Table 1: Reinsurance assets by counterpaTable 1: Reinsurance assets by counterparty — Reinsurer identifier list

Specific instructions

Reinsurance assets by counterparty

GRS 460.0.G must be completed by all Level 2 insurance groups.

Level 2 insurance groups must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.

Level 2 insurance groups must complete Table 2 if name of counterparty (reinsurer) is:

not on the reinsurer identifier list;
a Lloyd’s of London syndicate; or
balancing item representing the remaining exposure to individual counterparties.

For the purposes of GRS 460.0.G, it is acceptable for a Level 2 insurance group to report less than 100 per cent of the Level 2 insurance group’s total exposure to individual reinsurance counterparties. However, at a minimum, the Level 2 insurance group must report exposures to individual reinsurance counterparties such that the aggregate of the amount reported represents at least 95 per cent of the sum of the Level 2 insurance group’s total central estimate of reinsurance recoverables (including net reinsurance recoverable on paid claims overdue for more than 6 months – central estimate and reinsurance recoverable outstanding from second annual balance date after the event – central estimate) and expected reinsurance recoveries. The remaining exposure to individual counterparties can be aggregated and must be reported in Table 2 as a single data item.

Reporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist Level 2 insurance groups in completing GRS 460.0.G.

Table 1: Reinsurance assets by counterparty – Reinsurer identifier list

Reporting basis

Report balances for column 6 amount of collateral / guarantee and column 10 central estimate of reinsurance recoverables to column 13 expected reinsurance recoveries, as at the end of the financial year.

Report information for each reporting period on a Level 2 insurance group basis.

Units of measurement

Report values in whole Australian dollars (AUD).

Convert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.