Ready, Set, LAGIC! [ APRA regulation ] In this edition. Summary: The Changes
|
|
- Felicia Emily Hunt
- 5 years ago
- Views:
Transcription
1 d finitive Keeping you informed. DECEMBER 2012 [ APRA regulation ] Ready, Set, LAGIC! APRA s new capital framework LAGIC is finally complete, and comes into effect on 1 January APRA has made a series of changes to the framework over the last two and a half years. In this d finitive we ve summarised all you need to know about LAGIC for general insurance in its final form: the standards, the rules, the timing. We compare the end-point with the old framework. Summary: The Changes MCR becomes PCR Introduction of ICAAP New, more complex method for calculating minimum capital requirement six main components. Capital more risk-sensitive. The Internal Capital Adequacy Assessment Process. Two new documents are required. Capital base New definitions and minimum levels for Tier 1, Tier 2 capital. Some changes in timing Annual returns and actuarial reports brought forward. In this edition Why the Changes?...2 The New Minimum Capital....2 The Risk Charges...3 Asset Risk Charges....4 ICRC (Insurance Concentration Risk Charge)....5 Capital Base...6 ICAAP...7 What s new for Appointed Actuaries?... 8 Timetable from Here....9 Other changes Reporting form changes. Some new jobs for actuaries. Which Insurers are Different?...10 The Suite of Standards Sydney Auckland Melbourne Wellington
2 LAGIC has been a major project for APRA, aimed at resolving a number of issues and inconsistencies. Why the Changes? APRA felt that the existing capital requirements were not sensitive enough to an individual insurer s risks. They also did not effectively allow for: >> Asset/liability mismatching >> Currency risk >> Asset concentration of non-reinsurance assets >> Exposure to multiple events in a year >> Operational risk. The changes to the capital framework were also designed to align the standards for all entities APRA regulates, including life insurers and banks; LAGIC also involved changes to the life insurance standards. The New Minimum Capital The new minimum requirement is the PCR (Prudential Capital Requirement). PCR Prudential Capital Requirement = PCA Prescribed Capital Amount Pillar 1 + Supervisory Adjustment Pillar 2 Pillars 1 and 2 of APRA s prudential regulation of general insurance relate to capital. Pillar 3 is the reporting requirements. The PCR is intended to be at a level to maintain solvency with a 1 in 200 year failure level: >> The PCA is the sum of risk charges calculated using the Standard Method >> APRA may make a Supervisory Adjustment to an insurer s capital requirement if it believes the PCA is not sufficient. Some examples of where a Supervisory Adjustment may be required: a start-up; an unusually complex business model or organisational structure; where APRA has concerns about governance, risk management, or management capabilities. We note that a requirement to hold additional capital is not the only approach APRA may take in these circumstances. 2 d finitive DECEMBER 2012
3 The Risk Charges This diagram summarises the calculation of the PCA using APRA s Standard Method. With APRA s approval, an insurer may use an internal capital model to determine the PCA. Insurance Concentration Asset Risk Charge Real Interest Rate Expected Inflation Currency Equity Property Vertical Requirement Horizontal Requirement Other Accumulations Aggregation Formula Insurance Risk Charge Insurance Concentration Risk Charge (ICRC) Asset Risk Charge Aggregation Benefit PRESCRIBED CAPITAL AMOUNT Credit Spreads Asset Concentration Risk Charge Default Operational Risk Charge Changes in the Risk Charges Charge Old Method LAGIC Insurance risk charge MER/ICRC Investment/asset risk charge Investment/asset concentration risk charge Factors applied to OSC and PL >> Factors depend on class of business, and whether RI or direct. MER (Maximum Event Retention) >> Retained cost of in 1 in 250 year event. Risk charge percentage applied to each asset >> Charges vary with riskiness of asset Limit on amount which can count as capital, for counterparties graded 4 or below. Same methodology >> Travel and Mortgage classes moved to higher risk bracket >> Charges for RI business simplified >> Charges for long tail classes reduced. ICRC (Insurance Concentration Risk Charge) >> Covers 1 in 200 year event on whole of portfolio basis >> New horizontal requirement risk of multiple events >> More explicit re natural perils vs other accumulations. Assets and liabilities are stressed together under seven different modules. Same approach for reinsurance exposures. For non-reinsurance exposures limits imposed on all non-government assets. Operational risk charge None Percentage factor applied to greater of GWP and net insurance liabilities >> Extra charge if GWP changes by more than 20% Aggregation benefit >> Reduces capital requirement None Formula which allows for diversification between assets and liabilities. DECEMBER 2012 d finitive 3
4 The asset risk charge calculations have been simplified a little during consultation. However, in Finity s view they remain too complex. Asset Risk Charges The LAGIC asset risk charges are much more complex than the percentage factors applied under the old framework: >> Seven different modules are used to stress the capital base in different ways in each case, the capital charge is the fall (if any) in the capital base >> The capital charges from the stress modules are added together using an aggregation formula which allows for diversification among the assets and reduces the total Asset Risk Charge. The calculations are complex, and insurers will need to establish a streamlined way of calculating the charges at each quarterly reporting date see the back page of this d finitive for news about a useful tool to do this. Module Risk addressed Stress factors Comments Real interest rate Mismatch in timing of asset and liability cashflows. Changes in real interest rates (up and down). Expected inflation Mismatch in extent of inflation risk of assets and liabilities. Changes in CPI rate (up and down). Most important impact is on nominal bond values. No impact on inflation-linked bonds and most GI liabilities as increase in CPI is assumed to be offset by increase in yields. Currency Currency mismatch risk between assets and liabilities. Movements in value of AUD against foreign currencies (up and down). Increase in capital base for one currency cannot be used to offset reductions for other currencies. Equity Riskier nature of this asset class. Increase in ASX 200 dividend yield. Charge likely to be higher when equity markets are high. Also includes impact of increase in equity volatility. Property Riskier nature of this asset class. Increase in rental (earnings) yield. Charge likely to be higher when property markets are high. Credit spreads Counterparty risk for investment assets. Increase in credit spreads for investment assets. Also includes allowance for risk of default for these assets. Results in significant capital charge for holding lower quality investments. Default Counterparty risk for noninvestment assets (e.g. RI recoverables). Uses assumed counterparty default rates. Specified factors are generally higher than in credit spreads module. Aggregation formula Correlations between asset classes (reduces the charge). Aggregates risk charges using assumed level of correlation between modules. Depending on results of first three modules, may need to repeat aggregation benefit calculation to determine largest impact. 4 d finitive DECEMBER 2012
5 ICRC (Insurance Concentration Risk Charge) The ICRC replaces the MER and is estimated as: ICRC = greatest of Natural Perils Vertical Requirement Retained cost of 1 in 200 year event and Natural Perils Horizontal Requirement Cost of multiple smaller events From 1 Jan 2014 and Other Accumulations Retained cost of 1 in 200 year nonnatural perils event Note: ICRC calculation is different for LMI business Vertical Requirement (VR) The VR is equivalent to the current MER, but based on the 1 in 200 year wholeof-portfolio event rather than the 1 in 250 year single site/single peril event. The charge is the net retained cost of the event, including reinstatement costs. The VR may change during the year if there is a significant claims event. Horizontal Requirement (HR) The HR has been introduced to recognise the risk that an insurer may be hit by multiple smaller events in a single year (shades of 2011!). The HR is the greater of: The introduction of the Horizontal Requirement makes the calculation of the ICRC much more complex than the old MER. >> The net retained cost of four 1-in-6 year events (H4), less PL offset, and >> The net retained cost of three 1-in-10 year events (H3), less PL offset. The PL offset is the annualised portion of the insurer s premium liabilities which represents the allowance for the cost of events (for events with return periods of three months or more). The insurer s Appointed Actuary determines the PL offset. The HR is fixed at the start of a year, for the whole year, irrespective of actual events. The HR has a major impact on the ICRC for some property insurers depending on their reinsurance arrangements. APRA has given insurers a year s grace for the HR s introduction, so affected insurers have time to adapt their reinsurance arrangements (or put in place other mitigation). Other Accumulations If an insurer is exposed to accumulations of losses from a common dependent source or non-natural perils ( other accumulations ), it needs to consider the 1 in 200 year exposure to these. If the retained 1 in 200 year cost (including reinstatements) is greater than the Natural Perils VR and HR, this will be the ICRC. Insurers who need to reduce their Horizontal Requirement have until 1 January 2014 to take action via reinsurance arrangements or other mitigation. DECEMBER 2012 d finitive 5
6 The capital base is still split into Tier 1 and Tier 2, and there have been some adjustments to the calculations and limits. Capital Base APRA has made some changes to the definitions and requirements relating to an insurer s capital base: Capital base Still made up of Tier 1 and Tier 2. Tier 1 capital Comprises Common Equity Tier 1 (CET1) plus Additional Tier 1. CET1 replaces Fundamental Tier 1, but has a similar definition. Getting APRA s approval ICRC Under some circumstances insurers will need to get APRA s approval for elements of the ICRC calculation: >> Recalculating the Horizontal Requirement (HR) after a change in the insurer s business or reinsurance program (GPS 116, para 12) >> Where the insurer s reinsurance program has multiple inception dates: > Approach to calculating the Vertical Requirement (VR; GPS 116, para 15) > The reporting date that will apply to the HR (GPS 116, para 28) >> Where allowance is made for aggregate reinsurance cover in the VR or HR, need to agree the methodology with APRA (GPS 166, paras 26, 33, 40). CET1 adjustments Tier 2 capital Limits on capital base Changes to capital adjustments in the calculation of CET1 include: >> Capital held in subsidiaries and joint ventures the PCA of the subsidiary/jv is deducted from CET1 >> Assets subject to a fixed or floating charge will be deducted from CET1 (were previously subject to a 100% asset risk charge) >> Expected dividends no longer deducted from capital. Dividends are deducted once declared (may add back an allowance for dividend reinvestment plans). Upper and Lower categories removed. >> CET1 must be greater than 60% of the PCA (previously 37.5% of capital base) >> Tier 1 must be greater than 80% of PCA (previously 50% of capital base) >> Capital base must be greater than PCR. 86 d finitive DECEMBER 2012
7 ICAAP APRA now requires each insurer to have an ICAAP Internal Capital Adequacy Assessment Process. This links and integrates the insurer s risk appetite, risk management framework, business plan and capital management strategy. APRA expects an insurer s Board to own the risk appetite and ICAAP, and to integrate the ICAAP into decision-making processes, strategy and business planning. Risk Appetite & RMF ICAAP Reporting ICAAP Capital Management & Monitoring Strategy & Business Plan Risk Analysis ICAAP Documents Two new reports are linked to the ICAAP: >> ICAAP summary statement ICAAP policy document which summarises the insurer s ICAAP framework. APRA can request a copy any time from 1 January >> Annual ICAAP report reviews the experience of the previous year relative to the insurer s ICAAP. Projects the capital position for three years. APRA has not fixed the timing of the annual ICAAP report, so it can be done at the time of year that suits each insurer best. The insurer needs to provide the report to APRA within three months of preparing it. Finity s observations on the process of ICAAP development during 2012 are: Key Challenges >> Getting it done in time most companies were active early, but some left it late >> Risk appetite statement format (how detailed, mathematical vs words) >> Risk analysis: > Developing scenarios, estimating their probabilities > Dealing with operational risk and other less quantifiable risks > Explaining results and their implications >> Target Operating Range (TOR) for capital: > Top of range how much is too much capital? > Bottom of range what probability of breaching PCR is OK? >> ICAAP Summary Statement: > How much detail? > Document going round in circles (review by different people) > Sometimes highlighted inconsistency between risk appetite and risk analysis results. Outcomes >> Clearer, more explicit risk appetites >> Risk analysis better understanding of range of risks, and of likelihood of unfavourable outcomes >> TOR more sophisticated in some cases, better understanding of how/ why chosen >> Other areas increased Board engagement, better integration of ICAAP elements, better documentation of capital management. What s next? ICAAP during 2013 >> Embedding ICAAP into business as usual >> For some companies refinement of the framework >> Documentation settling what goes where between Summary Statement, ICAAP annual report and FCR >> Planning for the independent ICAAP review. Overall we see these outcomes as consistent with what APRA would have hoped. DECEMBER 2012 d finitive 7
8 What s new for Appointed Actuaries? Elements requiring sign-off by the Appointed Actuary under LAGIC are: Gross uncertainty Include assessment of uncertainty in gross insurance liabilities in ILVR (GPS 320, para 14). Other business Allocate to category A, B or C, for Insurance Risk Charge calculations, and document reasons in the ILVR. (GPS 115, paras 13-15, and GPS 320, paras 26-27). ICRC Estimate the natural perils PL offset, the portion of the net premium liability which relates to catastrophic losses. Show details in the ILVR. (GPS 116, para 43, and GPS 320, para 28). Determine the Other Accumulations (OA) PML Offset and include in the ILVR. The OA PML is the PML relating to accumulations of losses from a common dependent source or non-natural perils. The OA PML can be offset by any losses already allowed for in the premium liability (GPS 116, para 48, and GPS 320, para 29). FCR Include commentary on ICRC, ICAAP (GPS 320, Attachment B). LMI >> Net PL deduction determine proportion of net premium liability relating to an economic downturn (GPS 116, Attachment A, para 25, and GPS 320, para 30) >> Available RI review level as part of ILVR or FCR (GPS 116, Attachment A, para 20). Reinsurance arrangements Assess whether sufficient to cover PML (GPS 320, Attachment B, (i)). Asset Risk Charge No mandated requirement, but AAs will likely be involved due to complex nature of calculations. 8 d finitive DECEMBER 2012
9 Timetable from Here Date 1 Jan Apr Oct 13 1 Jan 14 All insurers LAGIC takes effect ICAAP Summary Statements signed off by now ICRC - Horizontal Requirement takes effect Reporting to APRA June balance dates Jun 13 annual returns, ILVR, FCR (4 months) December balance dates Dec 12 annual returns, ILVR, FCR (4 months) Changes in Timing >> ILVR and FCR due to APRA within three months (currently four months) for balance dates after 31 March 2014 >> Annual returns due to APRA within three months (currently four months) for reporting periods from 31 March 2015 >> Quarterly returns APRA has proposed a change to 28 calendar days (currently 20 business days), but will consult further on this in Mar Apr 14 First annual ICAAP reports to APRA by now Dec 13 annual returns, ILVR, FCR (4 months) 30 Sep Oct 14 Jun 14 ILVR, FCR (3 months) Jun 14 annual returns (4 months) 31 Mar Apr 15 Dec 14 ILVR, FCR (3 months) Dec 14 annual returns (4 months) 30 Sep 15 Jun 13 annual returns, ILVR, FCR (3 months) 31 Mar 16 Dec 15 annual returns, ILVR, FCR (3 months) DECEMBER 2012 d finitive 9
10 Which Insurers are Different? Insurer Type Groups LMI Branches Run-Off Insurers What s different? Requirements consistent with those of insurers apply at Level 2 Group level. Half yearly reporting rather than quarterly. Group requirements previously set out in separate prudential standards GPS 111, 221 and 311. Now incorporated into GPS 110, 220, 310, 320. Different correlation factor in PCA aggregation benefit formula. Different ICRC calculation set out in GPS 116 Attachment A. No difference in LAGIC requirements. Senior Officer Outside Australia stands in place of Board. Access to additional capital is more straightforward transfer from home office. Run-Off Plan in place of business plan. Actuary reviews run-off plan (no FCR). No ICAAP requirement. Changes to Counterparty Grades APRA s counterparty grades have been refined by breaking grade 5 up into three grades, and unrated entities have a higher grade see below (for more detail see GPS 001 Attachment C). APRA Grade S&P Ratings Old New AAA 1 1 AA+,AA,AA- 2 2 A+,A,A- 3 3 BBB+,BBB,BBB- 4 4 BB+,BB,BB- 5 5 B+,B,B- 5 6 Below B- 5 7 Unrated d finitive DECEMBER 2012
11 The Suite of Standards The landscape of APRA s prudential standards, and other guidance, is different now. The key elements of the current standards and guidance are summarised below. GI Prudential Standards Capital Adequacy GPS 110 GPS 112 GPS 113 GPS 114 GPS 115 GPS 116 GPS 117 GPS 118 Capital Adequacy capital levels, ICAAP, capital disclosures, capital reductions Measurement of Capital Internal Model-Based Method Asset Risk Charge Insurance Risk Charge Other GI Prudential Standards Insurance Concentration Risk Charge Asset Concentration Risk Charge Operational Risk Charge Changes in APRA Reporting Forms >> APRA has made changes to a number of forms to reflect calculation of new risk charges >> GRF series (RI Assets) removed details are now in other forms >> GRF and (information by geographic location etc) now required quarterly >> Other minor changes. APRA plans to consult in 2013 on the collection of additional information on reinsurance arrangements. GPS 001 GPS 120 GPS 220 GPS 230 GPS 310 Definitions Assets in Australia Risk Management Reinsurance Management Audit GPS 320 Actuarial Prudential Standards for GI, NOHCs and Groups CPS 231 CPS 232 CPS 510 Outsourcing Business Continuity Management Governance CPS 520 Fit and Proper Other new APRA guidance CPG 110 GPG 116 Information Paper Actuarial Standards (IAA) ICAAP and Supervisory Review Insurance Concentration Risk Asset Risk Charge PS 300 PS 315 PS 305 Valuation External Peer Review FCRs and reviews of Run-Off Plans DECEMBER 2012 d finitive 11
12 d finitive [ APRA regulation ] Conduct your asset risk stress tests with Finity s new userfriendly Excel template. To find out more, please contact Brett Riley on Finity Consulting Finity is one of Australia and New Zealand s leading actuarial and management consulting firms. Our expertise in the insurance industry is highly regarded and has been developed by working with the industry since the early 1980s. Specialising in general and health insurance, Finity works closely with large and niche insurers as well as government agencies to deliver world-class actuarial, pricing and strategic advice. We provide Appointed Actuary services to around 30 APRA-regulated general insurers. Finity was inducted into the Australian Insurance Industry Awards Hall of Fame in 2012 after being awarded Service Provider of the Year to the Insurance Industry in five of the previous six years. Our advice is innovative and practical. It is aimed at helping our clients make decisions that improve their business. This article is based on Finity s current understanding of APRA s framework. It does not constitute either actuarial or investment advice. While Finity has taken reasonable care in compiling the information presented, Finity does not warrant that the information is correct. We refer the reader to APRA s website ( for further detail, or contact one of our consultants. Contacts Karen Cutter karen.cutter@finity.com.au David McNab david.mcnab@finity.com.au Gae Robinson gae.robinson@finity.com.au Australia & New Zealand Insurance Industry Award Service Provider of the Year 2006, 2007, 2008, 2009 and Australian Insurance Industry Awards - Inaugural Inductee into the Hall of Fame Australia Sydney Tel Level 7, 155 George St The Rocks, NSW 2000 Melbourne Tel Level 3, 30 Collins Street Melbourne, VIC 3000 New Zealand Auckland Tel Level 27, 188 Quay St Auckland 1010 Wellington Tel Level 16, 157 Lambton Quay Wellington 6140 Contact the Author Gae Robinson Tel gae.robinson@finity.com.au Sydney Office Finity Consulting Pty Limited ABN
Taylor Fry Newsletter 3 on the APRA Capital Update February Time for action on APRA changes
Taylor Fry Newsletter 3 on the APRA Capital Update February 2012 The APRA capital standards review is now at a stage where you, as general insurers, can get a fair idea of the potential implications of
More informationAPRA Capital: What s ahead for General Insurers?
APRA Capital: What s ahead for General Insurers? APRA released a discussion paper in mid May on the capital standards for life and general insurers. The paper highlights two aims. The first is to improve
More informationGood news all around, for the most part, but new forms are due to APRA on 30 September not far away!
APRA s prudential reporting changes Good news all around, for the most part, but new forms are due to APRA on 30 September not far away! On the 23rd of June APRA issued the final version of new reporting
More informationConcurrent Session: General Insurance
Concurrent Session: General Insurance Insurance Capital Review Seminar 30 June 2010 Hosted by 1 Components of required capital Operational risk Aggregation benefit Supervisory Adjustment Asset concentration
More informationupdate The APRA Capital Update: What does it mean for you?
Taylor Fry Newsletter August 2010 The APRA Capital Update: What does it mean for you? In May this year APRA released a discussion paper outlining a raft of proposed changes to current capital standards.
More informationRate Adequacy Index for Commercial Lines Commercial Lines Pricing Seminar August Copyright 2012 Finity Consulting
Rate Adequacy Index for Commercial Lines Commercial Lines Pricing Seminar 2012 27 August 2012 Copyright 2012 Finity Consulting Estimated Underwriting Profit Is actual profit sending the right signals?
More informationRisk Management for Australian Life (& General) Insurers
Risk Management for Australian Life (& General) Insurers ICAAP & LAGIC 2013 年 11 月 29 日 演講人 :FredRowley Rowley, MA, FIA, FIAA, Hon FFA, CERA Appointed Actuary, TAL Life Ltd, Sydney, Australia Past President,
More information32 / RISK MANAGEMENT
32 / RISK MANAGEMENT FEATURE SOLID FOUNDATIONS The Australian Prudential Regulation Authority (APRA) released the final package of new cross-industry risk management and governance standards on 31 January
More informationChallenger Life Company Limited Comparability of capital requirements across different regulatory regimes
Challenger Life Company Limited Comparability of capital requirements across different regulatory regimes 26 August 2014 Challenger Life Company Limited Level 15 255 Pitt Street Sydney NSW 2000 26 August
More informationChanges in ALM under LAGIC
Changes in ALM under LAGIC Gerard Callaghan Peter Baker 2014 Deloitte Actuaries & Consultants Limited This presentation has been prepared for the Actuaries Institute 2014 Financial Services Forum. The
More informationSuncorp Group Limited ABN
Suncorp Group Limited ABN 66 145 290 124 Financial results for the full year ended 30 June 2013 Basis of preparation Suncorp Group ( Group, the Group or Suncorp ) is represented by Suncorp Group Limited
More information2 COMMENCEMENT DATE 5 3 DEFINITIONS 5 4 MATERIALITY 8. 5 DOCUMENTATION Requirement for a Report Content of a Report 9
PROFESSIONAL STANDARD 300 VALUATIONS OF GENERAL INSURANCE CLAIMS INDEX 1 INTRODUCTION 3 1.1 Application 3 1.2 Classification 3 1.3 Background 3 1.4 Purpose 4 1.5 Previous versions 4 1.6 Legislation and
More information3. RISK NOTE 2.7 TRADE AND OTHER PAYABLES
NOTE 2.7 TRADE AND OTHER PAYABLES 2017 2016 A. COMPOSITION I. Reinsurance premium payable (a) 712 848 II. Trade creditors (b) Commissions payable 268 257 Stamp duty payable 123 116 GST payable on premium
More informationProposed Transfer of the Insurance Business of Calliden Insurance Limited to Great Lakes Reinsurance (UK) SE (Australian Branch)
Proposed Transfer of the Insurance Business of Calliden Insurance Limited to Great Lakes Reinsurance (UK) SE (Australian Branch) Munich Holdings of Australasia Pty Limited 22 December 2016 Ernst & Young
More informationICAAP Case Study for Small Insurers and Branches
ICAAP Case Study for Small Insurers and Branches Martin Fry & Sharanjit Paddam Taylor Fry Pty Ltd This presentation has been prepared for the Actuaries Institute 2012 General Insurance Seminar. The Institute
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 June SECTION 1: BASIS OF PREPARATION Overview This section outlines the basis on which the Group s financial statements are prepared. Specific accounting
More informationNEW ZEALAND SOCIETY OF ACTUARIES PROFESSIONAL STANDARD NO. 31 NON-LIFE INSURERS - FINANCIAL CONDITION REPORT MANDATORY STATUS
NEW ZEALAND SOCIETY OF ACTUARIES PROFESSIONAL STANDARD NO. 31 NON-LIFE INSURERS - FINANCIAL CONDITION REPORT MANDATORY STATUS EFFECTIVE DATE: 1 JANUARY 2013 INDEX 1 INTRODUCTION 2 1.1 Application 2 1.2
More informationSolvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test
Solvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE The purpose of this document
More informationG R O W I N G TO G E T H E R
2 MAY 2018 1Q18 FINANCIAL RESULTS PRESENTATION G R O W I N G TO G E T H E R 2018 Genworth Mortgage Insurance Australia Limited. All rights reserved. Disclaimer This presentation contains general information
More informationSolvency Assessment and Management: Steering Committee Position Paper 34 1 (v 5) Own Risk and Solvency Assessment
Solvency Assessment and Management: Steering Committee Position Paper 34 1 (v 5) Own Risk and Solvency Assessment EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE The purpose of this document is to present
More informationCOMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2017
COMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2017 CommInsure CommInsure is the registered business name under which the insurance companies in the Commonwealth Bank Group (the Group) conduct
More informationCOMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2018
COMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2018 CommInsure CommInsure is the registered business name under which the insurance companies in the Commonwealth Bank Group (the Group) conduct
More informationBasel III Pillar 3. Capital Adequacy and Risks Disclosures as at 31 December 2017
Basel III Pillar 3 Capital Adequacy and Risks Disclosures as at 31 December 2017 Commonwealth Bank of Australia ACN 123 123 124 7 February 2018 Images Mastercard is a registered trademark and the circles
More informationCOMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2015
COMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2015 CommInsure CommInsure is a registered business name under which the insurance companies in the Commonwealth Bank Group (the Group) conduct business.
More informationBasel III Pillar 3. Capital Adequacy and Risks Disclosures as at 31 December 2016
Basel III Pillar 3 Capital Adequacy and Risks Disclosures as at 31 December 2016 COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124 15 FEBRUARY 2017 This page has been intentionally left blank Table of Contents
More informationChallenger. About Challenger Life
Challenger www.challenger.com.au About Challenger Life 30 June 2014 Challenger About Challenger Life Who is Challenger? Challenger Limited is a publicly listed investment management firm. Established in
More informationCOMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2016
COMMINSURE CAPITAL ADEQUACY DISCLOSURE. Dated: 30 June 2016 CommInsure CommInsure is a registered business name under which the insurance companies in the Commonwealth Bank Group (the Group) conduct business.
More informationFor personal use only. Suncorp Group Limited ABN Analyst Pack
Suncorp Group Limited ABN 66 145 290 124 Analyst Pack for the full year ended 30 June 2014 Basis of preparation Suncorp Group ( Group, the Group or Suncorp ) is represented by Suncorp Group Limited (SGL)
More informationNZ Insurance - Prudential Regulation. Unanimous Agreement. at least from the Select Committee
NZ Insurance - Prudential Regulation Unanimous Agreement at least from the Select Committee The Insurance (Prudential Supervision) Bill is continuing its journey through the legislative process with the
More information26 March Richard Dean Manager, Insurance Policy Reserve Bank of New Zealand 2, The Terrace P O Box 2498 Wellington.
26 March 2010 Richard Dean Manager, Insurance Policy Reserve Bank of New Zealand 2, The Terrace P O Box 2498 Wellington Dear Richard, Solvency Standard For Non-life Insurance The New Zealand Society of
More informationPillar 3 report Table of contents
December Table of contents Structure of Executive summary 3 Introduction 5 Group structure 6 Capital overview 8 Leverage ratio 11 Credit risk exposures 12 Securitisation 16 Liquidity coverage ratio 19
More informationAPRA s review of life insurance capital standards
APRA s review of life insurance capital standards June 2010 APRA released a discussion paper considering capital for life insurance companies on 13 May 2010. While much of the detail is still to come,
More informationPILLAR 3 DISCLOSURE APS 330: PUBLIC DISCLOSURE
2015 BASEL III PILLAR 3 DISCLOSURE AS AT 31 MARCH 2015 APS 330: PUBLIC DISCLOSURE Important notice This document has been prepared by Australia and New Zealand Banking Group Limited (ANZ) to meet its disclosure
More informationFor personal use only
December 2016 Table of contents Structure of Executive summary 3 Introduction 5 Group structure 6 Capital overview 8 Leverage ratio 11 Credit risk exposures 12 Securitisation 16 Appendix Appendix I APS330
More informationPillar 3 report Table of contents
December 2017 Table of contents Structure of Pillar 3 report Executive summary 3 Introduction 4 Group structure 5 Capital overview 7 Leverage ratio 10 Credit risk exposures 11 Securitisation 15 Appendix
More informationCapital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2017
Capital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2017 Contents INTRODUCTION... 2 RISK MANAGEMENT POLICIES AND OBJECTIVES... 3 BOARD & SUB-COMMITTEES... 3 THREE LINES OF
More informationASX Release 101 Miller St NORTH SYDNEY 2060
ASX Release 101 Miller St NORTH SYDNEY 2060 Genworth Australia First Quarter 2015 Earnings NEP growth and claims performance in line with guidance, GWP pressured by market conditions (SYDNEY) 29 April,
More informationNatural Perils Pricing When coming closer together means being further apart Tim Andrews & Stephen Lau
Natural Perils Pricing When coming closer together means being further apart Tim Andrews & Stephen Lau Finity Personal Lines Pricing and Portfolio Management Seminar 30 April 2015 2015 Finity Consulting
More informationCapital Requirements Directive. Pillar 3 Disclosures
Capital Requirements Directive Pillar 3 Disclosures For the year ended 31 August 2016 INDEX Page INTRODUCTION 2 RISK MANAGEMENT POLICIES AND OBJECTIVES 3 CAPITAL ADEQUACY ASSESSMENT, CAPITAL RESOURCES
More informationMLL Appointed Actuary Report. on the Proposed. Scheme of Transfer. of the. Risk Insurance Life Insurance Business. Macquarie Life Limited
MLL Appointed Actuary Report on the Proposed Scheme of Transfer of the Risk Insurance Life Insurance Business of Macquarie Life Limited to Zurich Australia Limited KPMG Actuarial Pty Ltd ABN: 91 144 686
More informationPost July 2013 Renewal Update
Catastrophe Reinsurance Post July 213 Renewal Update 1 July 213 Australian and New Zealand Catastrophe reinsurance renewals saw an additional AUD1.2 billion of vertical catastrophe reinsurance purchased
More informationFor personal use only
Table of contents Structure of Executive summary 3 Introduction 4 Group structure 5 Capital overview 7 Leverage ratio 10 Credit risk exposures 11 Securitisation 15 Appendix Appendix I APS330 Quantitative
More informationApril 2014 Summary of technical specifications for QIS 1. Singapore RBC 2 Review
April 2014 Summary of technical specifications for QIS 1 Singapore RBC 2 Review 1 Introduction The Monetary Authority of Singapore (MAS) recently issued a second consultation paper on the review of the
More informationInvestor Report Half year ended 30 June 2017
Investor Report Half year ended 30 June 2017 Genworth Mortgage Insurance Australia Limited ABN 72 154 890 730 2 August 2017 Corporate information This report contains general information in summary form
More informationSolvency II dragging Australia into Europe once again
Solvency II dragging Australia into Europe once again Maiyuran Arumugam Ernst & Young Australia 2014 This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar. The
More informationInvestor Report Half Year ended 30 June 2015
Investor Report Half Year ended 30 June 2015 Genworth Mortgage Insurance Australia Limited ABN 72 154 890 730 5 August 2015 Corporate information This report contains general information in summary form
More informationInsurance. QBE Lenders Mortgage Insurance Limited. Australia Credit Analysis. Rating Rationale. Key Rating Drivers. Recent Events. Ratings.
Australia Credit Analysis Ratings QBE Lenders Mortgage Insurance Limited Insurer Financial Strength AA Affiliate Ratings QBE Insurance Group Limited Long Term Issuer Default Rating A Outlooks QBE Lenders
More informationFocus on Risk Management
Focus on Risk Management NZ Director Forum Presented by John Smeed & Jacob Mamutil 11 June 2014 2014 Finity Consulting Pty Limited Content Current requirements in New Zealand APRA s approach What are the
More informationCAT Modelling. Jeremy Waite Nicholas Miller. Institute of Actuaries of Australia
CAT Modelling Jeremy Waite Nicholas Miller Institute of Actuaries of Australia This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar. The Institute Council wishes
More informationCommunity Trust Company Basel III Pillar 3 Disclosures December 31, 2017
Community Trust Company Basel III Pillar 3 Disclosures December 31, 2017 Basel III Pillar 3 Disclosures Page 1 of 18 Contents Part 1 - Scope of Application... 3 Basis of preparation... 3 Significant subsidiaries...
More informationAUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ANZ NEW ZEALAND REGISTERED BANK DISCLOSURE STATEMENT
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ANZ NEW ZEALAND REGISTERED BANK DISCLOSURE STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2017 NUMBER 36 ISSUED NOVEMBER 2017 Australia and New Zealand Banking
More informationPillar 3 report. Table of Contents. Introduction 1. Scope of Application 2. Capital 3. Credit Risk Exposures 4. Credit Provision and Losses 6
Pillar 3 report Table of Contents Section 1 Introduction 1 Section 2 Scope of Application 2 Section 3 Capital 3 Section 4 Credit Risk Exposures 4 Section 5 Credit Provision and Losses 6 Section 6 Securitisation
More information2.1 Pursuant to article 18D of the Act, an authorised undertaking shall, except where otherwise provided for, value:
Valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules (Solvency II Pillar 1 Requirements) 1. Introduction
More informationAssessing ICAAP in the FCR
Assessing ICAAP in the FCR LIWMPC 19 March 2014 1 Agenda Adrian Rees - The view from APRA Nick Kulikov The link between Risk and Capital Rob Daly - Experiences and observations Panel discussion and Q and
More informationANZ BANK NEW ZEALAND LIMITED ANNUAL REPORT AND REGISTERED BANK DISCLOSURE STATEMENT
ANZ BANK NEW ZEALAND LIMITED ANNUAL REPORT AND REGISTERED BANK DISCLOSURE STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2017 NUMBER 87 ISSUED NOVEMBER 2017 ANZ Bank New Zealand Limited ANNUAL REPORT AND REGISTERED
More informationPublic disclosure of Prudential Information. as at 31st March 2009
Public disclosure of Prudential Information as at 31st March 2009 This public disclosure is prepared for NSW Teachers Credit Union Ltd. for the quarter ended the 31st March 2009. It complies with Prudential
More informationANZ NATIONAL BANK LIMITED GROUP GENERAL SHORT FORM DISCLOSURE STATEMENT
ANZ NATIONAL BANK LIMITED GROUP GENERAL SHORT FORM DISCLOSURE STATEMENT For the nine months ended 30 June 2008 Number 50 Issued August 2008 GENERAL SHORT FORM DISCLOSURE STATEMENT FOR THE NINE MONTHS
More informationFinal policy decision on the Dashboard approach for quarterly disclosures: Mechanics and content September 2017
Final policy decision on the Dashboard approach for quarterly disclosures: Mechanics and content September 2017 2 Introduction Background on the Dashboard 1. The Dashboard approach for quarterly disclosures
More informationCommunity Trust Company Basel III Pillar 3 Disclosures March 31, 2017
Community Trust Company Basel III Pillar 3 Disclosures March 31, 2017 Basel III Pillar 3 Disclosures Page 1 of 18 Contents Part 1 - Scope of Application... 3 Basis of preparation... 3 Significant subsidiaries...
More informationSainsbury s Bank plc. Pillar 3 Disclosures for the year ended 31 December 2008
Sainsbury s Bank plc Pillar 3 Disclosures for the year ended 2008 1 Overview 1.1 Background 1 1.2 Scope of Application 1 1.3 Frequency 1 1.4 Medium and Location for Publication 1 1.5 Verification 1 2 Risk
More informationBASEL II PILLAR 3 DISCLOSURE
2012 BASEL II PILLAR 3 DISCLOSURE HALF YEAR ENDED 31 MARCH 2012 APS 330: CAPITAL ADEQUACY & RISK MANAGEMENT IN ANZ Important notice This document has been prepared by Australia and New Zealand Banking
More informationPillar 3 report Table of contents
Table of contents Executive summary 3 Introduction 5 Risk appetite and risk types 6 Controlling and managing risk 7 Group structure 12 Capital Overview 14 Credit risk management 18 Credit risk exposures
More informationSailing a Course through Risk Margins
Will it be perilous? Catherine Johnston November 2010 Contents 1 Introduction 2 2 Overview of proposed measurement approach 3 3 IASB development of the Risk Adjustment 6 3.1 Initial thinking 6 3.2 Conclusions
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar I - Sub Committee Capital Requirements Task Group Discussion Document 61 (v 1) SCR standard formula: Operational Risk EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE
More informationANZ Basel III Pillar 3 disclosure September 2014
0 Important notice This document has been prepared by Australia and New Zealand Banking Group Limited (ANZ) to meet its disclosure obligations under the Australian Prudential Regulation Authority (APRA)
More informationPillar 3 Disclosures. 31 December 2013
Pillar 3 Disclosures 31 December 2013 Contents 1. Overview... 3 1.1 Background... 3 1.2 Scope of application... 3 1.3 Basis and frequency of disclosures... 3 1.4 External audit... 3 2. Risk Management
More informationPillar 3 report. Table of Contents. Introduction 1. Scope of Application 2. Capital 3. Credit Risk Exposures 4. Credit Provision and Losses 6
Pillar 3 report Table of Contents Section 1 Introduction 1 Section 2 Scope of Application 2 Section 3 Capital 3 Section 4 Credit Risk Exposures 4 Section 5 Credit Provision and Losses 6 Section 6 Securitisation
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar 1 - Sub Committee Capital Requirements Task Group Discussion Document 75 (v 4) Treatment of risk-mitigation techniques in the SCR EXECUTIVE SUMMARY As per Solvency
More informationPillar 3 Disclosures 31 December 2011
HSBC Bank Australia Ltd 31 December 2011 Consolidated Basis Contents CONTENTS... 2 1. INTRODUCTION... 3 PURPOSE... 3 BACKGROUND... 3 2. SCOPE OF APPLICATION... 4 3. VERIFICATION... 4 4. HBAU CONTEXT...
More informationrisk and capital report
Risk & Capital Report Incorporating the requirements of APS 330 as at 30 September Introduction This page has been left blank intentionally 1 Contents Contents 1. Introduction 4 1.1 The Group s Basel II
More informationLIFE INSURANCE & WEALTH MANAGEMENT PRACTICE COMMITTEE
Contents 1. Purpose 2. Background 3. Nature of Asymmetric Risks 4. Existing Guidance & Legislation 5. Valuation Methodologies 6. Best Estimate Valuations 7. Capital & Tail Distribution Valuations 8. Management
More informationTYRE REINSURANCE (IRELAND) DAC. Solvency and Financial Condition Report. For Financial Year Ending 31 st December 2016 (the reporting period )
TYRE REINSURANCE (IRELAND) DAC Solvency and Financial Condition Report For Financial Year Ending 31 st December 2016 (the reporting period ) 1 P a g e Executive Summary Tyre Reinsurance (Ireland) DAC (
More information2016 PILLAR 3 REPORT. Incorporating the requirements of APS 330 Third Quarter Update as at 30 June 2016
PILLAR 3 REPORT Incorporating the requirements of APS 330 Third Quarter Update as at 30 June This page has been left blank intentionally third quarter pillar 3 report 1. Introduction third quarter pillar
More informationPillar 3 Disclosure. CVC Credit Partners Limited For year ended 31 Dec 2015
CVC Credit Partners Limited For year ended 31 Dec 2015 Pillar 3 Disclosure Table of Contents 1. Introduction 3 2. Risk Management Policies 4 3. Risk Management Function 5 4. Capital Resources 6 5. Integration
More informationWestern Captive Insurance Company DAC. Solvency and Financial Condition Report. For Financial Year Ending 31 st December 2016 (the reporting period )
Western Captive Insurance Company DAC Solvency and Financial Condition Report For Financial Year Ending 31 st December 2016 (the reporting period ) 1 Executive Summary Western Captive Insurance Company
More informationWestpac Pillar 3 Report September 2010
Westpac Pillar 3 Report September 2010 Incorporating the requirements of Australian Prudential Standard APS 330 Westpac Banking Corporation ABN 33 007 457 141 Pillar 3 Report 3 Introduction 4 Risk Appetite
More informationDevelopments & Insights in Singapore RBC 2 and Overview of ORSA across Regions
Developments & Insights in Singapore RBC 2 and Overview of ORSA across Regions 1 Agenda RBC 2 Developments in Singapore Comparison of ORSA Across Jurisdictions RBC2 Developments in Singapore In 2004, the
More information17 November Mrs Helen Rowell General Manager Policy Development Australian Prudential Regulation Authority 400 George Street SYDNEY NSW 2000
17 November 2011 Mrs Helen Rowell General Manager Policy Development Australian Prudential Regulation Authority 400 George Street SYDNEY NSW 2000 Dear Helen Illiquidity Premiums The attached paper prepared
More informationGreyCastle Life Reinsurance (SAC) Ltd. Financial Condition Report
GreyCastle Life Reinsurance (SAC) Ltd. Financial Condition Report For the Year Ended December 31, 2016 Issued: April 27, 2017 Contents Introduction 3 Business and Performance 3 Governance Structure 6 Risk
More informationCAPITAL REQUIREMENTS DIRECTIVE PILLAR 3 DISCLOSURE DOCUMENT
CAPITAL REQUIREMENTS DIRECTIVE PILLAR 3 DISCLOSURE DOCUMENT 31 ST MARCH 2014 CONTENTS Paragraph Introduction 1-6 Risk Management Objectives and Policies 7-23 Capital Resources 24-26 Capital Adequacy Assessment
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationIntroductory Regulatory Capital for Life Insurance. Ross Culey
Introductory Regulatory Capital for Life Insurance Ross Culey Scope My perspective : Direct insurer with a large diversified portfolio Regulatory Capital Requirements LPS 110-118 99.5% PoS over 12 months
More informationANZ Basel II Pillar 3 disclosure December 2009 BASEL II PILLAR 3 IN ACCORDANCE WITH APS 330 QUARTER ENDED 31 DECEMBER 2009
09 BASEL II PILLAR 3 ANZ Basel II Pillar 3 disclosure IN ACCORDANCE WITH APS 330 QUARTER ENDED 31 DECEMBER 1 ANZ Basel II Pillar 3 disclosure Important Notice This document has been prepared by Australia
More informationCompliance with the RMS is incorporated into the twice yearly declarations provided by Executives and senior management to the Board.
NOTE 3. RISK MANAGEMENT A. RISK MANAGEMENT FRAMEWORK The Group Chief Risk Officer oversees risk management across the Group. IAG has a Group Risk and Governance function responsible for setting risk strategy,
More informationAPRA s Perspective on Financial Services Risk Management. Tom Karp Executive General Manager Supervisory Support APRA
APRA s Perspective on Financial Services Risk Management Tom Karp Executive General Manager Supervisory Support APRA 1 OVERVIEW APRA & its Regulation/Supervision Approach APRA Requirements for Risk Management
More informationICAAP Q Saxo Bank A/S Saxo Bank Group
ICAAP Q4 2014 Saxo Bank A/S Saxo Bank Group Contents 1. INTRODUCTION... 3 1.1 THE THREE PILLARS FROM THE BASEL COMMITTEE... 3 1.2 EVENTS AFTER THE REPORTING PERIOD... 3 1.3 BOARD OF MANAGEMENT APPROVAL
More informationREVOKED. Solvency Standard for Non-life Insurance Business in Run-off. Insurance Policy. Prudential Supervision Department
Solvency Standard for Non-life Insurance Business in Run-off Insurance Policy Prudential Supervision Department April 2012 (incorporates amendments to December 2014) 2 1. Introduction 1.1. Authority 1.
More informationSolvency & Financial Condition Report Centrewrite Limited
Solvency & Financial Condition Report Centrewrite Limited For the year ended 31 December 2016 Prepared in accordance with Chapter XIII Section 1 Article 290-298 of Directive 2009/138/EC and Annex XX of
More informationLloyd s Minimum Standards MS13 Modelling, Design and Implementation
Lloyd s Minimum Standards MS13 Modelling, Design and Implementation January 2019 2 Contents MS13 Modelling, Design and Implementation 3 Minimum Standards and Requirements 3 Guidance 3 Definitions 3 Section
More informationAustralia and New Zealand Banking Group Limited - New Zealand Branch Disclosure Statement
Australia and New Zealand Banking Group Limited - New Zealand Branch Disclosure Statement FOR THE THREE MONTHS ENDED 31 DECEMBER 2013 NUMBER 21 ISSUED FEBRUARY 2014 Australia and New Zealand Banking Group
More informationInsights. Review of the Risk-Based Capital Framework in Singapore. Review of the Risk-Based Capital Framework in Singapore. The details emerge
June May 2014 Insights Review of the Risk-Based Capital Framework in Singapore Review of the Risk-Based Capital Framework in Singapore The details emerge emerge The Monetary Authority of Singapore ( MAS
More informationSuncorp Group Limited
Suncorp Group Limited Financial results for the half year ended 31 December 2013 1 Suncorp results presentation Agenda Results & operational highlights Patrick Snowball CFO report Steve Johnston Outlook
More informationPremium Liabilities. Prepared by Melissa Yan BSc, FIAA
Prepared by Melissa Yan BSc, FIAA Presented to the Institute of Actuaries of Australia XVth General Insurance Seminar 16-19 October 2005 This paper has been prepared for the Institute of Actuaries of Australia
More informationINSURANCE AUSTRALIA GROUP LIMITED ( IAG ) PRESENTATION BY HEAD OF REINSURANCE TO INVESTORS
Insurance Australia Group Limited 388 George Street Sydney NSW 2000 Telephone 02 9292 9222 iag.com.au 6 May 2005 Manager, Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange
More informationTeachers Building Society Pillar 3 Disclosure. For the year ended 31 December 2018
2018 Teachers Building Society Pillar 3 Disclosure For the year ended 31 December 2018 Contents 1. Overview... 3 2. Risk Management Framework... 4 3. Risk management policies and objectives... 7 3.1 Strategies
More informationFinancial Results for the full year ended 30 June Create a better today ANALYST PACK RELEASE DATE 3 AUGUST 2017
RELEASE DATE 3 AUGUST 2017 Financial Results for the full year ended 30 June 2017 Create a better today Suncorp Group Limited ABN 66 145 290 124 BASIS OF PREPARATION Suncorp Group ( Group, the Group, the
More information2018 Genworth Mortgage Insurance Australia Limited. All rights reserved.
2018 Genworth Mortgage Insurance Australia Limited. All rights reserved. Disclaimer This presentation contains general information in summary form which is current as at 31 December 2017. It may present
More informationLife in a Solvency II World
Life in a Solvency II World Goodbye signing & appointed actuary, hello Actuarial Function 3 November 2015 Agenda Agenda Introduction Overview of the Actuarial Function Technical Provisions Opinion on the
More informationSolvency Assessment and Management: Steering Committee Position Paper 44 1 (v 4) Concentration Risk
Solvency Assessment and Management: Steering Committee Position Paper 44 1 (v 4) Concentration Risk EXECUTIVE SUMMARY This document discusses the structure and calibration of the concentration risk sub-module
More information2012 Risk & Capital Report Incorporating the requirements of APS 330
Risk & Capital Report Incorporating the requirements of APS 330 Third Quarter Update as at 30 June This page has been left blank intentionally 1. Introduction The Group, as defined in Section 2. Scope
More information