Insurance (exemption) determination No. 2 of 2013 - Audit requirements relating to certain yearly statutory accounts

Link to law: https://www.comlaw.gov.au/Details/F2013L02141

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Insurance (exemption) determination No. 2 of 2013
Audit requirements relating to certain yearly statutory accounts
Insurance Act 1973
I, Charles Littrell, a delegate of APRA, under subsection 7(1) of the Insurance Act 1973 (the Act), EXEMPT each class of person mentioned in the first column of the Schedule from the provision mentioned in the corresponding row of the second column of the Schedule.
 
This exemption commences on 31 December 2013.
 
Dated:    13 December 2013
 
[Signed]
 
Charles Littrell
Executive General Manager
Policy, Statistics and International
 
 
Interpretation
In this instrument:
appointed auditor means an auditor who has been appointed under section 39 of the Act.
APRA means the Australian Prudential Regulation Authority.
exempt Reporting Standards means Reporting Standard GRS 460.0 Reinsurance Assets by Counterparty and Reporting Standard GRS 460.1 Exposure Analysis by Reinsurance Counterparty, determined by Financial Sector (Collection of Data) Determination Nos. 101 and 102 of 2013 respectively.
 
Schedule
 
Person exempt
Provision from which person exempt

Appointed auditor of a general insurer
The requirement in paragraph 49J(1)(a) to audit yearly statutory accounts, but only to the extent that the paragraph would require the auditing of the information required by the exempt Reporting Standards.

General insurer
The requirement in subsection 49J(2) to make arrangements for the auditing of yearly statutory accounts, but only to the extent that the subsection would require a general insurer to make arrangements for the auditing of the exempt Reporting Standards.

Appointed auditor of a general insurer
The requirement in subsection 49J(3) to give a certificate in relation to yearly statutory accounts, but only to the extent that the subsection would require the giving of a certificate in relation to the information required by the exempt Reporting Standards.

General insurer
The requirement in paragraph 49L(1)(a)  to lodge a certificate in relation to yearly statutory accounts, but only to the extent that the paragraph would require the lodging of a certificate in relation to the information required by the exempt Reporting Standards.