Document ID: chunk:federal_register_of_legislation:F2023L00601:body:0:p6
Version: federal_register_of_legislation:F2023L00601
Segment Type: other
Provision Reference: 
Character Range: 14457–17429

- Adjusted policy liabilities (gross of reinsurance)                                                             This is the total adjusted policy liabilities (gross of reinsurance) determined in accordance with LPS 112, in respect of life business other than risk and investment-linked business at the date 12 months prior to the reporting date.

ORCO - Adjusted policy liabilities (net of reinsurance)                                                               This is the total adjusted policy liabilities (net of reinsurance) determined in accordance with LPS 112, in respect of life business other than risk and investment-linked business at the reporting date.

ORCO - Gross claim payments to meet policy owner liabilities (12 months ending on reporting date)                     This is all payments to meet liabilities to policy owners (gross of reinsurance) for the 12 months ending on the reporting date in respect of life business other than risk and investment-linked business. This excludes payments that are used as premiums for another life policy issued by the life company to avoid double counting.

Specific instructions

Reporting basis

This table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and the management fund for friendly societies.

Report all information as at the reporting date.

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 for risk business (ORCR)
 Item 1.1  Report ORCR – Accrued premium (12 months ending on reporting date)

 Item 1.2  Report ORCR - Accrued premium (12 months ending on date 12 months prior to reporting date)

 Item 1.3  Report ORCR - Adjusted policy liabilities (net of reinsurance)

2.                  Operational risk charge for investment-linked business (ORCI)
 Item 2.1  Report ORCI - Accrued premium (12 months ending on reporting date)

 Item 2.2  Report ORCI - Adjusted policy liabilities (gross of reinsurance)
           This item must be reported at the date which is 12 months prior to the reporting date.
 Item 2.3  Report ORCI - Adjusted policy liabilities (net of reinsurance)

 Item 2.4  Report ORCI - Gross claim payments to meet policy owner liabilities (12 months ending on reporting date)

3.                  Operational risk charge for other business (ORCO)
 Item 3.1  Report ORCO - Accrued premium (12 months ending on reporting date)

 Item 3.2  Report ORCO - Adjusted policy liabilities (gross of reinsurance)
           This item must be reported at the date which is 12 months prior to reporting date.
 Item 3.3  Report ORCO - Adjusted policy liabilities (net of reinsurance)

 Item 3.4  Report ORCO - Gross claim payments to meet policy owner liabilities (12 months ending on reporting date)