Document ID: chunk:federal_register_of_legislation:F2022L01346:body:0:p4
Version: federal_register_of_legislation:F2022L01346
Segment Type: other
Provision Reference: 
Character Range: 8108–11232

the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:

       (a)          the Principal Executive Officer of the parent entity of the Level 2 insurance group; or

       (b)          the Chief Financial Officer of the parent entity of the Level 2 insurance group.

Variations

    15.         APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 114.3_G in relation to that Level 2 insurance group.

Transition

    16.         A parent entity of a Level 2 insurance group must report under the old reporting standard in respect of a transitional reporting period. For these purposes:

    old reporting standard means the reporting standard revoked in the determination making this Reporting Standard (being the reporting standard which this Reporting Standard replaces); and

    transitional reporting period means a reporting period under the old reporting standard:

       (a)          which ended before the date of revocation of the old reporting standard; and

       (b)          in relation to which the parent entity of the Level 2 insurance group was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

    Note: For the avoidance of doubt, if a parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.

Interpretation

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

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

       (b)          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 parent entity of the Level 2 insurance group, by whatever name called;

                     financial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;

                     foreign insurer means a foreign general insurer within the meaning of the Insurance Act;

                     Note: A reference to a 'branch' or 'branch operation' is a reference to the Australian operations of a foreign insurer.

                     general instruction guide