Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p2
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 2767–5779

insurer or Level 2 insurance group must submit to APRA all certificates and reports to be prepared by the Auditor;

     * the Appointed Auditor must audit the yearly statutory accounts of the general insurer and review other aspects of their operations on an annual basis. The Appointed Auditor must prepare a certificate and report on these matters and provide them to the Board;

     * the Group Auditor must conduct a limited assurance review of the annual accounts of the Level 2 insurance group on an annual basis and review other aspects of the group's operations; and

     * the general insurer or Level 2 insurance group must submit a Financial Information Declaration to APRA on an annual basis.

Table of Contents

Objective and key requirements of this Prudential Standard
Authority
Application
Level 2 insurance groups
Interpretation
Obligations of an insurer
Roles and responsibilities of the Appointed Auditor
Special purpose review
Non-routine reporting by Appointed Auditors
Meetings with Appointed Auditors
Audit certificate and report
Adjustments and exclusions
Reliance on previous exercises of discretion
Attachment A – Matters to be addressed in an Appointed Auditor's report
Attachment B – Level 2 insurance groups
Attachment C – Matters to be addressed in a limited assurance review report
Attachment D – Financial Information Declaration
Attachment E – Auditable annual returns

Authority

     1. This Prudential Standard is made under section 32 of the Insurance Act 1973 (the Act) and includes a determination made under subsection 7(1) of the Act.

Application

2.             This Prudential Standard applies to each:

       (a)          general insurer authorised under the Act (insurer); and

       (b)          Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001).

Where a requirement applies to a Level 2 insurance group, the requirement is imposed on the parent entity of the Level 2 insurance group.

3.             This Prudential Standard includes requirements that apply to all auditors appointed under the Act. These requirements are functions of an auditor for the purposes of paragraph 49J(1)(b) of the Act.

4.             This Prudential Standard applies to insurers and Level 2 insurance groups (regulated institutions) from 1 October 2024.

Level 2 insurance groups

    5.             Paragraphs 8 to 36 and Attachment A apply to insurers only. Paragraphs 37, 38 and Attachment D apply to all regulated institutions. Attachment B (read in conjunction with Attachment C) sets out the requirements for Level 2 insurance groups, including the requirement to appoint a Group Auditor.

Interpretation

6.             Terms that are defined in GPS 001 appear in bold the first time they are used in this Prudential Standard.

7.             Where this Prudential Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.

Obligations of an insurer