Document ID: chunk:federal_register_of_legislation:F2023L00607:front:0:p8
Version: federal_register_of_legislation:F2023L00607
Segment Type: other
Provision Reference: 
Character Range: 19424–24007

in accordance with AASB 17 Insurance Contracts (AASB 17) Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.

Insurance contract liabilities - Liabilities for incurred claims  Report liabilities for incurred claims that are presented as insurance contract liabilities.
                                                                  Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.

International region                                              This is the international region, applicable to Level 2 insurance groups, that insurance business is carried on by any entity within the group. International region can either be:

                                                                      * Australia;
                                                                      * New Zealand;
                                                                      * South East Asia;
                                                                      * Asia Pacific;
                                                                      * USA;
                                                                      * Americas;
                                                                      * UK or Europe; or
                                                                      * Other

N

Net liabilities for incurred claims                              This is the net liabilities for incurred claims, calculated as the sum of:

                                                                     * insurance contract liabilities - liabilities for incurred claims; and
                                                                     * reinsurance contract liabilities - liabilities for incurred claims;

                                                                 less:

                                                                     * insurance contract assets - assets for incurred claims; and
                                                                     * reinsurance contract assets - assets for incurred claims.

Net OCL - central estimate (excluding claims handling expenses)  This is the value, as at the relevant date, of the central estimate component of the GPS 340 OCL, excluding claims handling expenses, net of any reinsurance and non-reinsurance recoveries.

                                                                 It is calculated as:

                                                                     * gross OCL – central estimate (excluding claims handling expenses);

                                                                 less:

                                                                     * net OCL - non-reinsurance recoveries (central estimate); and
                                                                     * net OCL - reinsurance recoverables (central estimate).

Net OCL - central estimate (including claims handling expenses)  This is the value, as at the relevant date, of the central estimate component of OCL, including claims handling expenses, net of any reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340.

                                                                 It is calculated as the sum of:

                                                                     * net OCL - central estimate (excluding claims handling expenses); and
                                                                     * claims handling expenses.

Net OCL - diversified risk margin                                This is the value, as at the relevant date, of the diversified risk margin component of OCL, net of any reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340. The diversified risk margin refers to the risk margin that has been applied to the class of business after allowance for diversification across the whole insurance portfolio.

Net OCL - non-reinsurance recoveries (central estimate)          This is the value of recoveries under arrangements, other than reinsurance arrangements, receivable by the reporting Level 2 insurance group associated with the central estimate of OCL, net of any provisions for depreciation or impairment. It is determined in accordance with GPS 340. Recoveries to be included at this item include salvage, subrogation, and input tax credit recoveries, amongst others.

Net OCL - reinsurance recoverables (central estimate)