Document ID: chunk:federal_register_of_legislation:F2023L00574:body:0:p4
Version: federal_register_of_legislation:F2023L00574
Segment Type: other
Provision Reference: 
Character Range: 8069–11069

officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.

    14.         If the information required by this Reporting Standard is provided by an agent who submits the information on the parent entity of a Level 2 insurance group's behalf, the parent entity of a Level 2 insurance group must:

       (a)          obtain from the agent a copy of the completed information provided to APRA; and

       (b)          retain the completed copy.

    15.         An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:

       (a)          the Principal Executive Officer of the parent entity of the Level 2 insurance group; or

       (b)          the Chief Financial Officer of the parent entity of the Level 2 insurance group.

Variations

    16.         APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of this Reporting Standard in relation to that Level 2 insurance group.

Transition

    17.         A parent entity of a Level 2 insurance group 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 parent entity of a Level 2 insurance group 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 a parent entity of a Level 2 insurance group 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 parent entity of a Level 2 insurance group 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 GPS 001; and

       (b)          the following definitions are applicable:

       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