Document ID: chunk:federal_register_of_legislation:F2015L00830:body:0:p13
Version: federal_register_of_legislation:F2015L00830
Segment Type: other
Provision Reference: 
Character Range: 37410–40379

product are charged.

Insurance administration expenses  Represents expense 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. Excludes: expenses related to litigation resulting from insurance claims; costs of tenders for, and reviews of, insurance arrangements.

Insurance agreement detail

Item 7 collects information about insurance policies, which have been in force during the reporting period, held by an RSE licensee for members of a SAF or SMADF.

Report each SAF or SMADF for which the RSE licensee holds an insurance policy in item 7. Report insurance policies held by the RSE licensee for a SAF or SMADF aggregated by insurer ('a cluster'). The insurance policies reported in item 7 must cover all insurance policies held by the RSE licensee.

Example: A SAF has 4 members; each member has an individual insurance policy. Three of the insurance policies are provided by one insurer, and the fourth policy is provided by another insurer. This would be reported as two separate lines in item 7: the three policies by the same insurer aggregated on one line, and the policy offered by the other insurer on a separate line.

Reporting basis: report column 1 to column 9 inclusive as at the end of the reporting period; report column 10 and column 11 with respect to transactions that occurred during the reporting period. Where a cluster of policies ceased during the reporting period, report '0' for column 5 to column 9 inclusive and report the value of premiums and rebates in column 10 and column 11 in relation to transactions that occurred during the reporting period prior to the policies in the cluster ceasing.

Unit of measurement: report column 5 to column 9 inclusive as a whole number; report column 10 and column 11 as thousands of dollars.

Item 7                                    Report each cluster within each SAF or SMADF as a separate line in item 7.

                                          Report the ABN of the SAF or SMADF in column 1.

                                          Report the name of the insurer in column 2 and ABN of that insurer in column 3.

                                          If the insurer reported in column 2 is an associate of the RSE licensee, report 'yes' in column 4; otherwise, report 'no'.

                                          Report the number of member accounts with life insurance cover, total and permanent disability insurance cover, income protection insurance cover or other insurance cover in column 5.

                                          For the member accounts reported in column 5, report the aggregate amount of insurance cover provided to those member accounts that is for: life insurance in column 6, total and permanent disability insurance in column 7, income protection insurance in column 8 and other insurance in