Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p4
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
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Character Range: 8335–11392

(a)          unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and

       (b)          the following definitions are applicable:

       Auditor means an auditor appointed under section 83 of the Life Act.

       capital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.

       Chief Financial Officer means the chief financial officer of the life insurer, by whatever name called.

       financial year has the meaning in the Corporations Act 2001.

       general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.

       Life Act means the Life Insurance Act 1995.

       Principal Executive Officer means the principal executive officer of the life insurer, by whatever name called, and whether or not he or she is a member of the governing board of the entity.

       reporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.

    18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard LRS 340.0

Retained Profits and Policy Liabilities for Participating Business

General instructions

Reporting tables

Tables in these instructions list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

APRA class of business

APRA classes of business that apply for the purpose of this Reporting Standard are:

    * Australia – Ordinary Business
    * Australia – Superannuation Business
    * Overseas – All Business

The expressions 'Australian Business' and 'Overseas Business' refer to the territories where the life insurance business is carried on.

The expressions 'Ordinary Business' and 'Superannuation Business' are defined in the Life Act.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

Specific instructions

Table 1: Value of Supporting Assets (VSA) Led Method

Reporting basis

This table applies to life insurers, which have participating business. Data must be submitted at the level of each statutory fund. Insurers are to report data relating to participating business only.

This table collects data underlying participating business and applies to life insurers that select the VSA led method in accordance with Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340), and relates to how AASB 17 Insurance Contracts (AASB 17) reporting components would be completed if policy liabilities