Document ID: chunk:federal_register_of_legislation:F2023L00718:front:0:p6
Version: federal_register_of_legislation:F2023L00718
Segment Type: other
Provision Reference: 
Character Range: 13852–17439

fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.

                                                          Accrued premium is defined as:

                                                          , where:

                                                          A equals Premiums in advance at the end of the specified period minus Premiums in advance at the start of the specified period; and

                                                          B equals Unpaid premiums at the end of the specified period minus Unpaid premiums at the start of the specified period.

                                                          Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Gross claim payments (net of non-reinsurance recoveries)  This refers to gross claim payments, reported gross of any associated reinsurance recoveries, but net of any associated non-reinsurance recoveries.
Gross case estimates (net of non-reinsurance recoveries)  This refers to gross case estimates included in the Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) outstanding claims liabilities (OCL).
Gross IBNR / IBNER (net of non-reinsurance recoveries)    This refers to gross incurred but not reported (IBNR) / incurred but not enough reported (IBNER) included in the GPS 340 OCL.
Gross written premium                                     This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.

                                                          This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers.

N
Net accrued premium                                                     This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.

                                                                        The definition of accrued premium is outlined in gross accrued premium.

                                                                        Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Net case estimates (net of reinsurance and non-reinsurance recoveries)  This refers to net case estimates included in the GPS 340 OCL.
Net claim payments (net of reinsurance and non-reinsurance recoveries)  This refers to insurance claims payments, reported net of any associated reinsurance and non-reinsurance recoveries. This includes reinsurance and non-reinsurance recoveries that have been received or are expected to be received only in relation to claims already paid.
Net