Document ID: chunk:federal_register_of_legislation:F2023C00194:body:0:p4
Version: federal_register_of_legislation:F2023C00194
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Character Range: 8914–11942

as insurance contracts that are not life insurance contracts.
2.1.2 This Standard applies to general insurance contracts issued by Registered Health Benefits Organisations (RHBOs) registered under the National Health Act 1953.  RHBOs apply this Standard to contracts that meet the definition of a general insurance contract and to certain assets backing general insurance liabilities.
2.1.3 For ease of reference, this Standard describes any entity that issues an insurance contract as an insurer, whether or not the issuer is regarded as an insurer for legal, regulatory or supervisory purposes.
2.1.4 A reinsurance contract is a type of insurance contract.  Accordingly, all references in this Standard to insurance contracts also apply to reinsurance contracts.
2.1.5 Weather derivatives that meet the definition of a general insurance contract under this Standard are treated under this Standard.  A contract that requires payment based on climatic, geological or other physical variables only where there is an adverse effect on the contract holder is a weather derivative that is an insurance contract.  To meet the definition of a general insurance contract, the physical variable specified in the contract will be specific to a party to the contract.

Transactions Outside the Scope of this Standard
2.2 This Standard does not apply to:
(a) life insurance contracts (see AASB 1038 Life Insurance Contracts);
(b) product warranties issued directly by a manufacturer, dealer or retailer (see AASB 15 Revenue from Contracts with Customers and AASB 137 Provisions, Contingent Liabilities and Contingent Assets);
(c) employers' assets and liabilities under employee benefit plans (see AASB 119 Employee Benefits and AASB 2 Share-based Payment) and retirement benefit obligations reported by defined benefit retirement plans (see AASB 1056 Superannuation Entities);
(d) contingent consideration payable or receivable in a business combination (see AASB 3 Business Combinations);
(e) contractual rights or contractual obligations that are contingent on the future use of, or right to use, a non-financial item (for example, some license fees, royalties, variable lease payments and similar items), as well as a lessee's residual value guarantee embedded in a lease (see AASB 15, AASB 16 Leases and AASB 138 Intangible Assets);
(f) financial guarantee contracts unless the issuer has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, in which case the issuer may elect to apply either AASB 9 Financial Instruments, AASB 132 Financial Instruments: Presentation and AASB 7 Financial Instruments: Disclosures or this Standard to such financial guarantee contracts.  The issuer may make that election contract by contract, but the election for each contract is irrevocable;
(g) direct insurance contracts that the entity holds (that is direct insurance contracts in which the entity is a policyholder).  However, a cedant shall apply this