Document ID: chunk:federal_register_of_legislation:F2023L00301:body:0:p17
Version: federal_register_of_legislation:F2023L00301
Segment Type: other
Provision Reference: 
Character Range: 47170–49998

direct - category B and Other direct - category C line items are to follow this basis.

For reinsurance business, the classes of business in Table 2 of Attachment A of GPS 115 are to be aggregated by the Category and Reinsurance Type for reporting on this form.

Section 1: Direct business

Section 1 is to be completed for the insurance business written directly by the reporting insurer and is to be reported in accordance with the direct classes of business in Attachment B of GPS 001.

Section 2: Reinsurance business

Section 2 is to be completed for the reinsurance business written by the reporting insurer and is to be reported in accordance with the reinsurance classes of business in Attachment B of GPS 001 and Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115).

    (2)  Acquisition costs (excluding LAT results)

Refer to instructions for Acquisition costs (excluding the results of the liability adequacy tests) in GRF 310.0.

    (3)  Results of LAT (current and prior years)

This is the value of any adjustments to deferred acquisition costs or the unexpired risk liability as a result of performing the Liability Adequacy Test (LAT). Report the results of the LAT performed in the relevant period and the results of the LAT performed in prior years which have profit and loss impact in the relevant period. Refer to instructions for Results of liability adequacy tests (current year) and Results of liability adequacy tests (prior years) in GRF 310.0.

The total amount across all direct and reinsurance classes of business should correspond to the sum of Results of liability adequacy tests (current year) and Results of liability adequacy tests (prior years) in GRF 310.0. Results of LAT failures should be reported as a positive value.

    (4)  Levies and charges

Refer to instructions for Levies and charges in GRF 310.0.

    (5)  Commission revenue

Refer to instructions for Commission revenue in GRF 310.0.

(6)  Commission expense

Refer to instructions for Commission expense in GRF 310.0.

(7)  Other underwriting expenses

This is automatically calculated as Column 8 less Column 2 less Column 3 less Column 4 plus Column 5 less Column 6.

(8)  Total underwriting expenses

This is the value of acquisition costs and other underwriting expenses recognised during the relevant period, as determined in accordance with AASB 1023.

Section 3: Total

Total direct business

Each item in this row is automatically calculated as the sum of each corresponding column in Section 1 across the classes of business.

Total reinsurance business

Each item in this row is automatically calculated as the sum of the Proportional and Non-proportional items in Section 3 for each corresponding column.

Proportional

Each item in this row is