Document ID: chunk:federal_register_of_legislation:F2023L00568:front:0:p11
Version: federal_register_of_legislation:F2023L00568
Segment Type: other
Provision Reference: 
Character Range: 31086–35369

subject to Asset Risk Charge type)  Non-reinsurance recoveries receivable is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.

                                           This must exclude any amount already allowed in insurance liabilities determined under GPS 340 to avoid double counting.

                                           This amount must be consistent with non-reinsurance recoveries receivable reported in GRS 112.0.

O
Off-balance sheet exposures                               This is the value of off-balance sheet exposures that are subject to the Asset Risk Charge.

(Items subject to Asset Risk Charge type)
Other accounts payable on insurance contracts issued      Other accounts payable on insurance contracts issued reflects any other amounts due but not paid relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.

(Items subject to Asset Risk Charge type)                 Other accounts payable on insurance contracts issued is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.

                                                          This must exclude any amount already allowed in insurance liabilities determined under GPS 340 to avoid double counting.

                                                          This amount must be consistent with other accounts payable on insurance contracts issued reported in GRS 112.0.
Other accounts receivable on insurance contracts issued   Other accounts receivable on insurance contracts issued reflects any other amounts due but not received relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.

(Items subject to Asset Risk Charge type)                 Other accounts receivable on insurance contracts issued is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.

                                                          This must exclude any amount already allowed in insurance liabilities determined under GPS 340 to avoid double counting.

                                                          This amount must be consistent with other accounts receivable on insurance contracts issued reported in GRS 112.0.
Other assets subject to Asset Risk Charge                 This is the value of the accounting assets that have not been reported elsewhere in:

                                                              * cash and cash equivalents
(Items subject to Asset Risk Charge type)                     * current tax assets
                                                              * deferred tax assets
                                                              * derivatives (assets)
                                                              * investments in related entities (associates, joint ventures, subsidiaries)
                                                              * interest rate investments (direct)
                                                              * equities (direct)
                                                              * property (direct)
                                                              * loans (direct)
                                                              * indirect investments

                                                          This does not include assets in excess of the concentration limits set out in Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge or assets which are deducted from capital base such as surplus in defined benefit superannuation funds of which the reporting insurer is an employer-sponsor.

                                                          Additionally, this excludes the following items from the AASB 17 balance sheet:

                                                              * insurance contract assets; and
                                                              * reinsurance contract assets.
Other liabilities subject to Asset Risk Charge            This consists of all other accounting liabilities of the reporting insurer not separately