Document ID: chunk:federal_register_of_legislation:F2023L00580:body:0:p5
Version: federal_register_of_legislation:F2023L00580
Segment Type: other
Provision Reference: 
Character Range: 11246–14610

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 principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and

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

    18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard GRS 118.0

Operational Risk Charge

General instructions

Reporting Tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Definitions

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

O

Operational risk charge for business that is not inwards reinsurance (ORCNI)            This is the operational risk charge relating to business written directly by the reporting insurer.

                                                                                        This is calculated using the formula in accordance with GPS 118.

Operational risk charge for inwards reinsurance business (ORCI)                         This is the operational risk charge relating to the reporting insurer's inwards reinsurance business.

                                                                                        This is automatically calculated using the formula in accordance with GPS 118.

ORCI - central estimate of net insurance liabilities                                    This is the value, relating to the reporting insurer's inwards reinsurance business, of the central estimate component of outstanding claims liabilities (OCL) and premiums liabilities (PL), net of any recoveries that relate to the gross OCL and gross PL, determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).

                                                                                        The OCL and PL relate to business written directly by the reporting insurer.

ORCI - GWP for the 12 months ending on the date 12 months prior to the reporting date   This is the value of written premium revenue (gross of reinsurance), relating to the reporting insurer's inwards reinsurance business, recognised for the 12 months ending on the date that is 12 months prior to the reporting date.

                                                                                        Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational