 001 Reporting Requirements (LRS 001); or

       (b)          in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.

Quality control

    10.         The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company's systems, processes and controls supporting the reporting of the information to enable the life company to provide reliable financial information to APRA. This review and testing must be done on:

       (a)          an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and

       (b)          at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.

    11.         All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the