Document ID: chunk:federal_register_of_legislation:F2017L00725:body:0:p16
Version: federal_register_of_legislation:F2017L00725
Segment Type: other
Provision Reference: 
Character Range: 45649–49000

flows from superannuation activities in item 12 as investment income and gains/losses reported in item 7 plus operating income reported in item 8 minus the sum of total investment expenses reported in item 9.7, total administration expenses and operating expenses reported in item 10.7 and advice expenses reported in item 11.

Insurance activities

Item 13 to item 15 inclusive collect information arising from insurance activities of the RSE.

Item 13                    Report insurance related inflows associated with acquired insurance in item 13.1.

                           Report insurance related inflows associated with self-insurance in item 13.2.

Insurance related inflows  Represents inflows sourced from insurance activities. Includes: insurance claim benefits or proceeds credited to member accounts, reinsurance benefits, rebate income received on premiums charged, fee rebates received against insurance fees charged to members and changes in insurance liabilities or reinsurance assets.

Acquired insurance         Represents insurance acquired by an RSE licensee from a life company registered, or taken to be registered, under s. 21 of the Life Insurance Act 1995 or a general insurance company or Lloyd's underwriter authorised, or taken to be authorised, under the Insurance Act 1973 (an insurer), in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Self-insurance             Represents insurance offered under an RSE licensee's self-insurance arrangements, in accordance with Prudential Standard SPS 250 Insurance in Superannuation.

Item 14                     Report insurance related outflows associated with acquired insurance in item 14.1. Report the portion of insurance related outflows associated with acquired insurance that is associated with insurance administration activities in item 14.1.1.

                            Report insurance related outflows associated with self-insurance in item 14.2. Report the portion of insurance related outflows associated with self-insurance that is associated with insurance administration activities in item 14.2.1.

Insurance related outflows  Represents outflows incurred through insurance activities. Includes: premiums debited from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets.

Insurance administration    Represents activities of an RSE licensee, life insurer, administrator or other service provider that relate to the administration or operation of acquired insurance or self-insurance arrangements to members. Includes: expenses for which insurance fees relating to provision of insurance arrangements are charged, processing of claims. Excludes: expenses related to litigation resulting from insurance claims; costs of tenders for, and reviews of, insurance arrangements.

Item 15  Item 15 is a derived item. Report net flows from insurance activities as the sum of insurance related inflows reported in item 13.1 and item 13.2 minus the sum of insurance related outflows reported in item 14.1 and item 14.2.

Profit/loss

Item 16 to item 18 inclusive collect the profit/loss before and after income tax of the RSE.

Item 16                        Item 16 is a derived item. Report profit/loss before income tax in item 16