Document ID: chunk:federal_register_of_legislation:F2023L00711:front:0:p6
Version: federal_register_of_legislation:F2023L00711
Segment Type: other
Provision Reference: 
Character Range: 13682–16843

the type that has the greatest monetary exposure.

C

Central estimate of reinsurance recoverables  The reinsurance recoverables associated with the counterparty reported in name of counterparty (reinsurer). This amount will include the recoverables on incurred but not reported (IBNR) claims that are allocated to the counterparty. This amount must exclude the amounts reported in 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 for that counterparty. It is measured at central estimate level, in accordance with GPS 340.

Counterparty domicile                         For a subsidiary, the domicile is where the counterparty is legally incorporated. For a branch, the domicile is where the counterparty (branch) is located. Where relevant, the counterparty domicile must be reported as stated on the country code list.

Counterparty group name                       The name of the group to which the counterparty to the reinsurance exposure belongs. Where relevant, the counterparty group name must be reported as stated on the reinsurer identifier list.

Country code                                  This means the two-letter country code as assigned by the ISO 3166 Maintenance Agency to a country defined under the International Organization for Standardization's International Standard ISO 3166. The ISO 3166 Maintenance agency maintains a free online database of country codes, available at  https://www.iso.org/iso-3166-country-codes.html.

E

Expected reinsurance recoveries  This is the amount due to an insurer, or to an entity that carries on international business within a Level 2 insurance group, from a reinsurer that arises from the recognition of premiums liabilities referred to in the GI Prudential Standards (including GPS 340). This is distinguished from reinsurance recoverables. The value of premiums ceded to reinsurers which are determined in accordance with GPS 340 and deferred in accordance with the pattern of reinsurance service received as per GPS 340.

G

Group domicile  The domicile where the group owning the counterparty is legally incorporated.. Where relevant, the group domicile must be reported as stated on the country code list.

I

Incurred but not reported (IBNR)  Represents the claims arising from incidents occurring prior to the close of the reporting period which are expected to be reported in subsequent reporting periods.

M

Major form of collateral / guarantee  The type of collateral / guarantee, if applicable, that is support for the reinsurance recoverables in accordance with Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge (GPS 114). Where there is more than one type of collateral or guarantee provided as support, report the type that has the greatest monetary exposure. Collateral / guarantee types can include (but are not limited to) trusts, letters of credit and financial guarantees.

N

Name of counterparty (reinsurer)                                                              The legal name of the