Document ID: chunk:federal_register_of_legislation:F2023L00725:front:0:p4
Version: federal_register_of_legislation:F2023L00725
Segment Type: other
Provision Reference: 
Character Range: 8232–11298

date of revocation of the old reporting standard.

    Note: For the avoidance of doubt, if the parent entity of a Level 2 insurance group was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.

Interpretation
    18.         In this Reporting Standard:

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and

       (b)          the following definitions are applicable:

       Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;

       APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;

       Chief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;

       financial year means the financial year (within the meaning in the Corporations Act 2001) of the parent entity of the Level 2 insurance group;

       general instruction guide refers to the general instruction guide set out in Attachment A of Reporting Standard GRS 001 Reporting Requirements;

       general insurer means a general insurer authorised under the Insurance Act 1973;

       Group Auditor has the meaning given in GPS 310;

       Level 2 insurance group is defined in Attachment D of GPS 001;

       Principal Executive Officer means the principal executive officer of the parent entity of the Level 2 insurance group, by whatever name called, and whether or not he or she is a member of the governing board of the parent entity of the Level 2 insurance group;

       regulated institution is defined in GPS 001 as a collective term for general insurers and Level 2 insurance groups; and

       reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8.

    19.         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.

    20.         Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.

Reporting Standard GRS 460.1.G

Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group)

General instructions
These instructions assist completion of Reporting Standard GRS 460.1.G Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group) (GRS 460.1.G). GRS 460.1.G collects information relating to the impact on the capital base and each component of the prescribed capital amount of a Level 2 insurance group due to a reinsurance counterparty failure.

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