Document ID: chunk:federal_register_of_legislation:F2023L00706:body:0:p12
Version: federal_register_of_legislation:F2023L00706
Segment Type: other
Provision Reference: 
Character Range: 36188–40341

future business not yet written;

                                                                             less:

                                                                                 * tax effect of net OCL and PL surplus / (deficit).

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

                                                                             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 GPS 340 to avoid double counting.

O

OCL surplus / (deficit)                                                                  For incurred claims, this is the insurance and reinsurance contract liabilities after deducting insurance and reinsurance contract assets determined under Australian Accounting Standards in surplus (positive figure) or deficit (negative figure) to the net outstanding claims liabilities determined under GPS 340.

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, rebates, fees and commissions.

                                                                                         Other accounts payable on insurance contracts issued is netted against insurance contract assets or added to insurance contract liabilities under AASB 17.

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

Other accounts receivable on insurance contracts issued                                  Other accounts receivable on insurance contracts issued reflects any other amounts due but not received relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.

                                                                                         Other accounts receivable on insurance contracts issued 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 GPS 340 to avoid double counting.

Other Common Equity Tier 1 Capital adjustments                                           This is the value of deductions from Common Equity Tier 1 Capital that the reporting Level 2 insurance group must make as required under any prudential standards other than GPS 112.

Other gains and losses in accumulated comprehensive income and other disclosed reserves  This is the value of any other gains and losses in accumulated comprehensive income and other disclosed reserves that may be specified in writing by APRA as per GPS 112.

Other intangible assets                                                                  This is the value of intangible assets, other than goodwill, as per GPS 112, net of adjustments to profit or loss reflecting changes arising from any impairment and amortisation. The amounts reported must be net of any associated deferred tax liability that would be extinguished if the assets involved become impaired or derecognised under Australian Accounting Standards.

                                                                                         This item also includes the intangible assets attributable to certain categories of subsidiaries, associates and joint ventures of the reporting Level 2 insurance group as per GPS 112.

Other retained earnings movements                                                        This consists of all other retained