Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2011 - GRS 210.1_G (2011) - Premiums Liabilities - Insurance Risk Charge (Level 2 Insurance Group)
Reinsurance businessReinsurance 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. 6 of 2011 - GRS 210.1_G (2011) - Premiums Liabilities - Insurance Risk Charge (Level 2 Insurance Group).
Reinsurance business
The classes of Australian business for Level 2 insurance groups that provide reinsurance are to be reported according to the classes defined in GPS 001.
Where a Level 2 insurance group underwrites an inwards reinsurance contract which spans multiple classes and the Level 2 insurance group cannot readily split the contract between classes, the contract must be allocated using an appropriate method (provided the same method is used for all contracts and for all subsequent periods), including the following methods:
(a) allocate the contract to the category which represents the greatest exposure; or
(b) allocate the contract to the category representing the greatest premium income.
Total direct Australian business
Total direct Australian business is automatically calculated by the form (in Part A and in Part B) and represents the sum of Australian direct business.
Total direct international business
Total direct international business is automatically calculated by the form (in Part A and in Part B) and represents the sum of direct international business.
Total Australian reinsurance business
Total Australian reinsurance business is automatically calculated by the form (in Part A and in Part B) and represents the sum of Australian reinsurance business .
Total international reinsurance business
Total international reinsurance business is automatically calculated by the form (in Part A and in Part B) and represents the sum of international reinsurance business.
Total premium liabilities
This is automatically calculated by the form (in Part A and in Part B) and represents the sum of:
- total Australian direct business;
- total direct international business;
- total Australian reinsurance business; and
- total international reinsurance business.