Document ID: chunk:federal_register_of_legislation:F2023L00690:reg:7:p9
Version: federal_register_of_legislation:F2023L00690
Segment Type: reg
Provision Reference: reg 7 (pt 9/9)
Character Range: 50217–51448

stress and currency stress.
[8]  For a claims-made policy, the reference to "event" is to the date a claim notification was made. Novated contracts are regarded as incepting at the time specified in the contract they replaced, except where a later time is specified in the novation deed.
[9]  For the avoidance of doubt, the default factors specified in Table 4 apply to the amount of relevant reinsurance recoverables that exceeds the amount of available collateral, guarantee or letter of credit.
[10]  Any dispute between the insurer and reinsurer in relation to a receivable arising from a reinsurance recoverable would have been taken into account in the valuation processes provided for under GPS 340
[11]  For the purpose of application of paragraphs 6 to 10 of this Attachment to a Level 2 insurance group, 'insurer' must be read to mean a Level 1 insurer (as defined in GPS 001).
[12]  For clarity, this means that the reinsurance recoverables from non-APRA-authorised reinsurers of entities within the Level 2 insurance group that are not insurers are not subject to the default factors in Table 3, subject to the default factors in Table 4 or the default factor as determined by paragraph 76 for the default stress test.