Document ID: chunk:federal_register_of_legislation:F2015L00579:body:0:p2
Version: federal_register_of_legislation:F2015L00579
Segment Type: other
Provision Reference: 
Character Range: 2865–5767

each reporting period.

    6.      The information reported to APRA under this Reporting Standard is not required to 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.

Forms and method of submission

    7.      The information required by this Reporting Standard must be given to APRA in electronic format using the 'Direct to APRA' application or, where 'Direct to APRA' is not available, by a method notified by APRA prior to submission.

    Note: the 'Direct to APRA' application software (also known as 'D2A') may be obtained from APRA.

Reporting periods and due dates

    8.      Subject to paragraph 9, a life company must provide the information required by this Reporting Standard in respect of:

       (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).

    9.      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 8(a) or 8(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.

    10.  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 9, within the time specified by notice in writing.

Quality control

    11.  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,