Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2009 - GRS 301.0_G (2009) - Reinsurance Assets and Risk Charge
Australian and international businessAustralian and international business
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2009 - GRS 301.0_G (2009) - Reinsurance Assets and Risk Charge.
Australian and international business
Level 2 insurance groups are required to report financial data on both Australian and international exposures. ‘Australian Business’[7] means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. ‘International Business’[8] is insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973. Therefore, for the purposes of prudential reporting, all insurance business written by Level 1 insurers[9] is deemed to be Australian business. This treatment is different to the requirements of AASB 1023‘General Insurance Contracts’.