Document ID: chunk:federal_register_of_legislation:F2023L00708:front:0:p6
Version: federal_register_of_legislation:F2023L00708
Segment Type: other
Provision Reference: 
Character Range: 14080–17657

Asset Risk Charge (GPS 114). Where there is more than one type of collateral or guarantee provided as support, report the type that has the greatest monetary exposure. Collateral / guarantee types can include (but are not limited to) trusts, letters of credit and financial guarantees.

N

Name of counterparty (reinsurer)                                                              The legal name of the counterparty to the reinsurance exposure.

Net reinsurance recoverable on paid claims overdue for more than 6 months – central estimate  The reinsurance recoverables on paid claims where:

                                                                                                  * the recoverable has become a receivable (i.e. it is due and payable);

                                                                                                  * the receivable is overdue for more than six months since a request for payment has been made to the reinsurer; and

                                                                                                  * there is no formal dispute between the insurer and the reinsurer in relation to that receivable.

                                                                                              The categorisation is in accordance with GPS 114 and the central estimate level is in accordance with GPS 340.

R

Reinsurance recoverable outstanding from second annual balance date after the event – central estimate  The reinsurance recoverables that are outstanding on and from the second balance date after the end of the financial year in which the event giving rise to the recoverables occurred regardless of whether the reinsurance recoverables are supported by collateral, guarantee or letter of credit. The amount reported should include IBNR. The categorisation is in accordance with GPS 114 and the central estimate level is in accordance with GPS 340.

Reinsurer identifier                                                                                    The unique identifier for the counterparty reported in name of counterparty (reinsurer). Where relevant, the reinsurer identifier must be reported as stated on the reinsurer identifier list.

Reinsurer identifier list                                                                               This is a list of reinsurers which includes the name of the counterparty, counterparty domicile, counterparty group name and group domicile. The list is located on APRA's website.

U

Unassigned Reinsurer Identifier  The identifier for the counterparty reported in name of counterparty (reinsurer) not listed on the reinsurer identifier list. This includes individual unassigned reinsurers, balancing item for individual reinsurers and Lloyd's of London syndicates.

Specific instructions

Reinsurance assets by counterparty

GRS 460.0 must be completed by all general insurers.

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

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

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

For the purposes of GRS 460.0, it is acceptable for a general insurer to report less than 100 per cent of the general insurer's total exposure to individual reinsurance counterparties. However, at a minimum, the general insurer must report