Document ID: chunk:federal_register_of_legislation:F2023L00604:reg:14:p10
Version: federal_register_of_legislation:F2023L00604
Segment Type: reg
Provision Reference: reg 14 (pt 10/12)
Character Range: 37393–41263

the policy document's contractual agreement. The premium refund must be present-valued to the reporting date.

Present value of expected benefit payments                          This is the present value of all expected future benefit payments after the reporting date.

                                                                    This is part of future and past premium liabilities of RFBEL.

Present value of expected commissions                               This is the present value of all future expected commissions that are associated with premiums expected to be received after the reporting date. Commissions include rebates.

                                                                    This is part of future premium liabilities of RFBEL.

Present value of expected expenses                                  This is the present value of all future expected expenses after the reporting date.

                                                                    This is part of future and past premium liabilities of RFBEL.

Present value of expected incurred claims                           This is the present value of all future expected claim payments that are associated with premiums expected to be received after the reporting date.

                                                                    This is part of future premium liabilities of RFBEL.

Present value of expected other RFBEL components                    This is the present value of all other specific components of the future and past premium liabilities that do not fall under the categories of benefit payments, expenses and receipts.

                                                                    This is part of future and past premium liabilities of RFBEL.

Present value of expected other future premium liability component  This is the present value of all other specific components of the future premium liability that do not fall under the categories of claims, commission, expenses and premiums.

                                                                    This is part of future premium liabilities of RFBEL.

Present value of expected maintenance and overhead costs            This is the present value of all future expected maintenance and overheads costs that are associated with premiums expected to be received after the reporting date.

                                                                    This is part of future premium liabilities of RFBEL.

Present value of expected premiums                                  This is the present value of all future premiums expected to be received after the reporting date.

                                                                    This is part of future premium liabilities of RFBEL.

Present value of expected receipts                                  This is the present value of all expected future receipts after the reporting date.

                                                                    This is part of future and past premium liabilities of RFBEL.

Present value of risk-free value of future bonuses                  This is the present value of all future bonuses after the reporting date.

                                                                    This is part of participating policy liabilities.

R

Reported But Not Assessed (RBNA) reserve  This is the total expected claim payments and expenses in respect of claims reported but not assessed, that are associated with past premiums received prior to the reporting date.

                                          This is part of past premium liabilities of RFBEL.

RFBEL (gross of reinsurance)              This is RFBEL as defined in LPS 112 but determined gross of reinsurance.

                                          Where relevant, RFBEL (gross of reinsurance)