Document ID: chunk:federal_register_of_legislation:F2015L00811:body:0:p9
Version: federal_register_of_legislation:F2015L00811
Segment Type: other
Provision Reference: 
Character Range: 25740–28602

to the RSE licensee in item 2.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.

                                For each insurance type reported in column 1 (other than income protection insurance), report the number of claims reported (not admitted) in column 2 and the number and value of claims admitted (not yet paid) in column 3 and column 4 respectively. For income protection insurance, report the numbers of claims in columns 2 and 3 and the monthly amount of claims in column 4. Where an estimate is not available to report in column 4, report the maximum sum insured for life insurance cover and total and permanent disability insurance cover, and the monthly amount for income protection insurance cover.

                                Item 2.2 is a derived item. Report in item 2.2 the total for each corresponding column in item 2.1.

Claims reported (not admitted)  Represents potential claims which have been notified to an insurance provider but for which a decision to accept the claim has yet to be made.

Claims admitted (not yet paid)  Represents claims where a final decision to admit the claim has been made by the insurance provider but payment has not yet been made by the insurance provider to members and/or their beneficiaries.

Claims value                    Represents the value which an insurance provider expects to pay for claims.

Claims paid
Item 3 collects information about claims paid by the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.

Reporting basis: report column 2 to column 5 inclusive with respect to transactions that occurred during the reporting period.

Unit of measurement: report column 2 and column 4 as whole numbers; report column 3 and column 5 as thousands of dollars.

Item 3       Report claims paid by insurance type in item 3.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.

             For each insurance type reported in column 1, report the number and value of claims paid, admitted this year in column 2 and column 3 and the number and value of claims paid, admitted in previous years in column 4 and column 5. For income protection insurance, report in columns 3 and 5 the total amount paid during the reporting period, including claims that are in the course of payment but that are subject to regular assessment.

             Item 3.2 is a derived item. Report in item 3.2 the total the total for each corresponding column in item 3.1.

Claims paid  Represents where an insurance provider makes a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of