Document ID: chunk:federal_register_of_legislation:F2023L00713:front:0:p6
Version: federal_register_of_legislation:F2023L00713
Segment Type: other
Provision Reference: 
Character Range: 14879–19743

* 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 what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the member's insured amount of all the members of the group.

I

Insurance benefit                                                                                               This is the type of insurance benefit that a life policy can include. Life companies must report data items by insurance benefit where required. Insurance benefit can either be:

                                                                                                                    * non-participating benefits;
                                                                                                                    * participating benefits; or
                                                                                                                    * friendly society benefits.
Insurance contract - insurance acquisition cash flows (IACF) asset                                              This is an allocated amount of the aggregate IACF asset item for insurance contracts. The IACF asset item is recognised applying AASB 17 paragraph 28B.

                                                                                                                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 asset item.
Insurance contract - insurance acquisition cash flows (IACF) expensed under PAA                                 This is an allocated amount of the aggregate of IACF expensed under PAA applying AASB 17 paragraph 59(a) for insurance contracts.

                                                                                                                This excludes insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).

                                                                                                                The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the expensed amount.
Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk   Report liabilities for incurred claims that are presented as insurance contract liabilities, after deducting asset for incurred claims that are presented as insurance contract assets, and any associated risk adjustment for non-financial risk.

                                                                                                                Liability for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.

                                                                                                                Assets for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.

                                                                                                                Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure.
Insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk             Report risk adjustment for non-financial