Document ID: chunk:federal_register_of_legislation:F2023L00570:front:0:p7
Version: federal_register_of_legislation:F2023L00570
Segment Type: other
Provision Reference: 
Character Range: 16229–19525

data items. The Level 2 insurance group may use a best endeavours basis for the removal.

Definitions

Terms in bold italics are defined in this Definitions section of these instructions.

A
Adjusted pre-stress amount                        This is the value of relevant items of the reporting Level 2 insurance group. Report amounts before the application of any designated asset stresses, net of the effect of any look-through adjustments and applying the fair value requirement outlined in Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital and GPS 114.
Aggregated risk charge component                  This is the aggregated result of applying the aggregation formula over risk charge components set out in GPS 114. The formula allows for the likelihood of the asset risk stress scenarios occurring simultaneously.
Amounts payable on reinsurance contracts held     This is the value of amounts payable on reinsurance contracts held. This includes reinsurance premiums that are due to be paid, all unpaid instalment reinsurance premiums, reinsurer's portion of recoveries and salvage, and commissions due to reinsurers. This also includes deposits withheld from reinsurers.

(Items subject to Asset Risk Charge type)         For reinsurance contracts held, if there is a legal right of set-off within the underlying reinsurance contracts, report the amount after set-off against other amounts receivable from the reinsurer under that reinsurance contract. If the amount is a net receivable position from the reinsurer, report the amount under amounts receivable on reinsurance contracts held. If there is not a legal right of set-off, report the amounts payable without set-off. Also refer to the definition of amounts receivable on reinsurance contracts held.

                                                  Amounts payable on reinsurance contracts held is netted against reinsurance contract assets or added to reinsurance contract liabilities under AASB 17 Insurance Contracts (AASB 17).

                                                  This must exclude any amount already allowed in insurance liabilities determined under GPS 340 to avoid double counting.

                                                  This amount must be consistent with amounts payable on reinsurance contracts held reported in Reporting Standard GRS 112.0.G Determination of Capital Base (GRS 112.0.G).
Amounts receivable on reinsurance contracts held  This is the value of amounts receivable on reinsurance contracts held. This includes reinsurance recoverables on paid claims.

(Items subject to Asset Risk Charge type)         For reinsurance contracts held, if there is a legal right of set-off within the underlying reinsurance contracts, report the amount after set-off against other amounts payable to the reinsurer under that reinsurance contract. If the amount is a net payable position to the reinsurer, report the amount under amounts payable on reinsurance contracts held. If there is not a legal right of set-off, report the receivable amount without set-off. Also refer to the definition of amounts payable on reinsurance contracts held.

                                                  Amounts receivable on reinsurance contracts held is netted against reinsurance