Document ID: chunk:federal_register_of_legislation:F2023L00589:front:0:p4
Version: federal_register_of_legislation:F2023L00589
Segment Type: other
Provision Reference: 
Character Range: 8417–11424

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 life insurer 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 life insurer 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 Prudential Standard LPS 001 Definitions (LPS 001); and

       (b)          the following definitions are applicable:

       Auditor means an auditor appointed under paragraph 83 of the Life Act.

       capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.

       Chief Financial Officer means the chief financial officer of the life insurer, by whatever name called.

       financial year has the meaning in the Corporations Act 2001.

       general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.

       Life Act means the Life Insurance Act 1995.

       Principal Executive Officer means the principal executive officer of the life insurer, by whatever name called, and whether or not he or she is a member of the governing board of the entity.

       reporting period means a reporting period under subparagraph 7(a) or, if applicable, paragraph 8.

    19.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard LRS 420.0

Assets Backing Policy Liabilities

General Instructions

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A

Accounts receivable                This relates to amounts due but not yet received as disclosed in the balance sheet of the fund.

APRA product group                 This is APRA product group which is defined in Reporting Standard LRS 001 Reporting Requirements. Life insurers must report data items by the listed APRA product groups where required.

Assets backing liabilities amount  This is the value of assets of the fund backing insurance and investment liabilities (net of insurance assets) determined under AASB 17 and AASB 9.

Assets