Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2011 - GRS 302.0_G (2011) - Statement of Financial Position by Region (Level 2 Insurance Group)
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2011 - GRS 302.0_G (2011) - Statement of Financial Position by Region (Level 2 Insurance Group).
Specific instructions
Level 2 insurance groups are required to report financial data on both Australian and international exposures as defined in this form. For the purposes of segment reporting, Level 2 insurance groups are not to follow the requirements under the Australian accounting standards when completing this form where they conflict with the specific instructions in this form.
For prudential reporting purposes ‘Australian business’ is as defined in GPS 001 and means insurance business carried on by any Level 1 insurer within a Level 2 insurance group. Therefore, all insurance business written by Level 1 insurers is deemed to be Australian business. This treatment is different to the requirements of Australian accounting standards and AASB 1023.
For prudential reporting purposes ‘Level 1 Insurer’ is as defined in GPS 001.
International business, as defined in GPS 001, is to be reported according to the regions specified in this form.[2] Level 2 insurance groups are required to report according to the regions which most appropriately reflects the business and/or operational segments of the group.
The form allows reporting for up to seven international regions:
- New Zealand;
- South East Asia;
- Asia Pacific;
- USA;
- Americas;
- UK/Europe; and
- Other.
For entities which are not insurers within the Level 2 insurance group, items should be reported as:
- ‘Australian business’ where they relate to an entity incorporated in Australia; and;
- ‘International business’ where they relate to an entity incorporated outside of Australia. The entity should be included in the international region which most appropriately reflects the incorporation of the entity. The region can be selected to align to the region(s) chosen by the Level 2 insurance group for reporting insurance business carried on by an entity within the group that is not authorised under the Insurance Act 1973.