Document ID: chunk:federal_register_of_legislation:F2023L00583:front:0:p9
Version: federal_register_of_legislation:F2023L00583
Segment Type: other
Provision Reference: 
Character Range: 24307–28949

outstanding claims;
                                                                                 * expected reinsurance recoveries;
                                                                                 * amounts receivable on reinsurance contracts held;
                                                                                 * other reinsurance assets;
                                                                                 * HPS 340 outstanding claims liabilities;
                                                                                 * HPS 340 premium liabilities;
                                                                                 * HPS 340 risk equalisation transfers;
                                                                                 * HPS 340 other insurance liabilities;
                                                                                 * HPS 340 deferred claims liability;
                                                                                 * premiums receivable;
                                                                                 * non-reinsurance recoveries receivable;
                                                                                 * other accounts receivable on insurance contracts issued;
                                                                                 * claims payable;
                                                                                 * amounts payable on reinsurance contracts held;
                                                                                 * other accounts payable on insurance contracts issued; and
                                                                                 * off-balance sheet exposures.
Indirect investments                                                        This is the value of the net assets of unit trusts or managed investment schemes invested in by the health benefits fund or general fund, or mandates individually managed on behalf of the health benefits fund or general fund.

(Items subject to Asset Risk Charge type)
Interest rate investments (direct)                                          This is the value of debt securities held by the health benefits fund or general fund as at the relevant date, plus the value of deposits and placements that have been classified by the private health insurer as assets backing insurance liabilities for statutory reporting purposes. A debt security is a transferable instrument evidencing a relationship of indebtedness. It is characterised by having a definable return that is not based on the economic performance of the issuing entity.

(Items subject to Asset Risk Charge type)
Investments in related entities (associates, joint ventures, subsidiaries)  This is the value of strategic investments or acquisitions of the health benefits fund or general fund.

(Items subject to Asset Risk Charge type)                                   This includes investments in associates, joint ventures and subsidiaries from the AASB 17 Insurance Contracts (AASB 17) balance sheet.

                                                                            This does not include investments that constitute assets backing private health insurance liabilities.

L

Loans (direct)                             This is the value of loans (direct). Loans (direct) includes financial leases and mortgages, and are typically non-negotiable on the secondary market.

(Items subject to Asset Risk Charge type)

N

Non-reinsurance recoveries receivable      This is the value of non-reinsurance recoveries on paid claims.

(Items subject to Asset Risk Charge type)  Non-reinsurance recoveries receivable is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.

                                           This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting.

                                           This amount must be consistent with non-reinsurance recoveries receivable reported in HRS 112.0.

O

Off-balance sheet exposures                              This is the value of off-balance sheet exposures that are subject to the Asset Risk Charge.

(Items subject to Asset Risk Charge type)
Other accounts payable on insurance contracts issued     Other accounts payable on insurance contracts issued reflects any other amounts due but not paid relating to insurance contracts. This may include (but is not limited to) levies, taxes,