{"id":"F2023L00578","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104220,"registerId":"commonwealth-F2023L00578-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Asset Concentration Risk Charge.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge (GPS 117).\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nPurpose\n\n2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\nInformation required\n\n4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.\n\nMethod of submission\n\n5. The information required by this Reporting Standard must be given to APRA:\n\n(a) in electronic format using an electronic method available on APRA’s website; or\n\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\n(b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act. This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n\n8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. APRA may, in writing, grant an insurer an extension of a due date in paragraph 8, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an insurer is nonetheless required to submit the information required no later than the due date.\n\nQuality control\n\n10. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.\n\n11. All information provided by an insurer under this Reporting Standard must be subject to systems, processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\nAuthorisation\n\n12. When an officer, or agent, of an insurer provides the information required by this Reporting Standard using an electronic format the officer, or agent, must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If the information required by this Reporting Standard is provided by an agent who submits the information on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.\n\nVariations\n\n15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.\n\nTransition\n\n16. An insurer must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n(a) which ended before 1 July 2023; and\n\n(b) in relation to which the insurer was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if an insurer was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the insurer is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\nInterpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n\n(b) the following definitions are applicable:\n\nAppointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In this Reporting Standard, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA-authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":0},{"sectionNumber":"General Instructions","sectionType":"part","heading":"General Instructions","content":"Reporting Standard GRS 117.0\n\nAsset Concentration Risk Charge\n\n## General Instructions\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nAny specific combination of values in the table must not appear on more than one row in that table when reported.\n\n### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| Adjustment for Cumulative Exposures Amount                    | For reinsurance exposures only, this is the adjustment for cumulative exposures that needs to be made in accordance with GPS 117.                                                                                                                                                                                                                                                                                                                                                               |\n| ------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Asset Concentration Risk Charge Limit Amount                  | For reinsurance exposures this means the appropriate asset concentration limit as specified in GPS 117 for reinsurance exposures to grade 5, 6 and 7 counterparties or grade 4 counterparties belonging to the same group.For non-reinsurance exposures this means the appropriate Asset Concentration Risk Charge limit as specified in GPS 117.                                                                                                                                               |\n| Asset Concentration Risk Charge Long Term Limit Amount        | This means the appropriate Asset Concentration Risk Charge limit for long-term exposures to unrelated parties that are part of an APRA-regulated group as per GPS 117.For exposures categorised as 'Unrelated party (APRA-regulated group)', this is the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year. |\n| Asset Concentration Risk Charge Long Term Net Exposure Amount | This means the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year.                                                                                                                                                                                                                                           |\n| Asset Concentration Risk Charge Net Exposure Amount           | This means the fair value of the exposure, net of provision for doubtful debts and any regulatory adjustments to capital base related to this exposure, that is subject to Asset Concentration Risk Charge. For reinsurance exposures, regulatory adjustments would consist of reinsurance assets that do not meet the reinsurance documentation test and the governing law requirements as per Prudential Standard GPS 230 Reinsurance Management (GPS 230).                                   |\n| Asset Exposure Category After Eligible Credit Support         | For reinsurance exposures that are covered by eligible credit support, report the counterparty grade grouping as:grade 4; orgrade 5, 6 or 7.For non-reinsurance exposures, categorise the exposure into one of the following in accordance with GPS 117:related party (APRA-regulated group);unrelated party (APRA-regulated group); orother.                                                                                                                                                   |\n\nC\n\n| Counterparty Grade type                          | This means the classification applied to the exposure as per Prudential Standard GPS 001 Definitions (GPS 001). |\n| ------------------------------------------------ | --------------------------------------------------------------------------------------------------------------- |\n| Counterparty Group Name                          | This is the name of the group to which the counterparty to the exposure belongs.                                |\n| Counterparty Name                                | This is the name of the counterparty to the exposure.                                                           |\n| Counterparty Grade After Eligible Credit Support | This means the counterparty grade type related to exposures that are covered by collateral or guarantee.        |\n\nE\n\n| Eligible Credit Support Applied                     | The means whether the reinsurance or non-reinsurance exposure is covered by an eligible collateral, guarantee, or letter of credit, indicate whether the insurer has applied the eligible credit support to calculate the Asset Concentration Risk Charge.Possible values are:yes; andno.                 |\n| --------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Exposure subject to Asset Concentration Risk Charge | For reinsurance exposures only: This is the total exposure that is subject to the Asset Concentration Risk Charge. This item is calculated at the level of each counterparty group name as the sum of:Asset Concentration Risk Charge net exposure amount; andadjustment for cumulative exposures amount. |\n\nN\n\n| Name of Provider of Eligible Credit Support     | This means the name of the entity providing the collateral or guarantee where the insurer holds collateral against the asset or if the asset has been guaranteed.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Non-reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for non-reinsurance exposures and is the sum of the Asset Concentration Risk Charges for each non-reinsurance exposure category.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as the greater of:Asset Concentration Risk Charge net exposure amount less Asset Concentration Risk Charge limit amount; andAsset Concentration Risk Charge long term net exposure amount less Asset Concentration Risk Charge long term limit amount,subject to a floor of zero. |\n\nO\n\n| Off-Balance Sheet Large Exposure Amount | This represents the fair value of the exposure, net of provision for doubtful debts, recognised off-balance sheet. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------ |\n| On-Balance Sheet Large Exposure Amount  | This represents the fair value of the exposure, net of provision for doubtful debts, recognised on-balance sheet.  |\n\nR\n\n| Reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for reinsurance exposures and is the sum of the Asset Concentration Risk Charges for reinsurance exposures across all counterparty grades.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as exposure subject to Asset Concentration Risk Charge less Asset Concentration Risk Charge limit amount, subject to a floor of zero. |\n| ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Related party                               | This means the type of relationship of the counterparty to the reporting insurer. This can take the values of:parent;controlled entity;associate / joint venture; orother related party.Definitions of the related party types listed above can be found in GPS 001.                                                                                                                                                                                                             |\n\nT\n\n| Total large exposure amount | This represents the fair value of the exposure, net of provision for doubtful debts, and includes both on-balance sheet and off-balance sheet amounts.This is calculated as the sum of:on-balance sheet large exposure amount; andoff-balance sheet large exposure amount. |\n| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n##","sortOrder":1},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nAny specific combination of values in the table must not appear on more than one row in that table when reported.","sortOrder":2},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms in bold italics are defined in this Definitions section of these instructions.\n\nA\n\n| Adjustment for Cumulative Exposures Amount                    | For reinsurance exposures only, this is the adjustment for cumulative exposures that needs to be made in accordance with GPS 117.                                                                                                                                                                                                                                                                                                                                                               |\n| ------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Asset Concentration Risk Charge Limit Amount                  | For reinsurance exposures this means the appropriate asset concentration limit as specified in GPS 117 for reinsurance exposures to grade 5, 6 and 7 counterparties or grade 4 counterparties belonging to the same group.For non-reinsurance exposures this means the appropriate Asset Concentration Risk Charge limit as specified in GPS 117.                                                                                                                                               |\n| Asset Concentration Risk Charge Long Term Limit Amount        | This means the appropriate Asset Concentration Risk Charge limit for long-term exposures to unrelated parties that are part of an APRA-regulated group as per GPS 117.For exposures categorised as 'Unrelated party (APRA-regulated group)', this is the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year. |\n| Asset Concentration Risk Charge Long Term Net Exposure Amount | This means the fair value of the exposure to long-term assets, net of provision for doubtful debts and after amounts that are deducted from the capital base. Long term exposures are those assets with a residual maturity of greater than one year.                                                                                                                                                                                                                                           |\n| Asset Concentration Risk Charge Net Exposure Amount           | This means the fair value of the exposure, net of provision for doubtful debts and any regulatory adjustments to capital base related to this exposure, that is subject to Asset Concentration Risk Charge. For reinsurance exposures, regulatory adjustments would consist of reinsurance assets that do not meet the reinsurance documentation test and the governing law requirements as per Prudential Standard GPS 230 Reinsurance Management (GPS 230).                                   |\n| Asset Exposure Category After Eligible Credit Support         | For reinsurance exposures that are covered by eligible credit support, report the counterparty grade grouping as:grade 4; orgrade 5, 6 or 7.For non-reinsurance exposures, categorise the exposure into one of the following in accordance with GPS 117:related party (APRA-regulated group);unrelated party (APRA-regulated group); orother.                                                                                                                                                   |\n\nC\n\n| Counterparty Grade type                          | This means the classification applied to the exposure as per Prudential Standard GPS 001 Definitions (GPS 001). |\n| ------------------------------------------------ | --------------------------------------------------------------------------------------------------------------- |\n| Counterparty Group Name                          | This is the name of the group to which the counterparty to the exposure belongs.                                |\n| Counterparty Name                                | This is the name of the counterparty to the exposure.                                                           |\n| Counterparty Grade After Eligible Credit Support | This means the counterparty grade type related to exposures that are covered by collateral or guarantee.        |\n\nE\n\n| Eligible Credit Support Applied                     | The means whether the reinsurance or non-reinsurance exposure is covered by an eligible collateral, guarantee, or letter of credit, indicate whether the insurer has applied the eligible credit support to calculate the Asset Concentration Risk Charge.Possible values are:yes; andno.                 |\n| --------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Exposure subject to Asset Concentration Risk Charge | For reinsurance exposures only: This is the total exposure that is subject to the Asset Concentration Risk Charge. This item is calculated at the level of each counterparty group name as the sum of:Asset Concentration Risk Charge net exposure amount; andadjustment for cumulative exposures amount. |\n\nN\n\n| Name of Provider of Eligible Credit Support     | This means the name of the entity providing the collateral or guarantee where the insurer holds collateral against the asset or if the asset has been guaranteed.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Non-reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for non-reinsurance exposures and is the sum of the Asset Concentration Risk Charges for each non-reinsurance exposure category.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as the greater of:Asset Concentration Risk Charge net exposure amount less Asset Concentration Risk Charge limit amount; andAsset Concentration Risk Charge long term net exposure amount less Asset Concentration Risk Charge long term limit amount,subject to a floor of zero. |\n\nO\n\n| Off-Balance Sheet Large Exposure Amount | This represents the fair value of the exposure, net of provision for doubtful debts, recognised off-balance sheet. |\n| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------ |\n| On-Balance Sheet Large Exposure Amount  | This represents the fair value of the exposure, net of provision for doubtful debts, recognised on-balance sheet.  |\n\nR\n\n| Reinsurance Asset Concentration Risk Charge | This represents the Asset Concentration Risk Charge for reinsurance exposures and is the sum of the Asset Concentration Risk Charges for reinsurance exposures across all counterparty grades.This is the excess (if any) of the net exposure amount over and above the respective Asset Concentration Risk Charge limit and is calculated as exposure subject to Asset Concentration Risk Charge less Asset Concentration Risk Charge limit amount, subject to a floor of zero. |\n| ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Related party                               | This means the type of relationship of the counterparty to the reporting insurer. This can take the values of:parent;controlled entity;associate / joint venture; orother related party.Definitions of the related party types listed above can be found in GPS 001.                                                                                                                                                                                                             |\n\nT\n\n| Total large exposure amount | This represents the fair value of the exposure, net of provision for doubtful debts, and includes both on-balance sheet and off-balance sheet amounts.This is calculated as the sum of:on-balance sheet large exposure amount; andoff-balance sheet large exposure amount. |\n| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n##","sortOrder":3}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument applies to all general insurers authorised under the Insurance Act and takes effect for reporting periods ending on or after 1 July 2023. It replaces the prior reporting standard and includes transitional rules requiring some previously due reports to be submitted under the old standard. The text does not indicate an expansion or narrowing of the population of entities required to report."},"complexity_factors":["Extensive cross-references to multiple prudential and statutory instruments (GPS 117, GRS 001, GPS 001, GPS 230, GPS 310, Insurance Act), requiring reconciled interpretation across documents.","Detailed technical calculations and numeric fields (net exposure, long‑term net exposure, limits, adjustments for cumulative exposures and asset concentration charge calculations).","Multiple reporting cadences (quarterly and annual) plus APRA discretion to vary frequency for particular insurers.","Audit and assurance requirements (Appointed Auditor review, limited assurance engagement, auditor’s certificate tied to yearly statutory accounts).","Data submission constraints and control requirements (electronic format, digital certificate, authorised signatories, retention of agent copies).","Reporting table rules and data integrity constraints (unique row combinations, field ordering, categorical definitions).","Transition mechanics for overlapping old and new reporting periods and the need to follow legacy standard for specified transitional reporting periods."],"plain_english_summary":"This Reporting Standard requires all APRA‑authorised general insurers to submit quarterly and annual data about their Asset Concentration Risk Charge to APRA via APRA’s electronic channels. APRA will use the data for prudential supervision of capital adequacy. Insurers must keep audited systems, apply specified data definitions and calculations, have authorised officers digitally sign submissions, and may face APRA‑directed changes to reporting frequency or deadlines."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears focused on its original purpose of establishing reporting requirements for asset concentration risk. It replaces a previous reporting standard (as noted in the transitional provisions) but maintains the same fundamental scope: collecting data to support APRA's prudential supervision of general insurers' capital adequacy. No significant scope creep is evident."},"complexity_factors":["Heavy cross-referencing to external instruments: requires reading alongside GRS 001, GPS 117, GPS 001, GPS 230, the Insurance Act 1973, Corporations Act 2001, and professional auditing standards","Nested conditional logic in calculations: Asset Concentration Risk Charge calculations involve multiple steps with floors (minimums of zero), comparisons between long-term and short-term limits, and different treatments for reinsurance vs non-reinsurance exposures","Dual reporting regimes: distinguishes between reinsurance exposures and non-reinsurance exposures with different calculation methodologies for each","Defined terms imported from multiple sources: 11 explicit definitions in the instrument plus incorporation by reference of terms from GPS 001 and other prudential standards","Technical financial terminology: requires understanding of 'fair value', 'provision for doubtful debts', 'residual maturity', 'eligible credit support', 'counterparty grades', and 'regulatory adjustments to capital base'","Transitional provisions: includes rules for reporting under the old standard for periods straddling the commencement date","Quality control requirements: mandates specific audit standards (limited assurance engagement) and references to Auditing and Assurance Standards Board guidance"],"plain_english_summary":"This instrument sets out what data general insurers must report to APRA about their Asset Concentration Risk Charge — the measurements and disclosures that show if too much exposure is tied to a single counterparty. It requires regular, electronic reporting, external auditor verification, and authorised sign-off.\n\nIt affects general insurers (including foreign branches), APRA as recipient and supervisor, and appointed auditors. The aim is to let APRA spot and limit dangerous single‑counterparty exposures to protect policyholders and capital adequacy."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-75-of-2023/documents"}}