Australian Accounting Standards Board 17 Insurance Contracts (AASB 17) – Data collection quarterly reporting extension
To: All insurers
This letter outlines changes to the reporting due date for Australian Accounting Standards Board 17 Insurance contracts (AASB17) data collection reporting forms to be completed by the Insurance Industry that are required to report on a Quarterly basis.
The Australian Prudential Regulation Authority (APRA) is granting a 4-week extension for all the reporting forms for the September 2023 & December 2023 Quarterly reporting periods, except for the following 4 Private Health Insurance forms (PHI) which are required for premium round process.
- HRS 101.0 Regulatory Income Statement – Supplementary Information
- HRS 110.0 Prescribed Capital Amount
- HRS 112.0 Determination of Capital Base
- HRS 115.0 Insurance Risk Charge
The reporting extension applies only to the reporting forms that are due to be submitted via APRA Connect (AC). The due date for reporting forms that are to be submitted via Direct to APRA (D2A) remains unchanged.
Changes to reporting due dates
The revised reporting due date for September 2023 & December 2023 Quarterly reporting forms except for the 4 PHI forms listed above are as below:
Reporting Period | Industry | Current Due Date | Extended Due Date |
|---|---|---|---|
September 2023 Quarterly | General Insurance | 27-Oct-23 | 27-Nov-23 |
Life Insurance & Friendly Societies | 27-Oct-23 | 27-Nov-23 | |
Private Health Insurance | 28-Oct-23 | 27-Nov-23 | |
December 2023 Quarterly | General Insurance | 30-Jan-24 | 27-Feb-24 |
Life Insurance & Friendly Societies | 30-Jan-24 | 27-Feb-24 | |
Private Health Insurance | 28-Jan-24 | 27-Feb-24 |
Please note that the reporting due dates described above do not apply to the 4 PHI forms that are required for the premium round process. The 4 PHI forms as listed below are due to be submitted within 28 calendar days of the each quarter end as per paragraph 8(a) of HRS 101.0, HRS 110.0, HRS 112.0, and HRS115.0:
- HRS 101.0 Regulatory Income Statement – Supplementary Information
- HRS 110.0 Prescribed Capital Amount
- HRS 112.0 Determination of Capital Base
- HRS 115.0 Insurance Risk Charge
APRA encourages entities with queries regarding reporting arrangements to contact APRA by email at DataAnalytics@apra.gov.au
Yours sincerely,
Chief Data Office
Australian Prudential Regulation Authority