Document ID: chunk:federal_register_of_legislation:F2023L00315:body:0:p2
Version: federal_register_of_legislation:F2023L00315
Segment Type: other
Provision Reference: 
Character Range: 2865–5886

APRA's website; or

       (b)          by a method notified by APRA prior to submission.

Reporting periods and due dates

    6.             Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:

       (a)          in respect of each quarter based on the financial year of the insurer; and

       (b)          in respect of each financial year of the insurer.

    Note: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer's yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act.  Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor's opinions on the matters required by the prudential standards to be dealt with in the certificate.

    7.             If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.

    8.             The information required by this Reporting Standard in respect of an insurer must be provided to APRA:

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

       (b)          in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.

    Note: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor's certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards.  The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts.  Accordingly, the auditor's certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).

Quality control

    9.             The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer's systems, processes and controls designed to enable the insurer to report 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 Appointed Auditor to form an opinion on the reliability and accuracy