APRA Reporting Guidance for Large Exposures of Insurers on GRF 117.0

By Regulatory News

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

Bank of Finland Updates Requirements for AnaCredit Reporting

FED Updates Technical Instructions for Form FR Y-14A


News EBA Single Rulebook Q&A: Fourth Update for March 2019 EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week. March 22, 2019 WebPage Regulatory News
News ECB Updates Validation Checks and List of Identifiers Under AnaCredit ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting. March 21, 2019 WebPage Regulatory News
News BCBS Publishes Results of the Basel III Monitoring Exercise BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018. March 20, 2019 WebPage Regulatory News
News EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities. March 20, 2019 WebPage Regulatory News
News HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO). March 20, 2019 WebPage Regulatory News
News EBA Publishes Reports Monitoring the Implementation of Basel III in EU EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU. March 20, 2019 WebPage Regulatory News
News BCBS Publishes Results of Survey on Proportionality in Bank Regulation BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision. March 19, 2019 WebPage Regulatory News
News US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule. March 19, 2019 WebPage Regulatory News
News EBA Updates List of Other Systemically Important Institutions in EU EBA updated the 2018 list of other systemically important institutions (O-SIIs) in EU. The list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs. March 19, 2019 WebPage Regulatory News
News HKMA Expects Banks to Manage Risks Related to Crypto-Asset Exposures HKMA issued a statement announcing that it expects authorized institutions to take note of the BCBS statement on crypto-assets and its prudential expectations. March 18, 2019 WebPage Regulatory News

RESULTS 1 - 10 OF 2780

By Regulatory News

Previous Article

Next Article