Document ID: chunk:federal_register_of_legislation:F2023L00713:front:0:p5
Version: federal_register_of_legislation:F2023L00713
Segment Type: other
Provision Reference: 
Character Range: 11165–15482

bold italics indicate that the definition is provided in these instructions.

A

APRA product group  This is APRA product group which is defined in LRS 001 Reporting Requirements. Life companies must report data items by the listed APRA product groups where required.

C

Class of business  Class of business refers to:

                       * Australia - Superannuation business;
                       * Australia - Ordinary business; and
                       * Overseas - All business.

                   'Australia' and 'overseas' refer to the territories where the life insurance business is undertaken, as defined in the Life Act.

                   'Ordinary business' and 'superannuation business' are defined in the Life Act.

G

Gross contractual regular contribution decreases due to claims and / or maturities   This is reduction in contractual regular contributions following a claim arising from the occurrence of an insured event. Note that it is only included when an insurance claim causes alteration or cessation of the premium, e.g. premiums paid on disability income policies will sometimes remain unaffected following a claim, depending on the policy terms and conditions.

                                                                                     This is reduction in contractual regular contributions due to the maturity of a policy, i.e. following the completion of a policy's term. This would occur when a member retires and is paid their superannuation benefit, a policy owner reaches a defined age on an endowment policy or the termination of a savings plan on or after the contractual period.
Gross contractual regular contribution decreases due to voluntary discontinuance     This is reduction in contractual regular contributions due to lapses or surrenders of policies, i.e. the cessation of regular premiums prior to the completion of the policy's term.

Gross contractual regular contribution increases                                     This is increase in contractual regular premiums due to new policies sold  including CPI increases.

Gross contractual regular contributions                                              This is any business, gross of all reinsurance, 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.
Gross insurance amount, account balance or equivalent                                This is gross insurance amount or account balance or equivalent of all the members of life company fund.

                                                                                     For individual products, this is:

                                                                                         * 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.