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Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2014

Reporting Standard GRS 116.1 Probable Maximum Loss for LMIs

Financial Sector (Collection of Data) Act 2001

I, Ian Laughlin, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

    (a)          REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2013, including Reporting Standard GRS 116.1 Probable Maximum Loss for LMIs made under that Determination; and

    (b)          DETERMINE Reporting Standard GRS 116.1 Probable Maximum Loss for LMIs, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 31 December 2014.

This instrument commences on the date of its registration on the Federal Register of Legislative Instruments.

Dated: 18 December 2014

[Signed]

Ian Laughlin
Deputy Chairman

Interpretation
In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

Schedule

Reporting Standard GRS 116.1 Probable Maximum Loss for LMIs comprises the 29 pages commencing on the following page.

Reporting Standard GRS 116.1

Probable Maximum Loss for LMIs

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a lenders mortgage insurer's Probable Maximum Loss and Insurance Concentration Risk Charge.

It includes Form GRF 116.1 Probable Maximum Loss for LMIs – Standard Loans, Form GRF 116.2 Probable Maximum Loss for LMIs – Non-Standard Loans, Form GRF 116.3  Probable Maximum Loss for LMIs – Commercial Loans, Form GRF 116.4 LMI Concentration Risk Charge and Form GRF 116.5 Probable Maximum Loss for LMIs – Additional Information and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge.

Authority

     1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

    2.             Information collected in Form GRF 116.1 Probable Maximum Loss for LMIs – Standard Loans, Form GRF 116.2 Probable Maximum Loss for LMIs – Non-Standard Loans, Form GRF 116.3  Probable Maximum Loss for LMIs – Commercial Loans, Form GRF 116.4 LMI Concentration Risk Charge and Form GRF 116.5 Probable Maximum Loss for LMIs – Additional Information (the GRF 116.1 series) is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.

Application and commencement

    3.             This Reporting