Featured Product

    APRA Reporting Guidance for Large Exposures of Insurers on GRF 117.0

    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

    Featured Experts
    Related Articles
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    FINMA Outlines Treatment of Stablecoins in Supplement to Guide on ICO

    FINMA published a supplement to its initial coin offerings (ICOs) guidelines, outlining the treatment for stablecoins under the Swiss supervisory law.

    September 11, 2019 WebPage Regulatory News
    News

    Ursula von der Leyen Presents Structure of Next European Commission

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission.

    September 10, 2019 WebPage Regulatory News
    News

    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

    September 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting

    EBA published the revised list of validation rules (version 2.9) in its implementing technical standards on supervisory reporting.

    September 10, 2019 WebPage Regulatory News
    News

    Bundesbank Publishes Supplementary Validation Rules for Reporting

    Bundesbank published the updated document containing supplementary validation rules in the context of the implementation of the reporting system at national level.

    September 10, 2019 WebPage Regulatory News
    News

    APRA Licenses Xinja Bank as Authorized Deposit-Taking Institution

    APRA granted Xinja Bank Limited a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

    September 09, 2019 WebPage Regulatory News
    News

    FDIC Proposes Revisions to Regulations on Interest Rate Restrictions

    FDIC proposed revisions to its regulations covering interest rate restrictions that apply to less than well-capitalized insured depository institutions.

    September 09, 2019 WebPage Regulatory News
    News

    EBA Intends to Clarify End-Treatment of Grandfathered Instruments

    EBA announced its intention to clarify the prudential treatment applicable to own funds instruments at the end of the grandfathering period, which expires on December 31, 2021.

    September 09, 2019 WebPage Regulatory News
    News

    IMF Releases Reports on 2019 Article IV Consultation with Saudi Arabia

    IMF published its staff report and selected issues report in context of the 2019 Article IV consultation with Saudi Arabia.

    September 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3799