Document ID: chunk:federal_register_of_legislation:F2023L00726:body:0:p15
Version: federal_register_of_legislation:F2023L00726
Segment Type: other
Provision Reference: 
Character Range: 37239–40224

contract liabilities
Item 2  Report opening reinsurance contract liabilities.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.

Item 3: Net balance as at beginning of reporting period
Item 3  Item 3, net balance as at beginning of reporting period, is a derived item and is calculated as the sum of item 1 and item 2.

Net income (expenses) from reinsurance contracts held

Item 4: Reinsurance expenses: Allocation of premiums paid to the reinsurer
Item 4   Report reinsurance expenses: allocation of premiums paid to the reinsurer.

         It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at items 5 to 7 inclusive.

         Report this item in accordance with AASB 17.86 and AASB 17.103 (a) Disclosure.

Item 5: Recoveries of incurred claims and other insurance service expenses
Item 5  Report recoveries of incurred claims and other insurance service expenses.

        Report this item in accordance with AASB 17.103 (b) (i) Disclosure and AASB 17.103 (b) (ii) Disclosure. Report recoveries of amortisation of insurance acquisition cash flows if applicable.

Item 6: Recoveries and reversals of recoveries of losses on onerous underlying contracts
Item 6  Report recoveries and reversals of recoveries of losses on onerous underlying contracts

        Report this item in accordance with AASB 17.103 (b) (iv) Disclosure.

Item 7: Changes that relate to past service: Changes to assets for incurred claims
Item 7  Report changes that relate to past service: Changes to assets for incurred claims.

        Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.

Item 8: Amounts recoverable from reinsurers
Item 8  Item 8, amounts recoverable from reinsurers, is a derived item and is calculated as the sum of items 5 to 7 inclusive.

        Report this item in accordance with AASB 17.86 Disclosure and AASB 17.103 (b) Disclosure.

Item 9: Investment components and premium refunds
Item 9  Report investment components and premium refunds.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.

        Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).

Item 10: Cost of retroactive cover on reinsurance contracts held
Item 10  Report cost of retroactive cover on reinsurance contracts held.

         Report this item in accordance with AASB 17 Appendix A and AASB 17.65A Disclosure.

         Insurers can either report cost of retroactive cover on reinsurance contracts held, at this item; or include it as part of Item 4. Reinsurance expenses: Allocation of premiums paid to the reinsurer.

Item 11: Impairment of assets for insurance acquisition cash flows
Item 11  Report impairment of assets for insurance acquisition cash flows in accordance with AASB 17 Appendix A, AASB 17.105A and AASB 17.105B Disclosure.

         Based on