Document ID: chunk:federal_register_of_legislation:F2023L00720:front:0:p4
Version: federal_register_of_legislation:F2023L00720
Segment Type: other
Provision Reference: 
Character Range: 8572–11504

D of GPS 001;

       Principal Executive Officer means the principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;

       regulated institution is defined in GPS 001 as a collective term for general insurers and Level 2 insurance groups; and

       reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.

    18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard GRS 460.1

Exposure Analysis by Reinsurance Counterparty

General instructions
These instructions assist completion of Reporting Standard GRS 460.1 Exposure Analysis by Reinsurance Counterparty (GRS 460.1). GRS 460.1 collects information relating to the impact on the capital base and each component of the prescribed capital amount of a general insurer due to a reinsurance counterparty failure.

These instructions must be read in conjunction with the general instruction guide.

Reporting tables
Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear 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.

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 GRS 460.1. 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 460.1.G Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group) (GRS 460.1.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 460.1 and GRS 460.1.G, or the data contained within GRS 460.1 and GRS 460.1.G.

Supplementary information
The general insurer must ensure that any underlying calculations and assumptions used to complete GRS 460.1 are made available to APRA upon request from the general insurer's responsible supervisor.

Definitions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A
APRA counterparty grade                 The counterparty grade of 1 to