The ultimate responsibility for the prudent management of capital of a general insurer or Level 2 insurance group rests with its Board of directors. The Board must ensure that the general insurer or Level 2 insurance group maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.

Level 1: This Reporting Standard sets out the requirements to provide information to APRA about a general insurer’s prescribed capital amount. It includes Form GRF 110.1 Prescribed Capital Amount and associated specific instructions and must be read together with the general instruction guide and Prudential Standard GPS 110 Capital Adequacy.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s prescribed capital amount. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide and Prudential Standard GPS 110 Capital Adequacy (GPS 110).