Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p8
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 20713–27490

VSA / AASB 17 liabilities

Item L2.1   Report premiums inflow – impact on VSA.                                                                                                               Item A2.1                                                                                                                                    Report premiums received – impact on AASB 17 liabilities.

            This is (accrued) premiums for participating business.                                                                                                                                                                                                                                             This is premiums received for participating business.

            For participating investment account benefits, report deposits as premiums inflow.                                                                                                                                                                                                                 For participating investment account benefits, report deposits as premiums received.

            Report gross of tax on premiums. Tax on premiums is reported in L2.10.                                                                                                                                                                                                                             Report gross of tax on premiums. Tax on premiums is reported in A2.13.

            Report gross of reinsurance premiums. Reinsurance premiums is reported in L2.6.                                                                                                                                                                                                                    Report gross of reinsurance premiums. Reinsurance premiums is reported in A2.9.

            VSA increases if a receivable balance is recognised or cash is received directly without recognising a receivable balance.                                                                                                                                                                         For premiums received relating to new business, allocate the premium amount to EFCF (non-PRP portion), RA and CSM.

                                                                                                                                                                                                                                                                                                               AASB 17 liabilities increase if cash is received. Note that a receivable balance would be netted against the liability component.
Item L2.2   Report death and disability claims outflow including interim and terminal bonus – impact on VSA.                                                      Item A2.2                                                                                                                                    Report death and disability claims paid including interim and terminal bonus – impact on EFCF (non-PRP portion).

            This is (accrued) death and disability claims outflow including interim and terminal bonus for participating business.                                                                                                                                                                             This is death and disability claims paid including interim and terminal bonus for participating business.

            For participating investment account benefits, report withdrawal payments made on death or disability as claims outflow.                                                                                                                                                                           For participating investment account benefits, report withdrawal payments made on death or disability as claims paid.

            Report gross of reinsurance recoveries. Reinsurance recoveries is reported in L2.7.                                                                                                                                                                                                                Report gross of reinsurance recoveries. Reinsurance recoveries is reported in A2.10.

            VSA decreases if a payable balance is recognised or cash is paid directly without recognising a payable balance.                                                                                                                                                                                   AASB 17 liabilities decrease if cash is paid. Note that a payable balance would be included in AASB 17 liabilities.
Item L2.3   Report surrender claims outflow including interim and terminal bonus – impact on VSA.                                                                 Item A2.3                                                                                                                                    Report surrender claims paid including interim and terminal bonus – impact on EFCF (non-PRP portion).

            This is (accrued) surrender claims outflow including interim and terminal bonus for participating business.                                                                                                                                                                                        This is surrender claims paid including interim and terminal bonus for participating business.

            For participating investment account benefits, report withdrawals on surrender as surrender claims outflow.                                                                                                                                                                                        For participating investment account benefits, report withdrawals on surrender as surrender claims paid.

            VSA decreases if a payable balance is recognised or cash is paid directly without recognising a payable balance.                                                                                                                                                                                   Amounts relating to loans on policies (includes non-forfeiture loans) are to be reported in A2.5, A2.6 and A2.7.

                                                                                                                                                                                                                                                                                                               AASB 17 liabilities decrease if cash is