Document ID: chunk:federal_register_of_legislation:F2023L00642:front:0:p6
Version: federal_register_of_legislation:F2023L00642
Segment Type: other
Provision Reference: 
Character Range: 13551–16964

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.

International business
A Level 2 insurance group may use a best endeavours basis to determine the identification of asset or counterparty exposures for international business. The best endeavours basis must use information held by entities within the Level 2 insurance group, or otherwise publicly available information, in a manner consistent with the group's documented credit risk management policies.
A Level 2 insurance group may use accounting records to derive values for reinsurance recoverables, expected reinsurance recoveries and other reinsurance asset related data items for international business (subject to meeting Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) requirements and after removing regulatory receivables and payables).
For clarity, in this Reporting Standard, reinsurance recoverables on paid claims and reinsurance recoverables on outstanding claims are not reported separately. As such, there is no need to make the adjustment for reinsurance recoverables on paid claims.

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

C
Cash and cash equivalents   This is the value, as at the relevant date, of notes and coins; deposits withdrawable or redeemable within 24 hours; and securities purchased under agreements to resell.
Cash management trusts      This is the aggregate value of holdings in investment vehicles which constitute cash management trusts.
Counterparty grade          This is the classification applied to an investment or exposure as per the requirements of GPS 001. Assets guaranteed by an Australian state or territory government must be reported in the counterparty grade that applies after rating up one grade in accordance with Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge.

D
Derivatives (assets)  This is the value of all open derivatives positions reported as assets.

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.
                                                                             This is calculated as the sum of:
                                                                                 * expected reinsurance recoveries: relating to APRA-authorised reinsurers; and
                                                                                 * expected reinsurance recoveries: relating to non-APRA-authorised reinsurers.
Expected reinsurance recoveries: relating to APRA-authorised reinsurers      Means the value of expected reinsurance recoveries related to APRA-authorised reinsurers.
Expected reinsurance recoveries: relating to non-APRA-authorised reinsurers  Means the value of expected reinsurance recoveries related to non-APRA-authorised reinsurers.

I
Interest rate investments (direct)  This is the value of debt securities held by the reporting Level 2 insurance group as at the relevant date,