Document ID: chunk:federal_register_of_legislation:F2023L00708:front:0:p7
Version: federal_register_of_legislation:F2023L00708
Segment Type: other
Provision Reference: 
Character Range: 17400–19144

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 exposures to individual reinsurance counterparties such that the aggregate of the amount reported represents at least 95 per cent of the sum of the general insurer's total central estimate of reinsurance recoverables (including net reinsurance recoverable on paid claims overdue for more than 6 months – central estimate and reinsurance recoverable outstanding from second annual balance date after the event – central estimate) and expected reinsurance recoveries. The remaining exposure to individual counterparties can be aggregated and must be reported in Table 2 as a single data item.

Reporting Practice Guide GRPG 460 Reinsurance Counterparty Data Collection provides guidance to assist general insurers in completing GRS 460.0.

Table 1: Reinsurance assets by counterparty – Reinsurer identifier list

Reporting basis

Report balances for column 6 amount of collateral / guarantee and column 10 central estimate of reinsurance recoverables to column 13 expected reinsurance recoveries, as at the end of the financial year.

Report information for each reporting period on a level 1 (licensed insurer) basis.

Units of measurement

Report values in whole Australian dollars (AUD).

Convert amounts denominated in foreign currency to AUD in accordance with the relevant accounting standard.

    Name                                                                                                    Valid values                                                     Description