{"id":"F2023L00720","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 94 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104452,"registerId":"commonwealth-F2023L00720-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n 2. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision.","sortOrder":0},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n 3. 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.","sortOrder":1},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n 4. An insurer must provide APRA with the information required by this Reporting Standard for each reporting period.","sortOrder":2},{"sectionNumber":"Method of submission","sectionType":"division","heading":"Method of submission","content":"### Method of submission\n\n 5. 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.","sortOrder":3},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n 6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard in respect of each financial year of the insurer.\n 7. 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 paragraph 6, APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n 8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\n 9. 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 Note: 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.","sortOrder":4},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n 10. 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 11. As a result of Insurance (exemption) determination No. 1 of 2023, the Appointed Auditor of an insurer is not ordinarily required to audit, or provide a certificate in relation to, information provided by the insurer under this Reporting Standard.","sortOrder":5},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n 12. 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 13. 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\n 14. 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.","sortOrder":6},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n 15. APRA may, by written notice to the insurer, vary the reporting requirements of this Reporting Standard in relation to that insurer.","sortOrder":7},{"sectionNumber":"Transition","sectionType":"division","heading":"Transition","content":"### Transition\n\n 16. 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.","sortOrder":8},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n 17. 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 means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\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\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\ngeneral insurer means a general insurer authorised under the Insurance Act 1973;\n\nGroup Auditor has the meaning given in GPS 310;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act 1973;\n\nLevel 2 insurance group is defined in Attachment D of GPS 001;\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;\n\nregulated institution is defined in GPS 001 as a collective term for general insurers and Level 2 insurance groups; and\n\nreporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.\n\n 18. 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":9},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"## General instructions\n\nThese instructions assist completion of Reporting Standard GRS 460.1 Exposure Analysis by Reinsurance Counterparty (GRS 460.1). GRS 460.1 collects information relating to the impact on the capital base and each component of the prescribed capital amount of a general insurer due to a reinsurance counterparty failure.\n\nThese instructions must be read in conjunction with the general instruction guide.","sortOrder":10},{"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 a table must not appear on more than one row in that table when reported.","sortOrder":11},{"sectionNumber":"Audit matters","sectionType":"division","heading":"Audit matters","content":"### Audit matters\n\nAs a result of Insurance (exemption) determination No. 1 of 2023, the Appointed Auditor of a general insurer is not required to audit, or provide a certificate in relation to, information provided by a general insurer under GRS 460.1. Under Prudential Standard GPS 310 Audit and Related Matters (GPS 310), the Group Auditor of a Level 2 insurance group is not required to provide a limited assurance review in relation to information provided by the parent entity of a Level 2 insurance group under Reporting Standard GRS 460.1.G Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group) (GRS 460.1.G). APRA, however, may exercise its power under GPS 310 to require the Appointed Auditor or Group Auditor to undertake a special purpose review of the systems, processes and controls surrounding the completion of GRS 460.1 and GRS 460.1.G, or the data contained within GRS 460.1 and GRS 460.1.G.","sortOrder":12},{"sectionNumber":"Supplementary information","sectionType":"division","heading":"Supplementary information","content":"### Supplementary information\n\nThe general insurer must ensure that any underlying calculations and assumptions used to complete GRS 460.1 are made available to APRA upon request from the general insurer’s responsible supervisor.","sortOrder":13},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.","sortOrder":14},{"sectionNumber":"A","sectionType":"division","heading":"A","content":"### A\n\n| APRA counterparty grade | The counterparty grade of 1 to 7 in accordance with Prudential Standard GPS 001 Definitions (GPS 001). |\n| -------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- |\n| Asset Concentration Risk Charge (ACRC) | This is the risk charge determined under Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge. |\n| Asset Risk Charge | This is the risk charge determined under Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge. |","sortOrder":15},{"sectionNumber":"C","sectionType":"division","heading":"C","content":"### C\n\n| Capital coverage | This is the general insurer’s capital base, determined under Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital, divided by its prescribed capital amount, determined under Prudential Standard GPS 110 Capital Adequacy. |\n| ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Counterparty domicile | For a subsidiary, the domicile is where the counterparty is legally incorporated. For a branch, the domicile is where the counterparty (branch) is located. Where relevant, the counterparty domicile must be reported as stated on the country code list. |\n| Counterparty group name | The name of the group to which the counterparty to the reinsurance exposure belongs. Where relevant, the counterparty group name must be reported as stated on the reinsurer identifier list. |\n| Country code | This means the two-letter country code as assigned by the ISO 3166 Maintenance Agency to a country defined under the International Organization for Standardization’s International Standard ISO 3166. The ISO 3166 Maintenance agency maintains a free online database of country codes, available at https://www.iso.org/iso-3166-country-codes.html. |","sortOrder":16},{"sectionNumber":"G","sectionType":"division","heading":"G","content":"### G\n\n| Group domicile | The domicile where the group owning the counterparty is legally incorporated. Where relevant, the group domicile must be reported as stated on the country code list. |\n| -------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":17},{"sectionNumber":"I","sectionType":"division","heading":"I","content":"### I\n\n| Insurance Concentration Risk Charge (ICRC) | This is the risk charge determined under Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge. |\n| ------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------- |\n| Insurance Risk Charge | This is the risk charge determined under Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge. |","sortOrder":18},{"sectionNumber":"N","sectionType":"division","heading":"N","content":"### N\n\n| Name of counterparty (reinsurer) | The legal name of the counterparty to the reinsurance exposure. |\n| -------------------------------- | --------------------------------------------------------------- |","sortOrder":19},{"sectionNumber":"O","sectionType":"division","heading":"O","content":"### O\n\n| OCL surplus / deficit | This is the net liabilities for incurred claims determined under Australian Accounting Standard AASB 17 Insurance Contracts (AASB 17) in surplus or deficit to the net outstanding claims liabilities determined under Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340). |\n| ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Operational Risk Charge | This is the risk charge determined under Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge. |","sortOrder":20},{"sectionNumber":"P","sectionType":"division","heading":"P","content":"### P\n\n| PL surplus / deficit | This is the net liabilities for remaining coverage determined under AASB 17 in surplus or deficit to the net premiums liabilities determined under GPS 340. |\n| -------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":21},{"sectionNumber":"R","sectionType":"division","heading":"R","content":"### R\n\n| Reinsurer identifier | The unique identifier for the counterparty reported in name of counterparty (reinsurer). Where relevant, the reinsurer identifier must be reported as stated on the reinsurer identifier list. |\n| ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Reinsurer identifier list | This is a list of reinsurers which includes the name of the counterparty, counterparty domicile, counterparty group name and group domicile. The list is located on APRA’s website. |","sortOrder":22},{"sectionNumber":"T","sectionType":"division","heading":"T","content":"### T\n\n| Total impact on Asset Concentration Risk Charge | Report the change in the Asset Concentration Risk Charge (ACRC) due to the failure of the reinsurer reported in name of counterparty (reinsurer). A general insurer must consider whether any existing ACRC due to the reinsurer reported in name of counterparty (reinsurer) is decreased due to its failure. A general insurer must also consider whether there is a change in the ACRC (either an increase in an existing ACRC or a new ACRC) due to a decrease in capital base from the failure of the reinsurer reported in name of counterparty (reinsurer). |\n| ------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Total impact on Asset Risk Charge (after aggregation formula) | Report the change in the Asset Risk Charge due to the failure of the reinsurer reported in name of counterparty (reinsurer). The amount reported must be after the aggregation formula in Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge is applied. A general insurer may estimate this by applying the percentage of the aggregated risk charge components to the sum of the risk charge components on Reporting Standard GRS 114.0 Asset Risk Charge or Reporting Standard GRS 114.0.G Asset Risk Charge for a Level 2 insurance group. In addition, a general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome. |\n| Total impact on capital base | Report the decrease in capital base, after tax where applicable, due to the failure of the reinsurer reported in name of counterparty (reinsurer). This accounts for changes resulting from the loss of the reinsurer on a general insurer’s net outstanding claims liabilities and net premiums liability. This will include any change in the OCL surplus / deficit and PL surplus / deficit. |\n| Total impact on Insurance Concentration Risk Charge | Report the increase in the Insurance Concentration Risk Charge (ICRC) due to the failure of the reinsurer reported in name of counterparty (reinsurer). This must consider the impact on each component of the ICRC (if applicable) and the current ICRC of the insurer. A general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome. |\n| Total impact on Insurance Risk Charge | Report the increase in Insurance Risk Charge due to the failure of the reinsurer reported in name of counterparty (reinsurer). This takes into account the impact on the OCL and PL risk charges as a result of the impact of a reinsurer failure on the net outstanding claims provisions and net premiums liabilities. A general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome. |\n| Total impact on Operational Risk Charge | Report the increase in the Operational Risk Charge due to the failure of the reinsurer reported in name of counterparty (reinsurer). A general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome. |\n| Total impact on prescribed capital amount | Report the total change in prescribed capital amount due to the failure of the reinsurer reported in name of counterparty (reinsurer). The total change in the prescribed capital amount is the change in each component of the prescribed capital amount reported in column 8 total impact on insurance risk charge to column 12 total impact on operational risk charge after applying the aggregation benefit in accordance with Prudential Standard GPS 110 Capital Adequacy. |","sortOrder":23},{"sectionNumber":"U","sectionType":"division","heading":"U","content":"### U\n\n| Unassigned Reinsurer Identifier | The identifier for the counterparty reported in name of counterparty (reinsurer) not listed on the reinsurer identifier list. This includes individual unassigned reinsurers and Lloyd’s of London syndicates. |\n| ------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n##","sortOrder":24},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"## Specific instructions\n\n### Exposure analysis by reinsurance counterparty\n\nGRS 460.1 must be completed by all general insurers.\n\nGeneral insurers must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.\n\nGeneral insurers must complete Table 2 if name of counterparty (reinsurer) is:\n\n not on the reinsurer identifier list; or\n a Lloyd’s of London syndicate.\n\nFor Table 1 and Table 2, report individual counterparties where the failure of that counterparty results in a five percent or greater change in capital coverage of the general insurer when compared to the capital coverage at the end of the financial year.\n\nFor the purposes of GRS 460.1, failure means that the counterparty will no longer meet their obligation to the general insurer. This means that the general insurer makes no recovery from on-balance sheet reinsurance assets and the reinsurer is not replaced on any of its previous or current reinsurance programs.\n\nReporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.1. General insurers are permitted to use simplifying assumptions where those assumptions do not have a material impact on the resulting capital coverage of the general insurer.\n\n### Table 1: Exposure Analysis by Reinsurance Counterparty – Reinsurer identifier list\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Reinsurer Identifier | Reinsurer identifier as stated in the reinsurer identifier list | Report the reinsurer identifier as stated on the reinsurer identifier list on APRA’s website. |\n| 2 | Name Of Counterparty (Reinsurer) | Blank | Leave this column blank. |\n| 3 | Counterparty Group Name | Blank | Leave this column blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Blank | Leave this column blank. |\n| 6 | Group Domicile | Blank | Leave this column blank. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |\n\n \n\n### Table 2: Exposure Analysis by Reinsurance Counterparty – Unassigned\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Unassigned Reinsurer Identifier | Unassigned or LLO | Report unassigned if the counterparty does not appear on the reinsurer identifier list.Report LLO for Lloyd’s of London syndicates. |\n| 2 | Name Of Counterparty (Reinsurer) | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the Name of counterparty (reinsurer).If the unassigned reinsurer identifier is reported as LLO, report this item as Lloyds XXXX, where XXXX is the unique syndicate number. |\n| 3 | Counterparty Group Name | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty group name.If the unassigned reinsurer identifier is reported as LLO, report the counterparty group name as LLOYDS.If it does not belong to a group, leave blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty domicile.If the unassigned reinsurer identifier is reported as LLO, report the counterparty domicile as GB. |\n| 6 | Group Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the group domicile.If the unassigned reinsurer identifier is reported as LLO report the group domicile as GB. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |","sortOrder":25},{"sectionNumber":"Exposure analysis by reinsurance counter","sectionType":"division","heading":"Exposure analysis by reinsurance counterparty","content":"### Exposure analysis by reinsurance counterparty\n\nGRS 460.1 must be completed by all general insurers.\n\nGeneral insurers must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.\n\nGeneral insurers must complete Table 2 if name of counterparty (reinsurer) is:\n\n not on the reinsurer identifier list; or\n a Lloyd’s of London syndicate.\n\nFor Table 1 and Table 2, report individual counterparties where the failure of that counterparty results in a five percent or greater change in capital coverage of the general insurer when compared to the capital coverage at the end of the financial year.\n\nFor the purposes of GRS 460.1, failure means that the counterparty will no longer meet their obligation to the general insurer. This means that the general insurer makes no recovery from on-balance sheet reinsurance assets and the reinsurer is not replaced on any of its previous or current reinsurance programs.\n\nReporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.1. General insurers are permitted to use simplifying assumptions where those assumptions do not have a material impact on the resulting capital coverage of the general insurer.","sortOrder":26},{"sectionNumber":"Table 1: Exposure Analysis by Reinsuranc","sectionType":"division","heading":"Table 1: Exposure Analysis by Reinsurance Counterparty — Reinsurer identifier list","content":"## Specific instructions\n\n### Exposure analysis by reinsurance counterparty\n\nGRS 460.1 must be completed by all general insurers.\n\nGeneral insurers must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.\n\nGeneral insurers must complete Table 2 if name of counterparty (reinsurer) is:\n\n not on the reinsurer identifier list; or\n a Lloyd’s of London syndicate.\n\nFor Table 1 and Table 2, report individual counterparties where the failure of that counterparty results in a five percent or greater change in capital coverage of the general insurer when compared to the capital coverage at the end of the financial year.\n\nFor the purposes of GRS 460.1, failure means that the counterparty will no longer meet their obligation to the general insurer. This means that the general insurer makes no recovery from on-balance sheet reinsurance assets and the reinsurer is not replaced on any of its previous or current reinsurance programs.\n\nReporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.1. General insurers are permitted to use simplifying assumptions where those assumptions do not have a material impact on the resulting capital coverage of the general insurer.\n\n### Table 1: Exposure Analysis by Reinsurance Counterparty – Reinsurer identifier list\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Reinsurer Identifier | Reinsurer identifier as stated in the reinsurer identifier list | Report the reinsurer identifier as stated on the reinsurer identifier list on APRA’s website. |\n| 2 | Name Of Counterparty (Reinsurer) | Blank | Leave this column blank. |\n| 3 | Counterparty Group Name | Blank | Leave this column blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Blank | Leave this column blank. |\n| 6 | Group Domicile | Blank | Leave this column blank. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |\n\n \n\n### Table 2: Exposure Analysis by Reinsurance Counterparty – Unassigned\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Unassigned Reinsurer Identifier | Unassigned or LLO | Report unassigned if the counterparty does not appear on the reinsurer identifier list.Report LLO for Lloyd’s of London syndicates. |\n| 2 | Name Of Counterparty (Reinsurer) | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the Name of counterparty (reinsurer).If the unassigned reinsurer identifier is reported as LLO, report this item as Lloyds XXXX, where XXXX is the unique syndicate number. |\n| 3 | Counterparty Group Name | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty group name.If the unassigned reinsurer identifier is reported as LLO, report the counterparty group name as LLOYDS.If it does not belong to a group, leave blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty domicile.If the unassigned reinsurer identifier is reported as LLO, report the counterparty domicile as GB. |\n| 6 | Group Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the group domicile.If the unassigned reinsurer identifier is reported as LLO report the group domicile as GB. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |","sortOrder":27},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.","sortOrder":28},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Reinsurer Identifier | Reinsurer identifier as stated in the reinsurer identifier list | Report the reinsurer identifier as stated on the reinsurer identifier list on APRA’s website. |\n| 2 | Name Of Counterparty (Reinsurer) | Blank | Leave this column blank. |\n| 3 | Counterparty Group Name | Blank | Leave this column blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Blank | Leave this column blank. |\n| 6 | Group Domicile | Blank | Leave this column blank. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |","sortOrder":29},{"sectionNumber":"Table 2: Exposure Analysis by Reinsuranc","sectionType":"division","heading":"Table 2: Exposure Analysis by Reinsurance Counterparty — Unassigned","content":"## Specific instructions\n\n### Exposure analysis by reinsurance counterparty\n\nGRS 460.1 must be completed by all general insurers.\n\nGeneral insurers must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.\n\nGeneral insurers must complete Table 2 if name of counterparty (reinsurer) is:\n\n not on the reinsurer identifier list; or\n a Lloyd’s of London syndicate.\n\nFor Table 1 and Table 2, report individual counterparties where the failure of that counterparty results in a five percent or greater change in capital coverage of the general insurer when compared to the capital coverage at the end of the financial year.\n\nFor the purposes of GRS 460.1, failure means that the counterparty will no longer meet their obligation to the general insurer. This means that the general insurer makes no recovery from on-balance sheet reinsurance assets and the reinsurer is not replaced on any of its previous or current reinsurance programs.\n\nReporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.1. General insurers are permitted to use simplifying assumptions where those assumptions do not have a material impact on the resulting capital coverage of the general insurer.\n\n### Table 1: Exposure Analysis by Reinsurance Counterparty – Reinsurer identifier list\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Reinsurer Identifier | Reinsurer identifier as stated in the reinsurer identifier list | Report the reinsurer identifier as stated on the reinsurer identifier list on APRA’s website. |\n| 2 | Name Of Counterparty (Reinsurer) | Blank | Leave this column blank. |\n| 3 | Counterparty Group Name | Blank | Leave this column blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Blank | Leave this column blank. |\n| 6 | Group Domicile | Blank | Leave this column blank. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |\n\n \n\n### Table 2: Exposure Analysis by Reinsurance Counterparty – Unassigned\n\n### Reporting basis\n\nReport balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.\n\nReport information for each reporting period on a Level 1 (licensed insurer) basis.\n\n### Units of measurement\n\nReport values in whole Australian dollars (AUD).\n\nConvert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.\n\n| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Unassigned Reinsurer Identifier | Unassigned or LLO | Report unassigned if the counterparty does not appear on the reinsurer identifier list.Report LLO for Lloyd’s of London syndicates. |\n| 2 | Name Of Counterparty (Reinsurer) | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the Name of counterparty (reinsurer).If the unassigned reinsurer identifier is reported as LLO, report this item as Lloyds XXXX, where XXXX is the unique syndicate number. |\n| 3 | Counterparty Group Name | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty group name.If the unassigned reinsurer identifier is reported as LLO, report the counterparty group name as LLOYDS.If it does not belong to a group, leave blank. |\n| 4 | APRA Counterparty Grade |  Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |\n| 5 | Counterparty Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty domicile.If the unassigned reinsurer identifier is reported as LLO, report the counterparty domicile as GB. |\n| 6 | Group Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the group domicile.If the unassigned reinsurer identifier is reported as LLO report the group domicile as GB. |\n| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |\n| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |\n| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |\n| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |\n| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |\n| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |","sortOrder":30}],"analysis":{"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"},"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation appears consistent with its original intent as a prudential reporting standard. It mandates specific data collection about reinsurance counterparty exposures to enable supervisory oversight, which aligns with the stated purpose in section 2. There is no evidence of scope creep beyond the core function of prudential supervision of general insurers' reinsurance arrangements."},"complexity_factors":["Extensive cross-referencing to external prudential standards (GPS 001, GPS 110, GPS 112, GPS 114, GPS 115, GPS 116, GPS 117, GPS 118, GPS 310, GPS 340) and accounting standards (AASB 17)","Nested conditional logic for determining which table to use (Table 1 vs Table 2) based on whether counterparty appears on external 'reinsurer identifier list'","13 distinct data fields per table with specific validation rules (positive/negative constraints, aggregation formula requirements)","Defined terms rely heavily on external instruments ('Prudential Standard GPS 001 Definitions') rather than self-contained definitions","Complex financial calculations required (impact on capital base, prescribed capital amount, aggregation benefits, multiple risk charges)","Transitional provisions creating parallel obligations under old and new standards","Specific formatting requirements (whole Australian dollars, ISO 3166 country codes, Lloyd's syndicate naming conventions)","Discretionary powers granted to APRA (varying reporting periods, granting extensions, requiring special purpose reviews)"],"plain_english_summary":"APRA's reporting standard requires Australian general insurers to model and annually report how their capital coverage would change if specific reinsurers failed, focusing on reinsurers whose default would reduce capital coverage by 5% or more. \n\nThe electronically submitted data, subject to board-level oversight, lets APRA detect concentration and systemic risks in the insurance sector and replaces the prior reporting standard with transitional arrangements."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument applies to all general insurers for reporting periods ending on or after 1 July 2023 and replaces a prior reporting standard for transitional periods (para 3; para 16). The text does not expressly narrow or broaden the class of entities required to report compared with the stated application; it mainly updates reporting mechanics, formats, and transitional treatment rather than declaring an explicit change in scope."},"complexity_factors":["Extensive cross‑references to multiple prudential and accounting instruments (e.g. GPS 001, GPS 110, GPS 114–118, GPS 340, AASB 17) that require users to consult other standards to calculate reported amounts (para 17(a); table definitions).","Detailed calculation and aggregation requirements for several risk charges and prescribed capital components, including after‑aggregation formulas and tax adjustments (T: Total impact descriptions).","Thresholded reporting scope (report counterparties whose failure would change capital coverage by ≥5%) which requires forward‑looking modelling and judgement (Specific instructions).","Two reporting paths (Table 1 using APRA reinsurer identifiers; Table 2 for unassigned/Lloyd’s syndicates) with different data entry rules and identifier mappings (Specific instructions; Table 1 and Table 2).","Strict data format, sign and reconciliation constraints (units in whole AUD, positive/negative rules, uniqueness of rows) and mandatory electronic submission methods that increase technical compliance needs (paras 5; Table field rules).","Governance and control obligations placed on boards and senior management for internal review and authorisation of submitted data (para 10), combined with a digital signing requirement for officers/agents (paras 12–14).","An audit/exemption regime that removes routine appointed auditor certification but preserves APRA’s power to require special reviews, creating conditional assurance complexity (para 11; Audit matters).","APRA discretion to vary reporting frequency, change requirements by notice, and grant extensions, adding regulatory uncertainty for operational planning (paras 7, 8, 9, 15).","Transitional reporting rules requiring insurers to file under the old standard for certain periods, and repetitive/duplicated text in the instrument that raises implementation and interpretative burden (para 16; multiple repeated sections)."],"plain_english_summary":"This Reporting Standard requires all general insurers to submit an annual electronic exposure analysis to APRA (for reporting periods ending on or after 1 July 2023) showing how the insurer’s capital base and prescribed capital amount would change if a reinsurance counterparty fails. APRA uses the data for prudential supervision.\n\nIt prescribes submission format, authorisation (digital certificates and officer/CFO sign‑off), board/senior‑management quality controls, numerical reporting rules and sign constraints, permits simplifying assumptions where immaterial, and gives APRA discretion to vary frequency, require reviews or request supporting calculations."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-94-of-2023/documents"}}