Document ID: chunk:federal_register_of_legislation:F2023L00631:body:0:p1
Version: federal_register_of_legislation:F2023L00631
Segment Type: other
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Character Range: 0–3128

Financial Sector (Collection of Data) (reporting standard) determination No. 107 of 2023

Reporting Standard HRS 118.0 Operational Risk Charge

Financial Sector (Collection of Data) Act 2001

I, Michael Murphy, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, determine Reporting Standard HRS 118.0 Operational Risk Charge, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I declare that the reporting standard shall begin to apply to those financial sector entities on the day it is registered on the Federal Register of Legislation.

This instrument commences upon registration on the Federal Register of Legislation.

Dated: 26 May 2023

Michael Murphy
General Manager - Chief Data Officer (Acting)
Technology and Data Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislation means the register established under section 15A of the Legislation Act 2003.

    financial sector entity has the meaning given by section 5 of the Act.

Schedule

Reporting Standard HRS 118.0 Operational Risk Charge comprises the document commencing on the following page.

Reporting Standard HRS 118.0

Operational Risk Charge

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a private health insurer's Operational Risk Charge.

It includes associated specific instructions and must be read in conjunction with Prudential Standard HPS 118 Capital Adequacy: Operational Risk Charge (HPS 118).

Authority
     1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose
    2.             The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital standards.

Application and commencement
    3.             This Reporting Standard applies to all private health insurers. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

Information required
    4.             A private health insurer must provide APRA with the information required by this Reporting Standard for each reporting period.

Method of submission
    5.             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
    6.             Subject to paragraph 7, a private health insurer must provide the information required by this Reporting Standard:

      (a)   in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and

      (b)   in respect of each year ending 30