Life insurance and friendly society reporting requirements
The latest prudential and reporting standards are available from the Prudential and Reporting Standards page for Life Insurers and Friendly Societies.
Direct to APRA (D2A) - frequently asked questions
Approved form of notification where accounting records are kept - frequently asked questions
Validation and derivation rules for data submitted via D2A
Information about taxonomies - D2A and XBRL
Submitting electronic documents to APRA
Reporting periods and due dates
Quarterly forms - 20 business days after the end of the reporting period.
Annual forms - three months after the end of the reporting period.
This is a checklist only. Life companies should refer to the relevant reporting and prudential standards to fully understand their obligations. For more information see Note 1 at the bottom of this page.
Quarterly and annual returns
Quarterly returns (Note 4) are due 4 weeks (20 business days) after the end of the reporting period (Note 5).These forms are also required as annual audited forms, due 4 months after the end of the reporting period. All quarterly and annual returns must be digitally signed and submitted via D2A.
- LRS 100.0 Solvency
- LRS 110.0 Capital Adequacy
- LRS 210.0 Derivatives, Commitments and Off-Balance Sheet Items
- LRS 220.0 Large Exposures
- LRS 300.0 Statement of FInancial Position
- LRS 310.0 Statement of Financial Performance
- LRS 330.0 Summary of Revenue and Expenses
- LRS 340.0 Retained Profits
Annual audited Returns (Note 6)
Annual audited returns are due 4 months after the end of the reporting period. They must be digitally signed and submitted via D2A.
- LRS 400.0 Statement of Policy Liabilities
- LRS 410.0 Capital Measurement Statistics
- LRS 420.0 Assets backing Policy Liabilities
- LRS 430.0 Sources of Profit
Other Reports due to APRA
- Annual Auditors Report (Note 6) - written report, signed by the auditor, due with annual audited returns
- Financial Condition Report (Note 7) - written report, signed by the appointed actuary, due to APRA on paper within three months
- Reinsurance Report (Note 8) - written report, signed by the appointed actuary, due to APRA on paper within three months
- RIsk Management Declaration (Note 9) - written report, signed by two directors and due on, or before, the day that the life company annual returns are due to APRA
No longer required by APRA
- Statement of pecuniary interests (previously required under section 120 of the LIfe Insurance Act 1995)(Note 10)
- Audit report on risk management statements (Circular C.I.1 Derivatives - Use, Management and Control)(Note 11)
- Restricted investments return (previously required by Prudential Rules No 12 - Restricted Investment Returns)(Note 12)
- Previous statistical reports and returns required under Prudential Rules No 26 - Collection of Statistics and Prudential Rules - No 35 Financial Statements (Note 13)
- These reporting requirements represent statistical reporting due to APRA for periods ending after 1 January 2008. A transitional reporting standard LRS 901 Transitional Arrangements 2008 also requires life companies to submit the returns applicable under the previous reporting regime for the 1st quarter of 2008.
- The reporting requirements for life companies and friendly societies have been given legal effect through Life Reporting Standards determined under the Financial Sector (Collection of Data) Act 2001.
- Life companies and friendly societies should use the online Direct to APRA (D2A) software. Where this is not possible, returns may be submitted to APRA on paper.
- The quarterly information is required to be provided to APRA in unaudited form within 20 business days after the end of the reporting period to which the information relates. The quarterly information must be the product of processes and controls that have been reviewed and tested by the auditor of the life company.
- As a transitional measure, the first two quarterly reports for periods ending after 1 January 2008 are due to APRA within 30 business days of the end of the reporting period.
- All Annual audited returns must be submitted in conjunction with the annual auditor’s report, as required under LPS 310 Audit and Actuarial Requirements(paragraph 8).
- LPS 310 requires life companies and friendly societies to give to APRA a copy of a financial condition report prepared by the appointed actuary within 3 months after the end of the period as at which the report is made.
- LPS 230 Reinsurance requires each life company to give APRA a reinsurance report relating to the financial year of the company within 3 months after each financial year.
- LPS 220 Risk Management requires the Board to provide APRA with a Risk Management Declaration relating to each financial year of the life company. The Risk Management Declaration must be submitted to APRA on, or before, the day that the life company’s annual returns are due to APRA.
- The requirement for companies to report on the appointed actuary’s pecuniary interests was removed from the Life Act as part of the Financial Sector Legislation Amendment (Simplified Regulation and Review) Act 2007.
- Circular C.I.1 Derivatives — Use, Management and Control has been superseded by LPS 220 in conjunction with LPG 250 Asset and Liability Management Risk and Life Insurance Regulations 1995 - Reg 4.00A.
- As a result of the transfer of data collection to the Financial Sector (Collection of Data Act) 2001, Prudential Rules No 12 - Restricted Investment Returns was revoked as at 1 January 2008 and superseded by LRS 220.0 Large Exposures.
- Prudential Rules No 26 - Collection of Statistics (PR 26) and Prudential Rules - No 35 Financial Statements were revoked as at 1 January 2008 due to the transfer of data collection to the Financial Sector (Collection of Data Act) 2001. A transitional reporting standard, LRS 901 Transitional Arrangements 2008, requires life companies to submit the returns previously applicable under for the 1st quarter of 2008.