APRA extends data collection reporting due date

The Australian Prudential Regulation Authority (APRA) has extended the reporting due date for the  Australian Accounting Standards Board 17 Insurance contracts (AASB17) data collection reporting forms.

The insurance industry has been submitting completed AASB17 data collection reporting forms on a quarterly basis.

APRA extension

The APRA will extend the submission of reporting forms for the September 2023 and December 2023 quarterly reporting periods to four weeks, November 27, 2023, except for the following Private Health Insurance (PHI) forms that 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; and
• HRS 115.0 Insurance Risk Charge.

The four PHI forms can be submitted until February 27, 2024.

The extension applies only to the reporting forms that are due to be submitted via APRA Connect (AC). Meanwhile, the due date for reporting forms that are to be submitted via Direct to APRA (D2A) remains unchanged.

Last month, APRA released a new corporate plan for the insurance, banking, and superannuation industries.