Document ID: chunk:federal_register_of_legislation:F2023L00602:front:0:p8
Version: federal_register_of_legislation:F2023L00602
Segment Type: other
Provision Reference: 
Character Range: 20341–21894

GPS 340 will be insufficient to cover associated net claim payments and any associated claim expenses as they fall due.

                           This is to be determined in accordance with GPS 115.

                           The OCL Insurance Risk Charge is calculated for each combination of business type and class of business as:

                                * net OCL – total

                           multiplied by:

                                * OCL capital factor %.

                           Apply a zero risk charge where net OCL – total is negative.

R

Reinsurance business  This refers to the reinsurance business written by the reporting insurer in accordance with the reinsurance classes of business GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS  115.

Specific instructions

Table 1: Outstanding Claims Liabilities - Insurance Risk Charge

Reporting basis

Report the components of the GPS 340 OCL by class of business for direct business and reinsurance business.

Units of measurement

Report values in whole Australian dollars (no decimal places).

Were actuarial services used to complete this return?

Use the drop-down selection to report whether actuarial services were used to complete this table. If actuarial services were used input 'Yes' otherwise input 'No'.
   Name                                                               Valid values                          Description