Table 1: Exposure Analysis by ReinsurancTable 1: Exposure Analysis by Reinsurance Counterparty — Reinsurer identifier list

Specific instructions

Exposure analysis by reinsurance counterparty

GRS 460.1 must be completed by all general insurers.

General insurers must complete Table 1 if name of counterparty (reinsurer) is on the reinsurer identifier list on APRA’s website.

General insurers must complete Table 2 if name of counterparty (reinsurer) is:

not on the reinsurer identifier list; or
a Lloyd’s of London syndicate.

For Table 1 and Table 2, report individual counterparties where the failure of that counterparty results in a five percent or greater change in capital coverage of the general insurer when compared to the capital coverage at the end of the financial year.

For the purposes of GRS 460.1, failure means that the counterparty will no longer meet their obligation to the general insurer. This means that the general insurer makes no recovery from on-balance sheet reinsurance assets and the reinsurer is not replaced on any of its previous or current reinsurance programs.

Reporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.1. General insurers are permitted to use simplifying assumptions where those assumptions do not have a material impact on the resulting capital coverage of the general insurer.

Table 1: Exposure Analysis by Reinsurance Counterparty – Reinsurer identifier list

Reporting basis

Report balances for column 7 total impact on capital base to column 13 total impact on prescribed capital amount as at the end of the financial year.

Report information for each reporting period on a Level 1 (licensed insurer) 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.