Document ID: chunk:federal_register_of_legislation:F2021L00346:reg:24:p7
Version: federal_register_of_legislation:F2021L00346
Segment Type: reg
Provision Reference: reg 24 (pt 7/8)
Character Range: 36845–39700

on a claim will be recovered by the insurer. If no recovery is available, then the full value should be reported including GST.

23. Gross Third Party Recoveries Received

Total of all amounts that have been received to date from third parties in respect of the claim, net of GST in whole dollars, no decimal point.  Excludes any amounts that have been received under reinsurance contracts.

Salvage should be reported as a third party recovery.

Note: Data should be provided based on your share only.

24. Gross Third Party Recoveries Outstanding

Total of all amounts that are expected to be received after the end of the reporting period from third parties in respect of the claim, net of GST in whole dollars, no decimal point.  Excludes any amounts expected to be received under reinsurance contracts. Will be zero if the claim is finalised.

Salvage should be reported as a third party recovery.

Note: Data should be provided based on your share only.

    25. Gross Claim Payments by Head of Damage before Third Party Recoveries (This field is not used)

A breakdown of the total settlement amount into the following heads of damage is required for finalised claims only.  The total of items 25.1 to 25.11 must equal item 20

– Gross Payments to Date, with any rounding difference included in item 25.11 (Other).

Note:

    1)             Data should be provided based on your share only.

    2)             Income Tax Credits are excluded.

    3)             The values reported should represent the cost to the insurer however the standard assumes that GST paid out on a claim will be recovered by the insurer. If no recovery is available, then the full value should be reported including GST.

A finalised claim is one where field 11 (date finalised) has been recorded and field 22 (gross case estimate at end of reporting period) is zero.

Where a claim is settled out of court, contributors should provide a reasonable estimate as to how the total claim is distributed between the Heads of Damages categories.

25.1. Past economic loss

25.2. Future economic loss

25.3. Past medical, hospital, caring and related services

25.4. Future medical, hospital and related services 25.5. Future caring services

25.6. General damages

25.7. Interest

25.8. Plaintiff legal costs

25.9. Defendant legal costs

25.10. Investigation costs

25.11. Other

Appendix A: Data Validation

As well as unit record validation, overall reasonability checks will be carried out on each insurer's data.

With each half-yearly data submission

 Various comparisons between the current reporting period and the previous period will be carried out in order to monitor data reasonability and consistency. These may include:

    •                 Change in the aggregate Gross Earned Premium, split by two digit ANZSIC code or single character