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Reporting periods and due dates
Financial Sector (Collection of Data) Act 2001
Reporting Standards
D2A software system for lodgement of forms

APRA is modernising the data collection framework for life insurance companies including friendly societies (together referred to as life companies). The new framework involves introducing new reporting standards, forms and instructions based on updated specifications and improved information technology for data submission via D2A.

Reporting periods and due dates

Collection of data under the new reporting framework commences with the first reporting period ending after 1 January 2008. 

1. Quarterly reporting – is required in respect of each quarter based on the financial year of the life company.
   
   

   Quarterly returns are due 20 business days* after the end of the reporting period.
   
   *For the first two quarterly returns under the new framework this deadline has been extended to 30 business days.

2.  Annual reporting - is required in respect of the financial year of the life company.

Annual returns are due 4 months after the end of the reporting period.

To go to the set of forms and instructions click here.

Financial Sector (Collection of Data) Act 2001

The reporting requirements for life companies have been given legal effect through Life Reporting Standards determined under the Financial Sector (Collection of Data) Act 2001 (FSCODA). The final Reporting Standards are available on the APRA web site.

To go to the list of Reporting Standards click here.

To go to the Financial Sector (Collection of Data) Act 2001 click here.

The revised framework replaces the previous data collection provisions of the Life Insurance Act 1995 (Life Act).

In addition to the new reporting standards and forms:

• a transitional reporting standard, LRS 901 Transitional Arrangements 2008, has been determined under FSCODA. This standard requires life companies to submit the returns applicable under the previous reporting regime for the 1st quarter of 2008 (i.e. for the first data collection there will be a ‘parallel run’ using both the new and old systems); and
  
  
• Prudential Rules 49 – Contract classification for the purpose of regulatory reporting to APRA will be revoked and incorporated into a new prudential standard under the Life Act – LPS 350 - Contract Classification for the Purpose of Regulatory Reporting.

D2A software system for lodgement of forms

As part of the reporting regime, life companies will need to use D2A (Direct to APRA) to lodge the new returns to APRA. D2A will allow life companies to enter data, validate the information entered and then digitally sign and submit the information in an encrypted form.

A new version of D2A for life companies has been released. To download and install D2A, click here.