Document ID: chunk:federal_register_of_legislation:F2023L00730:front:0:p9
Version: federal_register_of_legislation:F2023L00730
Segment Type: other
Provision Reference: 
Character Range: 23065–24759

the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business.

R
Reinsurance business              This refers to the reinsurance business written by the reporting insurer in accordance with the reinsurance classes of business in GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the Category and Reinsurance Type as per Table 2 of Attachment A in GPS 115.

Reinsurance recoveries incurred   This is the value of reinsurance recoveries incurred during the reporting period. This must be consistent with the value used to calculate net claims incurred.
                                  Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Reinsurance recoveries received   Report the amount of reinsurance recoveries received over the reporting period.
                                  This relates to all reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the reinsurance recoveries may have been incurred.

Specific instructions

Table 1: Premium and Claims by Class of Business

Reporting basis
Where a relevant period is noted, report the figures from the start of the current financial year to the end of the reporting period unless otherwise specified.
    Name                                                                           Valid values                          Description