Document ID: chunk:federal_register_of_legislation:F2022L01346:body:0:p5
Version: federal_register_of_legislation:F2022L01346
Segment Type: other
Provision Reference: 
Character Range: 10910–14007

2 insurance group;

                     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.

                     general instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;

                     Group Auditor has the meaning given in GPS 310;

                     Insurance Act means the Insurance Act 1973;

                     insurer means a general insurer within the meaning of section 11 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.

                     non-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;

                     Principal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and

                     reporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.

GRF_114_3_G Off-balance Sheet Business (G)

These instructions must be read in conjunction with the general instruction guide.

Instructions for specific items
     1. Credit substitutes provided
        1.   Total non-market related credit substitutes
This is the value, as at the relevant date, of all credit substitutes that are not transacted in financial markets.
A credit substitute is any transaction that exposes the Level 2 insurance group to counterparty credit risk that is not a direct extension of credit. Counterparty credit risk is the risk that the counterparty to the transaction will not fulfil their obligations under the contract. A direct extension of credit is where the Level 2 insurance group provides funds or other on-balance sheet assets to the counterparty in the expectation that they will be repaid at some future date.
2.             Charges granted
2.1.      Principal value of charges granted
This is the principal or face value or amount of the charges or encumbrances given over the assets of the Level 2 insurance group.

2.2.      Outstanding value of charges granted
This is the outstanding value of the charges of encumbrances, as at the reporting date, given over the assets of the Level 2 insurance group.

2.3.      Fair value of assets subject to charges granted
This is the fair value of assets that are subject to charges or encumbrances given by the Level 2 insurance group.

3.             Credit support received
3.1.      Eligible collateral provided to the Level 2 insurance group

      3.1.1                Total assets being supported by collateral
This is the fair value of the assets of the