Document ID: chunk:federal_register_of_legislation:F2023L00612:body:0:p6
Version: federal_register_of_legislation:F2023L00612
Segment Type: other
Provision Reference: 
Character Range: 13921–16974

for each reporting period.

LRS 310.0 must be submitted for the sum of individual statutory funds, the sum of statutory fund eliminations, the general fund, and if applicable the general fund eliminations for each reporting period. The term 'general fund' has been used to refer to the shareholders' fund of a life company other than a friendly society or the management fund of a friendly society.

Please disclose non-distinct investment components in Reporting Standard LRS 320.0  Liability Roll Forwards at:

    * Part A: Liability Roll Forward 1, item 12: 'Investment components and premium refunds', item 18: 'Claims and other expenses paid, including investment components'; and

    * Part B: Liability Roll Forward 1, item 9: 'Investment components and premium refunds'

as applicable (refer to AASB 17.103 (c) and AASB 17.105 (a) (iii)).

APRA class of business

The APRA class of business that apply for the purpose of this Reporting Standard are:

            Australia – Ordinary Business
            Australia – Superannuation Business
            Overseas – All Business

The expressions 'Australian Business' and 'Overseas Business' refer to the territories where the life insurance business is carried on.

The expressions 'Ordinary Business' and 'Superannuation Business' are defined in the Life Act.

This section is also to be completed for each participating and non-participating business. The expressions 'participating business and 'non-participating business' are defined in the Life Act.

Direct business is any insurance business written / insurance contracts issued by the reporting insurer.

Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.

Non-life insurance business is insurance business carried on by a life company in accordance with APRA's declaration made under section 12A or section 12B of the Life Act.

Units of measurement

Report values in this Reporting Standard in whole Australian dollars (AUD) with no decimal place.

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

Report losses and expenses as negative values.

Columns for Licensed insurer and Statutory fund eliminations reporting:
Column 1   Report the total amounts for Australian business before statutory fund eliminations representing the sum of individual statutory funds.
Column 2   Report the total amounts for overseas business before statutory fund eliminations representing the sum of individual statutory funds.
Column 3   Column 3 'Total business before statutory fund eliminations' is a derived column and is calculated as the sum of columns 1 and 2.
Column 4   Report the total amounts for Australian business statutory fund eliminations in negative values.
Column 5   Report the total amounts for overseas business statutory fund eliminations in negative values.
Column 6   Column 6 'Total business' is a derived column and is calculated as the sum of columns 4