Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2009 - GRS 141.0_G (2009) - Listed Equity Holdings and Risk Charge
International businessInternational business
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International business
Level 2 insurance groups are required to report financial data on both Australian and international exposures. ‘Australian Business’[6] means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. ‘International Business’[7] is insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973.[8] This treatment is different to the requirements of AASB 1023 ‘General Insurance Contracts’ and other Australian accounting standards. For entities which are not insurers within the Level 2 insurance group, listed equity holdings are to be reported as:
- ‘Australian business’ when they are held by an entity incorporated in Australia; and
- ‘International business’ where they are held by an entity incorporated outside of Australia.