Document ID: chunk:federal_register_of_legislation:F2023L00307:body:0:p3
Version: federal_register_of_legislation:F2023L00307
Segment Type: other
Provision Reference: 
Character Range: 5619–8748

information to APRA. This review and testing must be done on:

       (a)          an annual basis or more frequently if necessary to enable the Appointed 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, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.

    10.         All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

Authorisation

    11.         When an officer, or agent, of an insurer provides the information required by this Reporting Standard it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.

    12.         If an insurer provides the information required by this Reporting Standard through an agent who submits on the insurer's behalf, the insurer must:

       (a)          obtain from the agent a copy of the completed form with the information provided to APRA; and

       (b)          retain the completed copy.

    13.         An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:

       (a)          the Principal Executive Officer of the insurer; or

       (b)          the Chief Financial Officer of the insurer.

Variations

    14.         APRA may, by written notice to the insurer, vary the reporting requirements of Form GRF 112.3 in relation to that insurer.

Interpretation

    15.         In this Reporting Standard (including the attachments):

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and

       (b)          Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;

       APRA-authorised reinsurer means an insurer carrying on reinsurance business.  For the purposes of this definition, a Lloyd's underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;

       capital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;

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

       financial year means the financial year (within the meaning in the Corporations Act