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Financial Sector (Collection of Data) (reporting standard) determination No. 113 of 2023
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Financial Sector (Collection of Data) (reporting standard) determination No. 113 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. 113 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.
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 Standard Method for calculating the APRA-approved adjustment type does not produce an appropriate outcome in respect of a life company fund, or if a life company fund has used inappropriate judgement or estimation in calculating the APRA-approved adjustment type, APRA may adjust the APRA-approved adjustment type calculation for that life company fund. |
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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;Asset Concentration Risk Charge;Operational Risk Charge; andCombined Stress Scenario Adjustment. |
| 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. |
| Asset Risk Charge | The Asset Risk Charge is the minimum amount of capital required to be held against asset risks. The Asset Risk Charge relates to the risk of adverse movements in the value of the fund’s capital base due to credit or market risks.This is calculated in accordance with Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge. |
| Combined Stress Scenario Adjustment | This Combined Stress Scenario tests whether the tax benefits recognised in determining the Insurance Risk Charge and the Asset Risk Charge can be offset against deferred tax liabilities. It also tests whether any future management actions allowed for in the calculation of the Insurance Risk Charge and the Asset Risk Charge would be achievable. This item also recognises any second order interactions between the asset and insurance risk stresses.This adjustment must be determined in accordance with Prudential Standard LPS 110 Capital Adequacy (LPS 110). |
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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 to the risk of adverse impacts due to movements in future mortality, morbidity, longevity, servicing expenses and lapses.This is to be determined in accordance with Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge. |
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| Life company fund | This means the type of life company fund. Possible types are:statutory fund;shareholder fund;benefit fund; andmanagement fund. |
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| 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 is determined in accordance with Prudential Standard LPS 118 Capital Adequacy: Operational Risk Charge. |
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| Prescribed capital amount | The prescribed capital amount for a life company is the sum of the prescribed capital amounts of each of its funds.This is determined in accordance with LPS 110. |
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