Reporting Standard GRS 400.0 (2008) Stat
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
Requires general insurers (including foreign branches) to submit annually to APRA a Statement of Risk by Country (Form GRF 400.0) showing their financial exposures by country or region; APRA uses the data for prudential supervision. Applies to reporting periods commencing 1 July 2008.
Insurers must submit electronically or by paper, ensure board/senior management authorise the data, and lodge it within four months of the period end; APRA can change reporting frequency and vary form instructions. Figures must reconcile with other APRA returns and follow prescribed translation rules.
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Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2008 - GRS 400.0 (2008) - Statement of Risk by Country.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, financial exposure by country or region.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 400.0 Statement of Risk by Country (Form GRF 400.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 400.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, financial exposure by country or region.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 400.0 Statement of Risk by Country (Form GRF 400.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 400.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
This form provides selected information of business written by authorised general insurers outside Australia; namely:
premium revenue;
reinsurance expense;
claims expense;
reinsurance recoveries;
investment income;
premium liabilities;
outstanding claims provision;
borrowings/loan capital;
expected reinsurance recoveries; and
investments.
This form only needs to be completed where the insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia as defined in this instructions set).
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Basis of preparation
In completing this form, unless otherwise specifically stated, insurers are recommended to adopt the measurement and recognition requirements as required by the prudential reporting framework, as appropriate (i.e. outstanding claims provision and premium liabilities).
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 400.0 Statement of Risk by Country.
Specific instructions
The appropriate information is to be reported by country or geographic region specified on the form. This is to be reported according to where the items of income/expense are on risk, assets are invested, and liabilities are located. Enter the relevant details for each country as appropriate.
This is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).
This is the reinsurance expense as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Reinsurance expense is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. it is not to be amortised in accordance with the pattern of reinsurance service received).
Represents claims expense in relation to claim payments made in the current year and movements in the Outstanding Claims Provision (i.e. relating to current and prior years) as recognised in GRF 310.0 Statement of Financial Performance.
Represents claims expense in relation to movements in the premium liabilities (i.e. relating to future years) as recognised in GRF 310.0 Statement of Financial Performance.
Report the reinsurance recoveries that relate to claim payments made and movements in the Outstanding Claims Provision as recognised in GRF 310.0 Statement of Financial Performance.
Report movement in the value of expected reinsurance recoveries that are recognised in relation to the recognition of premium liabilities as recognised in GRF 310.0 Statement of Financial Performance.
Include investment income as recognised in GRF 310.0 Statement of Financial Performance.
Report the value of amounts recoverable on reinsurance contracts and outstanding claims.
The term “Expected reinsurance recoveries” is used to describe the expected value of reinsurance recoveries in respect of Premium Liabilities.
Report the value of all other reinsurance assets (refer to instructions for GRF 301.0 Reinsurance Assets and Risk Charge).
Report the value of the investments. The total amount must reconcile with investments integral to insurance operations (related to GRF 140 series of forms) reported as current and non-current assets in GRF 300.0 Statement of Financial Position.
Report investments that do not constitute investments integral to insurance operations attributable to the respective countries listed. The total amount must reconcile with other investments as reported in GRF 300.0 Statement of Financial Position.
Report the value of other assets (other than those listed above) attributable to the respective countries listed in the form. The value of “Other Assets” must represent the remaining total assets of the reporting insurer.
Represent the total assets of the reporting insurer. This must reconcile with the total assets as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Premium Liabilities as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Outstanding Claims Provision in GRF 300.0 Statement of Financial Position.
Report the carrying value of any amount borrowed.
Report the value of other liabilities (other than those listed above). The value of “Other Liabilities” must represent the remaining total liabilities of the reporting insurer.
Represent the total liabilities of the reporting insurer. This must reconcile with the total liabilities as reported in GRF 300.0 Statement of Financial Position.
This form provides selected information of business written by authorised general insurers outside Australia; namely:
premium revenue;
reinsurance expense;
claims expense;
reinsurance recoveries;
investment income;
premium liabilities;
outstanding claims provision;
borrowings/loan capital;
expected reinsurance recoveries; and
investments.
This form only needs to be completed where the insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia as defined in this instructions set).
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Basis of preparation
In completing this form, unless otherwise specifically stated, insurers are recommended to adopt the measurement and recognition requirements as required by the prudential reporting framework, as appropriate (i.e. outstanding claims provision and premium liabilities).
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 400.0 Statement of Risk by Country.
Specific instructions
The appropriate information is to be reported by country or geographic region specified on the form. This is to be reported according to where the items of income/expense are on risk, assets are invested, and liabilities are located. Enter the relevant details for each country as appropriate.
This is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).
This is the reinsurance expense as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Reinsurance expense is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. it is not to be amortised in accordance with the pattern of reinsurance service received).
Represents claims expense in relation to claim payments made in the current year and movements in the Outstanding Claims Provision (i.e. relating to current and prior years) as recognised in GRF 310.0 Statement of Financial Performance.
Represents claims expense in relation to movements in the premium liabilities (i.e. relating to future years) as recognised in GRF 310.0 Statement of Financial Performance.
Report the reinsurance recoveries that relate to claim payments made and movements in the Outstanding Claims Provision as recognised in GRF 310.0 Statement of Financial Performance.
Report movement in the value of expected reinsurance recoveries that are recognised in relation to the recognition of premium liabilities as recognised in GRF 310.0 Statement of Financial Performance.
Include investment income as recognised in GRF 310.0 Statement of Financial Performance.
Report the value of amounts recoverable on reinsurance contracts and outstanding claims.
The term “Expected reinsurance recoveries” is used to describe the expected value of reinsurance recoveries in respect of Premium Liabilities.
Report the value of all other reinsurance assets (refer to instructions for GRF 301.0 Reinsurance Assets and Risk Charge).
Report the value of the investments. The total amount must reconcile with investments integral to insurance operations (related to GRF 140 series of forms) reported as current and non-current assets in GRF 300.0 Statement of Financial Position.
Report investments that do not constitute investments integral to insurance operations attributable to the respective countries listed. The total amount must reconcile with other investments as reported in GRF 300.0 Statement of Financial Position.
Report the value of other assets (other than those listed above) attributable to the respective countries listed in the form. The value of “Other Assets” must represent the remaining total assets of the reporting insurer.
Represent the total assets of the reporting insurer. This must reconcile with the total assets as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Premium Liabilities as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Outstanding Claims Provision in GRF 300.0 Statement of Financial Position.
Report the carrying value of any amount borrowed.
Report the value of other liabilities (other than those listed above). The value of “Other Liabilities” must represent the remaining total liabilities of the reporting insurer.
Represent the total liabilities of the reporting insurer. This must reconcile with the total liabilities as reported in GRF 300.0 Statement of Financial Position.
This form provides selected information of business written by authorised general insurers outside Australia; namely:
premium revenue;
reinsurance expense;
claims expense;
reinsurance recoveries;
investment income;
premium liabilities;
outstanding claims provision;
borrowings/loan capital;
expected reinsurance recoveries; and
investments.
This form only needs to be completed where the insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia as defined in this instructions set).
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Basis of preparation
In completing this form, unless otherwise specifically stated, insurers are recommended to adopt the measurement and recognition requirements as required by the prudential reporting framework, as appropriate (i.e. outstanding claims provision and premium liabilities).
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 400.0 Statement of Risk by Country.
Specific instructions
The appropriate information is to be reported by country or geographic region specified on the form. This is to be reported according to where the items of income/expense are on risk, assets are invested, and liabilities are located. Enter the relevant details for each country as appropriate.
This is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).
This is the reinsurance expense as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Reinsurance expense is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. it is not to be amortised in accordance with the pattern of reinsurance service received).
This form provides selected information of business written by authorised general insurers outside Australia; namely:
premium revenue;
reinsurance expense;
claims expense;
reinsurance recoveries;
investment income;
premium liabilities;
outstanding claims provision;
borrowings/loan capital;
expected reinsurance recoveries; and
investments.
This form only needs to be completed where the insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia as defined in this instructions set).
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Basis of preparation
In completing this form, unless otherwise specifically stated, insurers are recommended to adopt the measurement and recognition requirements as required by the prudential reporting framework, as appropriate (i.e. outstanding claims provision and premium liabilities).
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 400.0 Statement of Risk by Country.
Specific instructions
The appropriate information is to be reported by country or geographic region specified on the form. This is to be reported according to where the items of income/expense are on risk, assets are invested, and liabilities are located. Enter the relevant details for each country as appropriate.
This is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).
This is the reinsurance expense as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Reinsurance expense is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. it is not to be amortised in accordance with the pattern of reinsurance service received).
Represents claims expense in relation to claim payments made in the current year and movements in the Outstanding Claims Provision (i.e. relating to current and prior years) as recognised in GRF 310.0 Statement of Financial Performance.
Represents claims expense in relation to movements in the premium liabilities (i.e. relating to future years) as recognised in GRF 310.0 Statement of Financial Performance.
Report the reinsurance recoveries that relate to claim payments made and movements in the Outstanding Claims Provision as recognised in GRF 310.0 Statement of Financial Performance.
Report movement in the value of expected reinsurance recoveries that are recognised in relation to the recognition of premium liabilities as recognised in GRF 310.0 Statement of Financial Performance.
Include investment income as recognised in GRF 310.0 Statement of Financial Performance.
Report the value of amounts recoverable on reinsurance contracts and outstanding claims.
The term “Expected reinsurance recoveries” is used to describe the expected value of reinsurance recoveries in respect of Premium Liabilities.
Report the value of all other reinsurance assets (refer to instructions for GRF 301.0 Reinsurance Assets and Risk Charge).
Report the value of the investments. The total amount must reconcile with investments integral to insurance operations (related to GRF 140 series of forms) reported as current and non-current assets in GRF 300.0 Statement of Financial Position.
Report investments that do not constitute investments integral to insurance operations attributable to the respective countries listed. The total amount must reconcile with other investments as reported in GRF 300.0 Statement of Financial Position.
Report the value of other assets (other than those listed above) attributable to the respective countries listed in the form. The value of “Other Assets” must represent the remaining total assets of the reporting insurer.
Represent the total assets of the reporting insurer. This must reconcile with the total assets as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Premium Liabilities as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Outstanding Claims Provision in GRF 300.0 Statement of Financial Position.
Report the carrying value of any amount borrowed.
Report the value of other liabilities (other than those listed above). The value of “Other Liabilities” must represent the remaining total liabilities of the reporting insurer.
Represent the total liabilities of the reporting insurer. This must reconcile with the total liabilities as reported in GRF 300.0 Statement of Financial Position.
Represents claims expense in relation to claim payments made in the current year and movements in the Outstanding Claims Provision (i.e. relating to current and prior years) as recognised in GRF 310.0 Statement of Financial Performance.
Represents claims expense in relation to movements in the premium liabilities (i.e. relating to future years) as recognised in GRF 310.0 Statement of Financial Performance.
This form provides selected information of business written by authorised general insurers outside Australia; namely:
premium revenue;
reinsurance expense;
claims expense;
reinsurance recoveries;
investment income;
premium liabilities;
outstanding claims provision;
borrowings/loan capital;
expected reinsurance recoveries; and
investments.
This form only needs to be completed where the insurer has business operations outside of Australia (i.e. where they have items of income, expense, assets, liabilities or capital outside of Australia as defined in this instructions set).
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Basis of preparation
In completing this form, unless otherwise specifically stated, insurers are recommended to adopt the measurement and recognition requirements as required by the prudential reporting framework, as appropriate (i.e. outstanding claims provision and premium liabilities).
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place.
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
Reporting lag
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 400.0 Statement of Risk by Country.
Specific instructions
The appropriate information is to be reported by country or geographic region specified on the form. This is to be reported according to where the items of income/expense are on risk, assets are invested, and liabilities are located. Enter the relevant details for each country as appropriate.
This is the premium revenue as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Premium revenue is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. earned and unearned components).
This is the reinsurance expense as required by the APRA forms (refer to instructions GRF 310.1 Premium Revenue and Reinsurance Expense). It is to be reported in respect of total direct business and inwards reinsurance business.
Reinsurance expense is not to be reported in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. it is not to be amortised in accordance with the pattern of reinsurance service received).
Represents claims expense in relation to claim payments made in the current year and movements in the Outstanding Claims Provision (i.e. relating to current and prior years) as recognised in GRF 310.0 Statement of Financial Performance.
Represents claims expense in relation to movements in the premium liabilities (i.e. relating to future years) as recognised in GRF 310.0 Statement of Financial Performance.
Report the reinsurance recoveries that relate to claim payments made and movements in the Outstanding Claims Provision as recognised in GRF 310.0 Statement of Financial Performance.
Report movement in the value of expected reinsurance recoveries that are recognised in relation to the recognition of premium liabilities as recognised in GRF 310.0 Statement of Financial Performance.
Include investment income as recognised in GRF 310.0 Statement of Financial Performance.
Report the value of amounts recoverable on reinsurance contracts and outstanding claims.
The term “Expected reinsurance recoveries” is used to describe the expected value of reinsurance recoveries in respect of Premium Liabilities.
Report the value of all other reinsurance assets (refer to instructions for GRF 301.0 Reinsurance Assets and Risk Charge).
Report the value of the investments. The total amount must reconcile with investments integral to insurance operations (related to GRF 140 series of forms) reported as current and non-current assets in GRF 300.0 Statement of Financial Position.
Report investments that do not constitute investments integral to insurance operations attributable to the respective countries listed. The total amount must reconcile with other investments as reported in GRF 300.0 Statement of Financial Position.
Report the value of other assets (other than those listed above) attributable to the respective countries listed in the form. The value of “Other Assets” must represent the remaining total assets of the reporting insurer.
Represent the total assets of the reporting insurer. This must reconcile with the total assets as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Premium Liabilities as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Outstanding Claims Provision in GRF 300.0 Statement of Financial Position.
Report the carrying value of any amount borrowed.
Report the value of other liabilities (other than those listed above). The value of “Other Liabilities” must represent the remaining total liabilities of the reporting insurer.
Represent the total liabilities of the reporting insurer. This must reconcile with the total liabilities as reported in GRF 300.0 Statement of Financial Position.
Report the reinsurance recoveries that relate to claim payments made and movements in the Outstanding Claims Provision as recognised in GRF 310.0 Statement of Financial Performance.
Report movement in the value of expected reinsurance recoveries that are recognised in relation to the recognition of premium liabilities as recognised in GRF 310.0 Statement of Financial Performance.
Include investment income as recognised in GRF 310.0 Statement of Financial Performance.
Report the value of amounts recoverable on reinsurance contracts and outstanding claims.
The term “Expected reinsurance recoveries” is used to describe the expected value of reinsurance recoveries in respect of Premium Liabilities.
Report the value of all other reinsurance assets (refer to instructions for GRF 301.0 Reinsurance Assets and Risk Charge).
Report the value of the investments. The total amount must reconcile with investments integral to insurance operations (related to GRF 140 series of forms) reported as current and non-current assets in GRF 300.0 Statement of Financial Position.
Report investments that do not constitute investments integral to insurance operations attributable to the respective countries listed. The total amount must reconcile with other investments as reported in GRF 300.0 Statement of Financial Position.
Report the value of other assets (other than those listed above) attributable to the respective countries listed in the form. The value of “Other Assets” must represent the remaining total assets of the reporting insurer.
Represent the total assets of the reporting insurer. This must reconcile with the total assets as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Premium Liabilities as reported in GRF 300.0 Statement of Financial Position.
The amount reported is to be measured in accordance with GPS 310 Audit and Actuarial Reporting and Valuation. The total amount must reconcile with the total amount reported as current and non-current Outstanding Claims Provision in GRF 300.0 Statement of Financial Position.
Report the carrying value of any amount borrowed.
Report the value of other liabilities (other than those listed above). The value of “Other Liabilities” must represent the remaining total liabilities of the reporting insurer.
Represent the total liabilities of the reporting insurer. This must reconcile with the total liabilities as reported in GRF 300.0 Statement of Financial Position.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, financial exposure by country or region.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 400.0 Statement of Risk by Country (Form GRF 400.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 400.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, financial exposure by country or region.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 400.0 Statement of Risk by Country (Form GRF 400.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 400.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
- If APRA makes such a variation it must notify insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 July 2008 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
appointed auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;
capital standards means the prudential standards which relate to capital adequacy as defined in Prudential Standard GPS 001 Definitions;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of t
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