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Financial Sector (Collection of Data) (reporting standard) determination No. 94 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 94 of 2023.
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.
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.
Report values in whole Australian dollars (AUD).
Convert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.
| Name | Valid values | Description | |
|---|---|---|---|
| 1 | Reinsurer Identifier | Reinsurer identifier as stated in the reinsurer identifier list | Report the reinsurer identifier as stated on the reinsurer identifier list on APRA’s website. |
| 2 | Name Of Counterparty (Reinsurer) | Blank | Leave this column blank. |
| 3 | Counterparty Group Name | Blank | Leave this column blank. |
| 4 | APRA Counterparty Grade | Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |
| 5 | Counterparty Domicile | Blank | Leave this column blank. |
| 6 | Group Domicile | Blank | Leave this column blank. |
| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |
| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |
| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |
| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |
| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |
| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |
| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |
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.
Report values in whole Australian dollars (AUD).
Convert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.
| Name | Valid values | Description | |
|---|---|---|---|
| 1 | Unassigned Reinsurer Identifier | Unassigned or LLO | Report unassigned if the counterparty does not appear on the reinsurer identifier list.Report LLO for Lloyd’s of London syndicates. |
| 2 | Name Of Counterparty (Reinsurer) | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the Name of counterparty (reinsurer).If the unassigned reinsurer identifier is reported as LLO, report this item as Lloyds XXXX, where XXXX is the unique syndicate number. |
| 3 | Counterparty Group Name | Free text | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty group name.If the unassigned reinsurer identifier is reported as LLO, report the counterparty group name as LLOYDS.If it does not belong to a group, leave blank. |
| 4 | APRA Counterparty Grade | Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Not Applicable | Report the APRA counterparty grade. |
| 5 | Counterparty Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the counterparty domicile.If the unassigned reinsurer identifier is reported as LLO, report the counterparty domicile as GB. |
| 6 | Group Domicile | Applicable country code | If the unassigned reinsurer identifier is reported as unassigned, report the group domicile.If the unassigned reinsurer identifier is reported as LLO report the group domicile as GB. |
| 7 | Total Impact On Capital Base | Whole dollars | Report the total impact on capital base. Amounts reported for this item must be equal to or less than zero. |
| 8 | Total Impact On Insurance Risk Charge | Whole dollars | Report the total impact on Insurance Risk Charge. Amounts reported for this item must be equal to or greater than zero. |
| 9 | Total Impact On Insurance Concentration Risk Charge | Whole dollars | Report the total impact on Insurance Concentration Risk Charge. Amounts reported for this item must be equal to or greater than zero. |
| 10 | Total Impact On Asset Risk Charge (After Aggregation Formula) | Whole dollars | Report the total impact on Asset Risk Charge (after aggregation formula). Report an increase in the Asset Risk Charge as a positive amount and a decrease as a negative amount. |
| 11 | Total Impact On Asset Concentration Risk Charge | Whole dollars | Report the total impact on Asset Concentration Risk Charge.Report an increase in the ACRC as a positive amount and a decrease as a negative amount. |
| 12 | Total Impact On Operational Risk Charge | Whole dollars | Report the total impact on Operational Risk Charge.Amounts reported for this item must be equal to or greater than zero. |
| 13 | Total Impact On Prescribed Capital Amount | Whole dollars | Report the total impact on prescribed capital amount.Amounts reported for this item must be equal to or less than the sum of column 8 total impact on insurance risk charge to column 12 total impact on Operational Risk Charge due to the increase in the aggregation benefit. |