Document ID: chunk:federal_register_of_legislation:F2023L00708:front:0:p4
Version: federal_register_of_legislation:F2023L00708
Segment Type: other
Provision Reference: 
Character Range: 8533–11454

GPS 001;

       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;

       regulated institution is defined in GPS 001 and refers collectively to both insurers and Level 2 insurance groups; and

       reporting period means a period mentioned in paragraph 6 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 460.0

Reinsurance Assets by Counterparty

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 a table must not appear on more than one row in that table when reported.

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

Audit matters
As a result of Insurance (exemption) determination No. 1 of 2023, the Appointed Auditor of a general insurer is not required to audit, or provide a certificate in relation to, information provided by a general insurer under Reporting Standard GRS 460.0 Reinsurance Assets by Counterparty (GRS 460.0). Under Prudential Standard GPS 310 Audit and Related Matters (GPS 310), the Group Auditor of a Level 2 insurance group is not required to provide a limited assurance review in relation to information provided by the parent entity of a Level 2 insurance group under Reporting Standard GRS 460.0.G Reinsurance Assets by Counterparty (Level 2 Insurance Group) (GRS 460.0.G). APRA, however, may exercise its power under GPS 310 to require the Appointed Auditor or Group Auditor to undertake a special purpose review of the systems, processes and controls surrounding the completion of GRS 460.0 and GRS 460.0.G, or the data contained within GRS 460.0 and GRS 460.0.G.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A

Amount of collateral / guarantee                      The monetary amount of the collateral / guarantee, if applicable, that is support for reinsurance recoverables.

APRA counterparty grade                               The counterparty grade of 1 to 7 in accordance with Prudential Standard GPS 001 Definitions (GPS 001).

APRA counterparty grade after collateral / guarantee  The counterparty grade of the collateral / guarantee reported of grade 1 to 7 in accordance with GPS 001. If there is more than one type of collateral or guarantee, report the grade for the