Document ID: chunk:federal_register_of_legislation:F2023L00610:body:0:p6
Version: federal_register_of_legislation:F2023L00610
Segment Type: other
Provision Reference: 
Character Range: 13982–17042

insurer (LI) and statutory fund eliminations bases.

LRS 300.0 – Statutory fund (Table 1) data must be submitted for each statutory fund (approved benefit fund for a friendly society) separately for each reporting period.

LRS 300.0 – LI (Table 2) data must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term, 'general fund' has been used to refer to the shareholders' fund of a life company other than a friendly society or the management fund of a friendly society.

APRA class of business

The APRA class of business that apply for the purpose of this Reporting Standard are:

            Australia – Ordinary Business
            Australia – Superannuation Business
            Overseas – All Business

The expressions Australian Business and Overseas Business refer to the territories where the life insurance business is carried on.

The expressions Ordinary Business and Superannuation Business are defined in the Life Act.

This section is also to be completed for each participating and non-participating business. The expressions participating business and non-participating business are defined in the Life Act.

Units of measurement

Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

Statutory fund (Table 1): Column 1   Report the total amount for Australian business for the individual statutory fund.
Statutory fund (Table 1):            Report the total amount for overseas business for the individual statutory fund.

Column 2
Statutory fund (Table 1):            Column 3 'Total business' is a derived column and is calculated as the sum of column 1 and column 2.

Column 3
LI (Table 2):                        Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds in positive values.
Column 1
LI (Table 2):                        Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds in positive values.
Column 2
LI (Table 2):                        Column 3 'Total business before statutory fund eliminations' is a derived column and is calculated as the sum of columns 1 and 2.
Column 3
LI (Table 2):                        Report the total amounts for Australian business statutory fund eliminations in negative values.
Column 4
LI (Table 2):                        Report the total amounts for overseas business statutory fund eliminations in negative values.
Column 5
LI (Table 2):                        Column 6 'Total business' is a derived column and is calculated as the sum of columns 4 and 5.
Column 6
LI (Table 2):                        Column 7 'Australian business after statutory fund eliminations' is a derived column and