Document ID: chunk:federal_register_of_legislation:F2023L00713:front:0:p9
Version: federal_register_of_legislation:F2023L00713
Segment Type: other
Provision Reference: 
Character Range: 26942–32426

is an allocated amount of the aggregate IACF liability item for reinsurance contracts held. The IACF liability item is recognised applying AASB 17 paragraph 28B for the current reporting period.

                                                                                                                      This item has the meaning given to it in AASB 17 Appendix A, AASB 17.105A Disclosure, and AASB 17.105B Disclosure.

                                                                                                                      Based on the insurer's interpretation of AASB 17.105A, this item may not apply.

                                                                                                                      The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF liability item.
Reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA                      This is an allocated amount of the aggregate of IACF recognised as gain under PAA applying AASB 17 paragraph 59(a) for reinsurance contracts held.

                                                                                                                      This excludes reinsurance contracts held - unrecovered amount of IACF recognised as impairment gain (or reversal loss).

                                                                                                                      The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the gain amount.
Reinsurance contract held -- Unrecovered amount of IACF recognised as gain (or reversal loss)                         This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment gain (or reversal loss) over the reporting period applying AASB 17 paragraphs 28E and 28F for reinsurance contracts held.

                                                                                                                      The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain).
Reinsured contractual regular contributions                                                                           This is the reinsured portion of any business that is accepted through direct debit, has a specific contractual requirement for future on-going premiums, has an expectation of renewal each year (e.g. yearly renewable term products) or generally causes a policy to discontinue on cessation of future payment.

                                                                                                                      This is the amount reported for the previous year plus all movements for the current year.
Reinsured insurance amount, account balance or equivalent                                                             This is the reinsured portion of gross insurance amount, account balance or equivalent of all the members of life company fund.

                                                                                                                      For individual products, this is reinsured portion of:

                                                                                                                          * conventional: Sum insured plus reversionary bonus
                                                                                                                          * investment account: Account balance
                                                                                                                          * investment linked: Value of units
                                                                                                                          * lifetime annuity: Payment per annum
                                                                                                                          * term annuity: Payment per annum
                                                                                                                          * fixed rate fixed term saving: Account balance
                                                                                                                          * allocated annuity: Account balance
                                                                                                                          * level premium risk - lump sum benefit: Sum insured
                                                                                                                          * stepped premium risk - lump sum benefit: Sum insured
                                                                                                                          * disability income insurance: Insurance payment (i.e. annualised insured benefit)
                                                                                                                          * other individual: Consistent with above principles

                                                                                                                      For group products, this is worked out by considering the reinsured portion of what the insured amount is for each member of