Document ID: chunk:federal_register_of_legislation:F2023L00697:front:0:p9
Version: federal_register_of_legislation:F2023L00697
Segment Type: other
Provision Reference: 
Character Range: 22831–28632

and AASB 101.54 (da) Disclosure.

Insurance contract liabilities - liabilities for remaining coverage  Report liabilities for remaining coverage that are presented as insurance contract liabilities.

                                                                     Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.

International region                                                 This is the international region, applicable to Level 2 insurance groups, that insurance business is carried on by any entity within the group. International region can either be:

                                                                         * Australia
                                                                         * New Zealand
                                                                         * South East Asia
                                                                         * Asia Pacific
                                                                         * USA
                                                                         * Americas
                                                                         * UK or Europe
                                                                         * Other

N

Net liabilities for remaining coverage                                               This is the net liabilities for remaining coverage, calculated as the sum of:

                                                                                         * insurance contract liabilities - liabilities for remaining coverage; and
                                                                                         * reinsurance contract liabilities - liabilities for remaining coverage;

                                                                                     less:

                                                                                         * insurance contract assets - assets for remaining coverage; and
                                                                                         * reinsurance contract assets - assets for remaining coverage.

Net PL - central estimate (excluding CHE and PAE)                                    This is the value, as at the relevant date, of the central estimate component of PL, excluding:

                                                                                         * CHE; and
                                                                                         * PAE,

                                                                                     net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340.

                                                                                     This is calculated as the sum of:

                                                                                         * gross PL - central estimate (excluding CHE and PAE);
                                                                                         * expected future reinsurance costs for current and future reinsurance arrangements needed to cover PL; and
                                                                                         * commissions;

                                                                                     less the sum of:

                                                                                          *     reinsurance commissions;
                                                                                          *     net PL - non-reinsurance recoveries (central estimate); and
                                                                                          *     net PL - expected reinsurance recoveries (central estimate).

Net PL - central estimate (including CHE and PAE)                                    This is the value, as at the relevant date, of the central estimate component of PL, including:

                                                                                         * CHE; and
                                                                                         * PAE,

                                                                                     net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340.

                                                                                     This is calculated as the sum of:

                                                                                         * net PL - central estimate (excluding CHE and PAE);
                                                                                         * claims handling expenses; and
                                                                                         * policy administration expenses.

Net PL - diversified risk margin                                                     This is the value, as at the relevant date, of the diversified risk margin component of the net PL, net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340. The diversified risk margin refers to the risk margin that has been applied to the class of business after allowance for diversification across the whole insurance portfolio.

Net PL - expected reinsurance recoveries (central estimate)                          This is the value of expected reinsurance recoveries receivable by the reporting Level 2 insurance group associated with the central estimate of PL, gross of any provisions for depreciation or impairment. It is determined in accordance with GPS 340.

Net PL -