Document ID: chunk:federal_register_of_legislation:F2023L00720:front:0:p6
Version: federal_register_of_legislation:F2023L00720
Segment Type: other
Provision Reference: 
Character Range: 14174–17097

determined under AASB 17 in surplus or deficit to the net premiums liabilities determined under GPS 340.

R

Reinsurer identifier       The unique identifier for the counterparty reported in name of counterparty (reinsurer). Where relevant, the reinsurer identifier must be reported as stated on the reinsurer identifier list.

Reinsurer identifier list  This is a list of reinsurers which includes the name of the counterparty, counterparty domicile, counterparty group name and group domicile. The list is located on APRA's website.

T

Total impact on Asset Concentration Risk Charge                Report the change in the Asset Concentration Risk Charge (ACRC) due to the failure of the reinsurer reported in name of counterparty (reinsurer). A general insurer must consider whether any existing ACRC due to the reinsurer reported in name of counterparty (reinsurer) is decreased due to its failure. A general insurer must also consider whether there is a change in the ACRC (either an increase in an existing ACRC or a new ACRC) due to a decrease in capital base from the failure of the reinsurer reported in name of counterparty (reinsurer).

Total impact on Asset Risk Charge (after aggregation formula)  Report the change in the Asset Risk Charge due to the failure of the reinsurer reported in name of counterparty (reinsurer). The amount reported must be after the aggregation formula in Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge is applied. A general insurer may estimate this by applying the percentage of the aggregated risk charge components to the sum of the risk charge components on Reporting Standard GRS 114.0 Asset Risk Charge or Reporting Standard GRS 114.0.G Asset Risk Charge for a Level 2 insurance group. In addition, a general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome.

Total impact on capital base                                   Report the decrease in capital base, after tax where applicable, due to the failure of the reinsurer reported in name of counterparty (reinsurer). This accounts for changes resulting from the loss of the reinsurer on a general insurer's net outstanding claims liabilities and net premiums liability. This will include any change in the OCL surplus / deficit and PL surplus / deficit.

Total impact on Insurance Concentration Risk Charge            Report the increase in the Insurance Concentration Risk Charge (ICRC) due to the failure of the reinsurer reported in name of counterparty (reinsurer). This must consider the impact on each component of the ICRC (if applicable) and the current ICRC of the insurer. A general insurer may use simplifying assumptions as long as those assumptions do not have a material impact on the overall capital coverage outcome.

Total impact on Insurance Risk Charge                          Report the