Document ID: chunk:federal_register_of_legislation:F2023L00015:reg:9
Version: federal_register_of_legislation:F2023L00015
Segment Type: reg
Provision Reference: reg 9
Character Range: 14622–15507

9                        Paragraph Aus25.1 is added. Paragraph 25 is not amended but is included for reference.

      Recognition

          25 An entity shall recognise a group of insurance contracts it issues from the earliest of the following:
               (a) the beginning of the coverage period of the group of contracts;
               (b) the date when the first payment from a policyholder in the group becomes due; and
               (c) for a group of onerous contracts, when the group becomes onerous.

               Aus25.1 Notwithstanding paragraph 25, a public sector entity shall recognise insurance contracts it issues from the earliest of the following:

                    (a) the beginning of the coverage period of an insurance contract; and

                    (b) the date when the first payment from a policyholder of an insurance contract becomes due.