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Financial Sector (Collection of Data) (reporting standard) determination No. 101 of 2023
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Financial Sector (Collection of Data) (reporting standard) determination No. 101 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 101 of 2023.
Tables 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.
The adjustments and exclusions referred to herein relate only to the prescribed capital amount as defined in Prudential Standard HPS 110 Capital Adequacy (HPS 110). Adjustments and exclusions to an insurer’s capital base should be reported separately in Reporting Standard HRS 112.0 – Determination of Capital Base.
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
| APRA-approved adjustment amount | If APRA is of the view that the APRA-approved adjustment type does not produce an appropriate outcome in respect of a fund, or if a private health insurer has used inappropriate judgement or estimation in calculating the APRA-approved adjustment type for a fund, APRA may adjust the APRA-approved adjustment type calculation for that fund.Where the adjustment relates to the transitional arrangements referred to in HPS 110, this amount should be reported as an APRA-approved adjustment amount with the APRA-approved adjustment transitional indicator reported as “Y” and the APRA-approved adjustment type reported as “Prescribed Capital Amount”. |
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| APRA-approved adjustment type | This means the type of APRA-approved adjustment. Possible types are:Prescribed Capital Amount;Asset Risk Charge;Insurance Risk Charge - OCL Risk Charge;Insurance Risk Charge - PL Risk Charge;Insurance Risk Charge - RE Risk Charge;Insurance Risk Charge - Other Insurance Liabilities Risk Charge;Insurance Risk Charge - Future Exposure Risk Charge (HIB);Insurance Risk Charge - Future Exposure Risk Charge (HRIB);Insurance Risk Charge - Deferred Claims Liability Risk Charge;Asset Concentration Risk Charge; andOperational Risk Charge. |
| Asset Concentration Risk Charge | The Asset Concentration Risk Charge is the minimum amount of capital required to be held against asset concentration risks. The Asset Concentration Risk Charge relates to the risk resulting from investment concentrations in individual assets or large exposures to individual counterparties or groups of related counterparties resulting in adverse movements in the fund’s capital base.This must be determined in accordance with Prudential Standard HPS 117 Capital Adequacy: Asset Concentration Risk Charge. |
| Asset Risk Charge | The Asset Risk Charge relates to the risk of adverse movements in the value of a fund’s capital base due to credit or market risks. This must be determined in accordance with Prudential Standard HPS 114 Capital Adequacy: Asset Risk Charge. |
G
| General fund | Has the same meaning as in HPS 001. |
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H
| Health benefits fund | Has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015. |
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| Insurance Risk Charge | The Insurance Risk Charge is the minimum amount of capital required to be held against insurance risks. The Insurance Risk Charge relates adverse financial impacts due to movements in existing and future claims, expenses, and other insurance risks such as adverse events.This must be determined in accordance with Prudential Standard HPS 115 Capital Adequacy: Insurance Risk Charge (HPS 115). |
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| Insurance Risk Charge - Deferred Claims Liability Risk Charge | The Insurance Risk Charge - Deferred Claims Liability Risk Charge relates to the risk that the value of the deferred claims liability will be greater than the value determined in accordance with Prudential Standard HPS 340 Insurance Liability Valuation (HPS 340). This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Future Exposure Risk Charge (HIB) | The Insurance Risk Charge – Future Exposure Risk Charge (HIB) relates to the risk that financial performance of the health insurance business may be materially worse than expected. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Future Exposure Risk Charge (HRIB) | The Insurance Risk Charge – Future Exposure Risk Charge (HRIB) relates to the risk that financial performance of the health-related insurance business may be materially worse than expected. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - OCL Risk Charge | The Insurance Risk Charge – OCL Risk Charge is the Insurance Liability Risk Charge in respect of outstanding claims risk, which relates to the risk that the value of the OCL is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Other Insurance Liabilities Risk Charge | The Insurance Risk Charge – Other Insurance Liabilities Risk Charge is the Insurance Liability Risk Charge in respect of other insurance liabilities, which relates to the risk that the value of other insurance liabilities is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - PL Risk Charge | The Insurance Risk Charge – PL Risk Charge is the Insurance Liability Risk Charge in respect of premiums liabilities risk, which relates to the risk that the value of the OCL is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - RE Risk Charge | The Insurance Risk Charge – RE Risk Charge is the Insurance Liability Risk Charge in respect of risk equalisation, which relates to the risk that the value of the net risk equalisation asset/liability is less favourable than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Operational Risk Charge | The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.This must be determined in accordance with Prudential Standard HPS 118 Capital Adequacy: Operational Risk Charge. |
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| Prescribed capital amount | The prescribed capital amount for a fund must be determined in accordance with HPS 110.Insurers electing to participate in the transitional arrangements described in HPS 110 should report the adjustment to the prescribed capital amount under this APRA-approved adjustment type. |
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