General Insurance Prudential Reporting Framework

Reporting periods and due dates
Financial Sector (Collection of Data) Act 2001

D2A software system for lodgement of forms
Audit requirements

Reporting periods and due dates

The required lodgement dates after reporting period end are as follows:

1. Quarterly and annual forms:

Branch Insurers and Licensed Insurers 20 business days after reporting period end.

2. Audited yearly statutory accounts (for APRA purposes not financial reporting purposes).

Lodgement of the audited yearly statutory accounts is required 4 months after the end of the financial year of the reporting insurer.
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 lodgement, including details of the transitional arrangements, was contained in a letter released on 4 October 2002. A copy of the letter is available here. Please note: The distinction in the letter of 4 October between disclosing and non-disclosing entities no longer applies. The time frame for lodgement of all yearly statutory accounts is now 4 months.

To go to the set of forms, instructions and frequently asked questions click here.

Financial Sector (Collection of Data) Act 2001

The reporting requirements for General Insurance have been given legal effect through General Insurance Reporting Standards determined under the Financial Sector (Collection of Data) Act 2001. The final Reporting Standards have been tabled in Parliament and are also 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

D2A software system for lodgement of forms

As part of the reporting regime, General Insurers will need to use D2A (Direct to APRA) to lodge the returns to APRA. D2A will allow General Insurers to enter data, validate the information entered and then digitally sign and submit the information in an encrypted form. To find out more about D2A click here.

Audit requirements

The Approved Auditor is required to audit the APRA yearly statutory accounts and to also test the information in the quarterly forms and the systems supporting their preparation. The frequency and extent of testing of the quarterly forms is a matter of professional judgment for the Approved Auditor to enable an opinion on the reliability of the information in the quarterly forms to be expressed. The Auditing and Assurance Standards Board of the Australian Accounting Research Foundation have developed an audit guidance statement, which provides an explanation on the application of the nature and scope of the:

Opinions that are required to be expressed by the Approved Auditor in accordance with GGN 220.1;

Audit review to be conducted on the information in the quarterly forms and the reporting systems supporting their preparation. The quarterly forms that are subject to audit review are highlighted in the Reporting Requirement table on the APRA web site along with the forms click here and

Audit testing that is to be conducted on the yearly statutory accounts. The forms that comprise the yearly statutory accounts that are to be audited by the Approved Auditor (as required by Prudential Standard GGN 220.1) are highlighted in the Reporting Requirements table on the APRA web site along with the forms click here

A document has been developed by APRA, which is intended to operate as a guide to Approved Auditors and general insurers outlining APRA's expectations regarding the interpretation and application of materiality in the review and testing of the forms. To go to this documentclick here

Please click here for the Addendum to AGS 1064 Audit Implications of Prudential reporting Requirements for General Insurers by AUASB.