Document ID: chunk:federal_register_of_legislation:F2023L00730:front:0:p7
Version: federal_register_of_legislation:F2023L00730
Segment Type: other
Provision Reference: 
Character Range: 17073–20415

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.
Gross claims paid                                     This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.
                                                      It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred.
Gross premium received                                This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.
                                                      It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued.
Gross written premium                                 This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.
                                                      This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers.
Gross written premium relating to unclosed business   This is the amount charged in relation to accepting risk from the insured over the reporting period related to unclosed business. This item excludes any fire service levy and other levies imposed by state and territory governments and is gross of any associated outwards reinsurance expense.
                                                      Unclosed business is that which has been accepted by the reporting insurer / reinsurer prior to the balance date but there is insufficient information to fully identify the business.

N
Net accrued premium                  This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.
                                     The definition of accrued premium is outlined in gross accrued premium.
                                     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.
Net claims incurred                  This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used