Document ID: chunk:federal_register_of_legislation:F2022L01346:body:0:p1
Version: federal_register_of_legislation:F2022L01346
Segment Type: other
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Character Range: 0–3102

Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2022

Reporting Standard GRS 114.3_G Off-balance Sheet Business (Level 2 Insurance Group)

Financial Sector (Collection of Data) Act 2001

I, Alison Bliss, 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:

    (a)          revoke Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2016, including Reporting Standard GRS 114.3_G Off-balance Sheet Business (Level 2 Insurance Group) made under that Determination; and

    (b)          determine Reporting Standard GRS 114.3_G Off-balance Sheet Business (Level 2 Insurance Group), 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, and the revoked reporting standard shall cease to apply, on the day it is registered on the Federal Register of Legislation.

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

Dated: 12 October 2022

Alison Bliss
General Manager
Data Analytics & Insights Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

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

Schedule

Reporting Standard GRS 114.3_G Off-balance Sheet Business (Level 2 Insurance Group) comprises the document commencing on the following page.

Reporting Standard GRS 114.3_G

Off-balance Sheet Business (Level 2 Insurance Group)

Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group's off-balance sheet business.
It includes Form GRF 114.3_G Off-balance Sheet Business (G) and associated specific instructions and must be read in conjunction with the general instruction guide.

Authority

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

Purpose

    2.             Information collected in Form GRF 114.3_G Off-balance Sheet Business (G) (GRF 114.3_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.

Application and commencement

    3.             This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2022. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.

Information required

    4.             The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 114.3_G in respect of the Level 2 insurance group for each