Document ID: chunk:federal_register_of_legislation:F2023L00569:body:0:p2
Version: federal_register_of_legislation:F2023L00569
Segment Type: other
Provision Reference: 
Character Range: 2942–5943

on or after 1 July 2023.

General Instructions

    4.             Detailed instructions for the individual reporting items are included in the specific instructions for each reporting standard. These specific instructions need to be considered in conjunction with the General Instruction Guide (which is Attachment A to this Reporting Standard), the relevant reporting standards and the prudential standards.

Periods for Provision of Returns

    5.             A general insurer is to provide information required under reporting standards:

       (a)          in the case of quarterly information - 20 business days after the end of the reporting period to which the information relates; and

       (b)          in the case of annual information three months after the end of the reporting period to which the information relates.

    6.             APRA may, in writing, grant a general insurer an extension of a due date in paragraph 5, for all or specified reporting standards, in which case the new due date will be the date on the notice of extension.

    7.             A parent entity of a Level 2 insurance group is to provide information required under reporting standards three months after the end of the reporting period to which the information relates.

    8.             APRA may, in writing, grant a Level 2 insurance group an extension of a due date in paragraph 7, for all or specified reporting standards, in which case the new due date will be the date on the notice of extension.

Transition

    9.             The old GRS 001 continues to apply to any reporting obligations for transitional reporting periods. For these purposes:

    old GRS 001 means the reporting standard revoked in the determination making this Reporting Standard;

    old reporting standard means a reporting standard which has been revoked; and

 transitional reporting period means a reporting period:

         (a)               which ended before 1 July 2023; and

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

Interpretation

    10.         In this Reporting Standard:

    AASB references relate to the Australian Accounting Standards made by the Australian Accounting Standards Board;

    annual information means information required to be provided in respect of each financial year of a general insurer or Level 2 insurance group;

    financial year has the meaning in the Corporations Act 2001, or in the case of a Level 2 insurance group, the financial year of the parent entity of the Level 2 insurance group;

    half yearly information means information required to be provided in respect of the first six months of the financial year of the parent entity of the Level 2 insurance group; and

    quarterly information means information required to be provided in respect of each quarter based on the financial