Document ID: chunk:federal_register_of_legislation:F2018L01496:body:0:p6
Version: federal_register_of_legislation:F2018L01496
Segment Type: other
Provision Reference: 
Character Range: 13746–16925

the following format:
(a)          Format: <Insurer short name>_<end of reporting period (yyyymmdd)>_<version number>.xlsx
(b)          Example: ABC Life_20171231_v1.xlsx
8.             The workbook provides various sub-totals, measures, checks or cross-checks to review the veracity of inputted data. Insurers should utilise them to check the accuracy of the data provided.

    D.    General Definitions
9.             'Policy Contract' refers to the life policy as defined by section 9 or 9A of the Life Act. In respect of Individual Insurance business, this contract is between the policyholder (who could also be the Life Insured) and the insurer. In respect of Group Insurance business, this contract is between the trustee (of a superannuation fund) or an employer and the insurer providing insurance for a group of eligible members.
10.         'Life Insured' refers to the individual life (or multiple lives in the event of joint life contracts) covered under a Policy Contract. In respect of Group Insurance contracts, Lives Insured are also referred to as members.
11.         'Policyholder' is the owner of the Policy Contract. It could be the same as the Life Insured.
12.         'Class of Business' refers to the type of business:
(a)          Ordinary Business; and
(b)          Superannuation Business.
    The expressions 'ordinary business' and 'superannuation business' are defined in the Life Act.
13.         'Insurance Type' refers to the type of insurance:
(a)          'Group Insurance' business, where an employer or the trustee of a superannuation fund with at least five members purchased a group insurance policy to provide cover for the employees or superannuation fund members and the amount of cover on each life, excluding any voluntary additional cover, is determined by application of a formula. Lives insured are underwritten according to blanket rules that apply to the group and usually provide for automatic acceptance up to prescribed limits; and
(b)          'Individual Insurance' business, for insurance cover held outside superannuation or within a retail superannuation fund where each Policyholder selects the amount of death, TPD, trauma and income protection cover they require. Each Life Insured is individually underwritten. It also includes CCI, Accident and Funeral insurance.
    It is expected that the distinction between Individual and Group Insurance should be consistent with how insurance business is classified and reported in APRA product groups (as defined in Reporting Standard LRS 001 Reporting Requirements). The Individual Lump Sum Risk (L4) and Individual Disability Income Insurance (L5) product categories should be classified as Individual Insurance business. The Group Lump Sum Risk (L6) and Group Disability Income Insurance (L7) product categories should be classified as Group Insurance business.
14.         The following categories are defined for Insurance Type:
(a)          Individual Insurance sold outside Superannuation Funds;
(b)          Individual Insurance sold inside Superannuation Funds;
(c)          Group Insurance sold outside Superannuation Funds; and
(d)          Group Insurance sold