Are you an AFSL holder and authorised to deal in general
insurance? If so, you should be aware of your obligations to
provide data to APRA every 6 months by lodging a Form 701. This
form collects data on contracts of insurance invoiced during the
reporting period, including:
aggregate premium data on contracts placed with APRA authorised
insurers, Lloyd's underwriters or unauthorised foreign insurers
transaction data on contracts placed directly, or indirectly
through a foreign intermediary, with UFIs.
These data collection arrangements allow APRA to increase the
level of information they hold on the level and nature of insurance
business placed with UFIs. They also permit ongoing monitoring of
offshore insurance business under exemption arrangements, while
facilitating a greater understanding of the Australian general
insurance market and the impact of insurance failures.
The form must be lodged every six months. The reporting periods
are from 1 July to 31 December and 1 January to 30 June. The data
must be submitted within 20 business days of each period end, with
late submissions attracting penalties. They can be lodged in either
paper form or electronically using APRA's Direct2APRA (D2A)
system. Submission using paper form is only available to those
providing aggregate data – that is, those who do not have any
UFI business to report in that period.
Because the reporting obligation arises under the
Corporations Regulations, a failure to report is a breach
of a financial services law and may need to be notified to
A copy of Form 701 can be found
here or by accessing the APRA website.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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