Document ID: chunk:federal_register_of_legislation:F2023L00711:front:0:p2
Version: federal_register_of_legislation:F2023L00711
Segment Type: other
Provision Reference: 
Character Range: 2905–5772

as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

    4.             The parent entity of a Level 2 insurance group is required to ensure that each requirement in this Reporting Standard is complied with.

Information required
    5.             The parent entity of a Level 2 insurance group must provide APRA with the information required by this Reporting Standard in respect of the Level 2 insurance group for each reporting period.

Method of submission
    6.             The information required by this Reporting Standard must be given to APRA:

       (a)          in electronic format using an electronic method available on APRA's website; or

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

Reporting periods and due dates
    7.             Subject to paragraph 8, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard in respect of each financial year of the Level 2 insurance group.

    8.             If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.

    9.             The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:

       (a)          in the case of annual information provided in accordance with paragraph 7, within three months after the end of the reporting period to which the information relates; or

       (b)          in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.

    10.         APRA may, in writing, grant the parent entity of a Level 2 insurance group an extension of a due date in paragraph 9, in which case the new due date will be the date on the notice of extension.

    Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, the parent entity of a Level 2 insurance group is nonetheless required to submit the information required no later than the due date.

Quality control
    11.         All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies