Document ID: chunk:federal_register_of_legislation:F2023L00631:body:0:p4
Version: federal_register_of_legislation:F2023L00631
Segment Type: other
Provision Reference: 
Character Range: 8435–10716

derived item and is calculated using the formula in accordance with HPS 118.

ORC - Central estimate of insurance liabilities                                                   This is the value of the central estimate component of insurance liabilities, determined in accordance with Prudential Standard HPS 340 Insurance Liability Valuation.

ORC - Accrued premium for the 12 months ending on the date 12 months prior to the reporting date  This is the total accrued premium, for the period of 12 months ending on the date that is 12 months prior to the reporting date.

                                                                                                  Accrued premium is defined in HPS 001.

                                                                                                  Accrued premium is to be reported gross of any reinsurance for the purpose of this Reporting Standard.

ORC - Accrued premium for the 12 months ending on the reporting date                              This is the total accrued premium, for the period of 12 months ending on the reporting date.

                                                                                                  Accrued premium is defined in HPS 001.

                                                                                                  Accrued premium is to be reported gross of any reinsurance for the purpose of this Reporting Standard.

Specific instructions

Reporting basis
Report items relating to Operational Risk Charge for each health benefits fund and the general fund.

Report all items gross of any associated outwards reinsurance expense.

Units of measurement

This values in this table must be completed in whole Australian dollars.

Table 1: Operational Risk Charge
 Column 1  Report the value for each of the items listed below.

 1.  Operational Risk Charge (ORC)

 Item 1    The ORC is a derived item and is calculated using the formula in accordance with HPS 118.

 Item 1.1  Report the ORC - Accrued premium for the 12 months ending on the reporting date.

 Item 1.2  Report the ORC - Accrued premium for the 12 months ending on the date 12 months prior to the reporting date.

 Item 1.3  Report the ORC - Central estimate of insurance liabilities.