APRA releases FAQs about data collection solution

APRA releases FAQs about data collection solution | Insurance Business Australia

Technology

APRA releases FAQs about data collection solution

Solution to help regulated entities lodge their information and data with the regulator

Technology

By
Roxanne Libatique

The Australian Prudential Regulation Authority has released its APRA Connect Guide, which includes key information to assist users accessing and using APRA Connect.

APRA Connect is the regulator’s new data collection solution that will help APRA-regulated entities lodge entity information and data with the regulator. It will replace Direct to APRA (D2A), with the data collected under the Financial Sector Act 2001 to be used for prudential supervision, statistical publications, and shared with partners.

One of the most frequently asked questions about the solution revolved around the submission deadline for the September 2023 quarter for general or life insurance providers that do not have a June 30 financial year end date.

In response, APRA explained that insurers must submit data for the September 2023 quarter in accordance with the requirements of the relevant reporting standards GRS 001 and LRS 001.

“Where AASB 17 data is required to be submitted on a year-to-date basis, general and life insurers must report that data from the start of that entity’s financial year until the end of the relevant reporting period,” the regulator said.

Another asked if private health insurers must submit flow data items on a discrete period basis after July 01, 2023, which the regulator confirmed.

“Given that the flow data items (e.g., Statement of Profit or Loss and Other Comprehensive Income items) are to be reported on a discrete period basis, HRS 310.0 Item 5. Amounts recoverable from reinsurers (e.g., Statement of Profit or Loss and Other Comprehensive Income items) will only reconcile with the corresponding item reported in the HRS 320.0 Part B RF1 Item 8. Amount recoverable from reinsurers on an annual basis,” it said.

In recent news, APRA extended the reporting date for the Australian Accounting Standards Board 17 Insurance contracts (AASB17) data collection reporting forms.