Interest in Controlled Entities, Associates and Joint Ventures (Level 2 Insurance Group)

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1 Reporting Form GRF 450.0_G Interest in Controlled Entities, Associates and Joint Ventures (Level 2 Insurance Group) Instruction Guide Introduction This form collects information on the Level 2 insurance group s interest in: consolidated entities of Level 2 insurance group; controlled entities that are non-consolidated subsidiaries of Level 2 insurance group; and associates and joint ventures. Audit requirements The annual return of GRF 450.0_G Interest in Controlled Entities, Associates and Joint Ventures (Level 2 insurance group) required under paragraphs 3 and 5(c) of Reporting Standard GRS 450.0_G must be subject to a limited assurance 1 review by the Group Auditor (see Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups (GPS 311)). The Group Auditor must prepare a review report on the basis of a limited assurance engagement in accordance with the requirements of GPS 311. Assurance in the review report will be provided in the form of negative assurance. To express negative assurance in the review report, the auditor will use limited procedures to obtain sufficient appropriate evidence. Enquiries of the group s staff and analytical procedures will be the primary tools used to obtain evidence. These procedures will not provide all the evidence that would be required in an audit. The scope and nature of audit testing required is outlined in the Standard on Assurance Engagement ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information issued by the Auditing and Assurance Standards Board. 1 Limited assurance is as defined according to Framework for Assurance Engagements issued by the AUASB as may be amended from time to time. GRF 450.0_G Instructions - 1

2 Reporting entities GRF 301.0_G Reinsurance Assets and Risk Charge (Level 2 Insurance Group) is to be completed by the parent entity of a Level 2 insurance group as defined under GPS 001. Consolidation at Level 2 should cover the Level 2 insurance group as defined under GPS 001. Unit of measurement This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with Australian accounting standards. Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with Australian accounting standards. Basis of preparation In completing this form, Level 2 insurance groups are requested to follow the recognition and measurement requirements specified in the APRA forms. Materiality Level 2 insurance groups are required to report only material interests in controlled entities, associates and joint ventures. Threshold levels for materiality are to be agreed with APRA. Matters that APRA may take into account in determining whether a nonconsolidated subsidiary is material include, but are not limited to: the net assets; the total liabilities; and the total revenue of the non-consolidated subsidiary in comparison to those of the Level 2 insurance group. GRF 450.0_G Instructions - 2

3 Reporting period Level 2 insurance groups are required to report the information in the reporting form on a half yearly and annual basis. A Level 2 insurance group will be required to submit an unaudited and audited annual return. The audit will be based on a limited assurance review by the Group Auditor (see audit requirements). The annual information is to be completed in respect of the financial year of the group. The half year information is to be completed in respect of the 6 months from the start of the financial year of the group. The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the Level 2 insurance group. Reporting lag Submission times for Level 2 reporting forms are as follows: The unaudited half yearly return is to be lodged within three months after the end of the reporting period. The unaudited annual return is to be lodged within three months after the end of the reporting period. The audited annual return is to be lodged within four months after the end of the reporting period. Where a Level 2 insurance group has its audited annual returns prepared and submitted to APRA within three months, the submission of these returns may be in lieu of the unaudited annual returns without any further lodgment required. Adjustments The parent entity of a Level 2 insurance group may apply in writing to APRA to vary the reporting requirements of GRF 450.0_G Interest in Controlled Entities, Associates and Joint Ventures in relation to that Level 2 insurance group. APRA may in its discretion approve such an application in writing. GRF 450.0_G Instructions - 3

4 Specific instructions This form is separated into the following parts: 1. Part A: Interest in consolidated entities of the Level 2 insurance group 2. Part B: Interest in controlled entities that are non-consolidated subsidiaries of the Level 2 insurance group 3. Part C: Interest in Associates and Joint Ventures The requirements for each of these are detailed below: Part A: Interest in consolidated entities of the Level 2 insurance group For the purposes of this form, Entity means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives. For the purposes of this form, consolidated entities includes reporting entities included in Level 2 insurance group. A.1: Interest in consolidated entities - Australian For the purposes of this form, consolidated entities - Australian includes only the Australian reporting entities included in Level 2 insurance group. Do not include International reporting entities here. (1) Name of Consolidated Entity Report the full name of each consolidated entity. (2) APRA Regulated General Insurer If the consolidated entity is an APRA regulated general insurance entity input yes, otherwise input no. (3) Ownership Percentage % Disclose the percentage of the Level 2 insurance group s ownership of shares or units of the consolidated entity. (4) Goodwill and identifiable intangible assets Report the carrying value of goodwill and identifiable intangible assets of each entity within the Level 2 insurance group in accordance with Australian accounting standards. Where goodwill is assigned to cash generating units and these units do not align with legal entities, an approach to completing this form needs to be agreed with APRA. GRF 450.0_G Instructions - 4

5 (5) Gross Assets Report the gross value of assets that relates to the Level 2 insurance group s interest in each consolidated entity. (6) Gross Liabilities Report the gross value of liabilities that relates to the Level 2 insurance group s interest in each the consolidated entity. A.2: Interest in consolidated entities - International For the purposes of this form, consolidated entities - International includes only the international reporting entities included in Level 2 insurance group. Do not include Australian reporting entities here. (1) Name of Consolidated Entity Report the full name of each consolidated entity. (2) Ownership Percentage % Disclose the percentage of the Level 2 insurance group s ownership of shares or units of the consolidated entity. For the purposes of this form, where the reporting entity is a branch, report as not applicable (N/A). (3) Goodwill and identifiable intangible assets Report the carrying value of goodwill and identifiable intangible assets of each entity in accordance with Australian accounting standards by geographic region. Where goodwill is assigned to cash generating units and these units do not align with legal entities, an approach to completing this form needs to be agreed with APRA.. (4) Region (for which Gross Assets and Gross Liabilities are reported) Report the region to which the gross assets and liabilities apply. These regions are to be consistent with those defined in GRF 210.0_G Outstanding Claims Liability - Insurance Risk Charge (Level 2 insurance group) and GRF 210.1_G Premiums Liabilities - Insurance Risk Charge (Level 2 insurance group). For prudential reporting purposes Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001). International business, as defined in GPS 001, is to be reported according to the following geographical regions 2 : New Zealand; South East Asia; 2 For the purposes of prudential reporting, Lloyd s syndicates are to be reported as international business. GRF 450.0_G Instructions - 5

6 Asia Pacific; USA Americas; UK/Europe; and Other. Once regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any changes. (5) Gross Assets Report the gross value of assets that relates to the Level 2 insurance group's interest in each consolidated entity by geographic region specified on the form. This is based on where the assets are located. (6) Gross Liabilities Report the gross value of liabilities that relates to the Level 2 insurance group's interest in each consolidated entity by geographic region specified on the form. This is based on where the assets are located. Part B: Interest in controlled entities that are non-consolidated subsidiaries 3 of the Level 2 insurance group For the purposes of this form, controlled entities is to be interpreted as defined in AASB 127 Consolidated and Separate Financial Statements. Report controlled entities that are consolidated under Australian accounting standards but are treated, for prudential reporting purposes, as non-consolidated subsidiaries of the Level 2 insurance group under Prudential Standard GPS 001 Definitions (GPS 001). (1) Name of Controlled Entity Report the full name of each controlled entity. (2) Description/Nature of Business In the space provided, detail a brief description of the main business conducted by the entity. (3) APRA Regulated If the controlled entity is an APRA regulated entity input yes, otherwise input no. (4) Country of Incorporation Report the country in which the entity is incorporated. 3 See GPS 001. GRF 450.0_G Instructions - 6

7 (5) Ownership Percentage % Disclose the percentage of the Level 2 insurance group s ownership of shares or units of the controlled entity. (6) Value of Investment in Controlled Entity Disclose the value of the investment in the Level 2 insurance group in the controlled entity as represented by the value of the non-consolidated subsidiary per the subsidiary's financial statements prepared in accordance with Australian accounting standards. (7) Net tangible assets of the controlled entity Report the net tangible assets of the associate or joint venture. Net tangible assets are to be determined in accordance with the Australian accounting standards or the relevant local equivalents of International Financial Reporting Standards. (8) Region (for which Gross Assets and Gross Liabilities are reported) Report the region to which the gross assets and liabilities apply. These regions are to be consistent with those defined in GRF 210.0_G Outstanding Claims Liability - Insurance Risk Charge (Level 2 insurance group) and GRF 210.1_G Premiums Liabilities - Insurance Risk Charge (Level 2 insurance group). For prudential reporting purposes Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001). International business, as defined in GPS 001, is to be reported according to the following geographical regions: New Zealand; South East Asia; Asia Pacific; USA Americas; UK/Europe; and Other. Once regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any changes. GRF 450.0_G Instructions - 7

8 (9) Gross Assets Report the gross value of assets that relates to non-consolidated subsidiaries of the Level 2 insurance group reported by geographic region specified on the form. This is based on where the assets are located. (10) Gross Liabilities Report the gross value of liabilities that relates to non-consolidated subsidiaries of the Level 2 insurance group reported by geographic region specified on the form. This is based on where the liabilities are located. (11) Adequate Capital APRA may, under paragraph 59 of GPS 111, require a Level 2 insurance group to deduct from capital an amount to cover the undercapitalisation of a non-consolidated subsidiary of the group. Consequently, Level 2 insurance groups are required to undertake an assessment of the capital levels of non-consolidated subsidiaries. Details of any assessment undertaken must be included in the Level 2 insurance group s business plan. If the non-consolidated subsidiary is adequately capitalised on a standalone basis input yes, otherwise input no. Part C: Interest in Associates and Joint Ventures For the purposes of this form, the reference to associates is to be interpreted as defined in AASB 128 Investments in Associates. Reference to joint ventures in this form includes joint venture entities and joint venture operations. Joint venture entities and joint venture operations are to be interpreted as defined in AASB 131 Interests in Joint Ventures. (1) Name of Associate/Joint Venture Report the full name of each associate or joint venture. (2) Description/Nature of Main Business Provide a brief description of the main business conducted by the associate the joint venture. (3) APRA Regulated General Insurer If the associate or joint venture is an APRA regulated general insurance entity input yes, otherwise input no. (4) Country of Incorporation Report the country in which the associate or the joint venture is incorporated. GRF 450.0_G Instructions - 8

9 (5) Percentage Ownership or Interest in Associate or Joint Venture Disclose the percentage of the Level 2 insurance group s ownership or interest in the associate or the joint venture. (6) Value of Interest in Associate or Joint Venture Report the value of the investment in the associate or joint venture using the accounting method adopted in the financial statements of the Level 2 insurance group in accordance with Australian accounting standards. (7) Net Tangible Assets of Associate or Joint Venture Report the net tangible assets of the associate or joint venture. Net tangible assets are to be determined in accordance with International Financial Reporting Standards (IFRS) or any other recognised accounting framework (eg US GAAP) may be used only when approved by APRA.. (8) Net Income Recognised from Interest in Associate or Joint Venture Disclose the net income recognised from the Level 2 insurance group s interest in the associate or joint venture. (9) Region (for which Gross Assets and Gross Liabilities are reported) Report the region to which the gross assets and liabilities apply. These regions are to be consistent with those defined in GRF 210.0_G Outstanding Claims Liability - Insurance Risk Charge (Level 2 insurance group) and GRF 210.1_G Premiums Liabilities - Insurance Risk Charge (Level 2 insurance group). For prudential reporting purposes Australian business is as defined in Prudential Standard GPS 001 Definitions (GPS 001. International business, as defined in GPS 001, is to be reported according to the following geographical regions: New Zealand; South East Asia; Asia Pacific; USA Americas; UK/Europe; and Other. GRF 450.0_G Instructions - 9

10 Once regions are defined, they should generally be maintained thereafter for consistency. However, this does not prevent the Level 2 insurance group from altering its reporting regions where necessary, provided APRA is notified of any change. (10) Gross Assets Report the gross value of assets that relates to associates and joint venture operations of the Level 2 insurance group reported by geographic region specified on the form. This is based on where the assets are located. (11) Gross Liabilities Report the gross value of liabilities that relates to associates and joint venture operations of the Level 2 insurance group reported by geographic region specified on the form. This is based on where the liabilities are located. GRF 450.0_G Instructions - 10

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