General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
August 30, 2018

APRA issued reporting guidance for large exposures and reinsurance central counterparties in the form of lists of counterparty groups and exposure descriptions. While reporting, insurers should match the exact spelling specified in these lists, where applicable. The two lists are included in the Appendices to the notification letter issued by APRA. The guidance applies to all general insurers and level 2 insurance groups.

Currently, insurers are required to submit details of large exposures on the forms reporting forms GRF 117.0 and GRF 117.0(G), including free text fields for the “name of counterparty,” “counterparty group name,” “ACN/ABN,” and “description.” Due to the free text nature of these fields, different insurers have been using slightly different wording (for example, ”Australian Government,” ‘’Aus Govt,” “Commonwealth Govt”). This limits the comparability of submissions and the usefulness of the data to the APRA supervision. To address this issue and to help insurers submit consistent data that are fit for analytical purposes, APRA has developed lists of standard wordings for two of these text fields: “counterparty group name” and “exposure description.” These lists consist of a link to an existing list of reinsurance counterparties and a list of other common counterparty group names and common exposure types. Insurers should match the exact spelling specified by these lists where applicable.

Where a counterparty group or exposure description does not correspond to an entry on the lists, insurers should continue to report the item unchanged. APRA will review all entity submissions and periodically update the lists as the nature of insurers’ counterparty groups and exposure types change over time. APRA also reminds insurers to report the counterparty ACN or ABN when reporting large exposures, as required in the reporting standard. This helps to properly identify the large exposure counterparty, in addition to the use of standard counterparty group names and descriptions. APRA is committed to ensuring that data submitted to it continues to meet its supervisory needs. Data submitted on reporting forms GRF 117.0 and GRF 117.0(G) provide APRA with useful information about insurers’ concentration risk and exposures to various counterparties.


Related Links

Keywords: Asia Pacific, Australia, Insurance, Reinsurance, CCPs, Large Exposures, Reporting, GRF 117, APRA

Related Insights

IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20

IAIS published the drafts of revised Insurance Core Principles on Public Disclosure (ICP 20), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Risk Management and Internal Controls (ICP 8), along with a revised draft of the glossary on enterprise risk management (ERM).

November 14, 2018 WebPage Regulatory News

MAS Amends Notice 637 on Capital Adequacy Requirements in Singapore

MAS published the final, revised Notice 637 on the risk-based capital adequacy requirements in Singapore.

November 13, 2018 WebPage Regulatory News

ESMA Updates Q&A on Implementation of CSD Regulation and MAR

ESMA updated questions and answers (Q&A) documents on the implementation of the Central Securities Depository (CSD) Regulation and Market Abuse Regulation (MAR).

November 12, 2018 WebPage Regulatory News

FSB Finalizes and Publishes the Cyber Lexicon

FSB published a cyber lexicon, following the public consultation earlier this year.

November 12, 2018 WebPage Regulatory News

SRB Updates Liability Data Reporting Template for 2019

SRB published version 2.7.1 of the Liability Data Reporting (LDR) Template.

November 12, 2018 WebPage Regulatory News

ECB to Conduct Comprehensive Assessment of Six Bulgarian Banks

ECB will undertake a comprehensive assessment of six Bulgarian banks. The exercise, comprising an asset quality review and a stress test, follows Bulgaria’s submission of a request to establish close cooperation with ECB on July 18, 2018.

November 12, 2018 WebPage Regulatory News

IMF Publishes Reports on the 2018 Article IV Consultation with Chile

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Chile.

November 09, 2018 WebPage Regulatory News

PRA Issues PS27/18 on Implementing the Extension of SM&CR to Insurers

PRA published the policy statement PS27/18, which provides feedback to responses to the consultation paper CP20/18, on implementing the extension of the Senior Managers and Certification Regime (SM&CR) to insurers (Part 2).

November 09, 2018 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for November 2018

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

November 09, 2018 WebPage Regulatory News

FED Finalizes the Large Financial Institution Rating System

FED finalized the new supervisory rating system for Large Financial Institutions (LFIs), to better align with the current supervisory programs and practices for these firms.

November 09, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2204