Document ID: chunk:federal_register_of_legislation:F2023L00730:front:0:p6
Version: federal_register_of_legislation:F2023L00730
Segment Type: other
Provision Reference: 
Character Range: 13862–17354

The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the Other direct - category A, Other direct - category B or Other direct - category C line items are to follow this basis.
                   For reinsurance business, the classes of business in are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115.

D
Direct business                          This refers to insurance business written directly by the reporting insurer in accordance with the direct classes of business in GPS 001.

Direct business or reinsurance business  This is either the direct or reinsurance classes of business written by the reporting insurer, in accordance with GPS 001.
                                              * direct business and
                                              * reinsurance business.

F
Fire service levy and other levies imposed by state and territory governments  This is the value of fire service levy or other levies imposed by state and territory governments that was charged as part of written premiums over the reporting period. This excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes).

G
Gross 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 gross of any associated outwards reinsurance expense incurred.
                                                      Accrued premium is defined as:
                                                      Premiums received minus A plus B, where:
                                                      A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; and
                                                      B equals Unpaid premiums at the end of the specified period – 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 claims incurred                                 This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).
                                                      Claims incurred is defined as:
                                                      Claims paid minus A plus B, where:
                                                      A equals GPS 340 OCL and the start of the period; and
                                                      B equals GPS 340 OCL at the end of the 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 claims paid                                     This is the value of claims paid over