Document ID: chunk:federal_register_of_legislation:F2023L00711:front:0:p5
Version: federal_register_of_legislation:F2023L00711
Segment Type: other
Provision Reference: 
Character Range: 10956–13977

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.

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 and expected reinsurance recoveries 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).

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 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