Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2011 - GRS 210.0_G (2011) - Outstanding Claims Liability - Insurance Risk Charge (Level 2 Insurance Group)
Objective of this reporting standardObjective of this reporting standard
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2011 - GRS 210.0_G (2011) - Outstanding Claims Liability - Insurance Risk Charge (Level 2 Insurance Group).
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires the parent entity of a Level 2 insurance group to report to APRA, generally on a semi-annual and annual basis, in relation to the outstanding claims liabilities of the Level 2 insurance group.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:
- Form GRF 210.0A_G Outstanding Claims Liability – Insurance Risk Charge – Australia by class of business (Form GRF 210.0A_G) (if paragraph 3(a) applies to the parent entity) and the associated instructions to that form; and
- Form GRF 210.0B_G Outstanding Claims Liability – Insurance Risk Charge – Australia by region (Form GRF 210.0B_G) (if paragraph 3(b) applies to the parent entity) and the associated instructions to that form; and
- any prudential standards referenced in the attached instructions.