Document ID: chunk:federal_register_of_legislation:F2023L00704:body:0:p8
Version: federal_register_of_legislation:F2023L00704
Segment Type: other
Provision Reference: 
Character Range: 19397–22592

insurance service expense.
Item 2.2    Report life investment direct business
Item 2.2.1  Report other insurance service expenses from life investment direct business.

            Report this item in accordance with AASB 17.103 (b).
Item 2.3    Item 2.3 represents insurance service expense from inwards reinsurance. Item 2.3 is a derived item and is calculated as the sum of items 2.3.1 to 2.3.6 inclusive.
Item 2.3.1  Report incurred claims from inwards reinsurance.
Item 2.3.2  Report other insurance service expenses from inwards reinsurance.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59 (a) at this item.
Item 2.3.3  Report amortisation of insurance acquisition cash flows from inwards reinsurance.
Item 2.3.4  Report losses and reversal of losses on onerous contracts from inwards reinsurance.

            Report this item in accordance with AASB 17.47-52.
Item 2.3.5  Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.

            Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.
Item 2.3.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.
Item 2.4    Item 2.4 represents insurance service expense from non-life insurance business. Item 2.4 is a derived item and is calculated as the sum of items 2.4.1 to 2.4.6 inclusive.

Item 2.4.1  Report incurred claims from non-life insurance business.
Item 2.4.2  Report other insurance service expenses from non-life insurance business.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.
Item 2.4.3  Report amortisation of insurance acquisition cash flows from non-life insurance business.
Item 2.4.4  Report losses and reversal of losses on onerous contracts from non-life insurance business.

            Report this item in accordance with AASB 17.47-52.
Item 2.4.5  Report changes that relate to past service: changes to liabilities for incurred claims from non-life insurance business.

            Report this item in accordance with AASB 17.103 (b) (iii).
Item 2.4.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from non-life insurance business.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.

3.                  Insurance service result before reinsurance contracts held
Item 3  Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.

        Report this item in accordance with AASB 17 Appendix A.

4.                  Allocation of reinsurance premiums
Item 4  Report allocation of reinsurance premiums.

        It is requested that the entity present this item separately