Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p1
Version: federal_register_of_legislation:F2023L00717
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Financial Sector (Collection of Data) (reporting standard) determination No. 125 of 2023

Reporting Standard LRS 340.0 Retained Profits and Policy Liabilities for Participating Business

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 LRS 340.0 Retained Profits and Policy Liabilities for Participating Business, 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: 2 June 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 LRS 340.0 Retained Profits and Policy Liabilities for Participating Business comprises the document commencing on the following page.

Reporting Standard LRS 340.0

Retained Profits and Policy Liabilities for Participating Business

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life insurer's retained profits and policy liabilities for participating business.

It includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide, and Prudential Standard LPS 340 Valuation of Policy Liabilities and Prudential Standard LPS 600 Statutory Funds.

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 adequacy standards.

Application and commencement

    3.             This Reporting Standard only applies to life insurers registered under the Life Insurance Act 1995 (Life Act), which have participating business (as defined in the Life Act). This Reporting Standard does not apply to friendly societies, or to life insurers which do not have participating business. This Reporting Standard applies for reporting periods ending on or after 1 July 2023.

Information required

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

    5.             The information reported to APRA under this Reporting Standard