Reporting requirements for general insurance
General insurers are required, under the Financial Sector (Collection of Data) Act 2001 and its reporting standard, to provide data to APRA. The data is defined in the set of the reporting forms and instructions.
APRA publishes the reporting standards, forms and guidance together with relevant prudential standards.
Reporting resources
APRA provides the following resources to assist entities to meet their reporting requirements.
- Validation and derivation rules for data submitted via D2A
- Plain English Taxonomy (PET)
- Information about taxonomies - D2A and XBRL
- Reporting requirements and guidance for the National Claims and Policies Database
General Insurance intermediaries reporting framework
Audit requirements
The roles and responsibilities of a general insurer’s and Level 2 insurance group’s Appointed Auditor and Group Auditor (Auditor) are set out in Prudential Standard GPS 310: Audit and Related Matters. It also sets out the obligations of a general insurer or Level 2 insurance group to make arrangements to enable its Auditor to fulfil their responsibilities.
The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal controls of a general insurer or Level 2 insurance group rests with the Auditor. This advice is designed to assist the board and senior management carry out their responsibility for the sound and prudent management of the general insurer or Level 2 insurance group.
Frequently asked questions
- Direct to APRA (D2A - frequently asked questions)
- Approved form of notification where accounting record are kept- frequently asked questions
Reporting periods and due dates
Level 1 returns - A general insurer is to provide information required under reporting standards:
Quarterly forms- 20 business days after the end of the reporting period.
Annual forms - Three months after the end of the reporting period.
Level 2 returns - A parent entity of a Level 2 insurance group is to provide information required under reporting standards:
Semi-annual forms - Three months after the end of the reporting period.
Annual forms - Three months after the end of the reporting period.
Audited yearly statutory accounts (for APRA purposes not financial reporting purposes)
General insurers are required to prepare and lodge with APRA audited yearly statutory accounts for financial years ending on or after 30 September 2002. Further information regarding the requirements for yearly statutory account lodgment, including details of the transitional arrangements, was contained in a letter released on 4 October 2002. A copy of the letter can be accessed via the Australian Government web archive. Please note: The distinction in the letter of 4 October between disclosing and non-disclosing entities no longer applies.