Document ID: chunk:federal_register_of_legislation:F2023L00644:body:0:p10
Version: federal_register_of_legislation:F2023L00644
Segment Type: other
Provision Reference: 
Character Range: 31122–35926

Net assets (less equity components classified as Additional Tier 1 Capital)  This is net assets of the private health insurer as reported in the balance sheet after deducting for any equity components classified as Additional Tier 1 Capital.
Net assets of the fund                                                            This is the net assets of the fund as reported in the balance sheet.
Net assets plus Additional Tier 1 Capital ratio                              For the private health insurer, net assets plus Additional Tier 1 Capital ratio is calculated as the sum of:
                                                                                    * Additional Tier 1 Capital; and

                                                                                    * net assets (less equity components classified as Additional Tier 1 Capital) multiplied by 1.2

                                                                             divided by:
                                                                                    * prescribed capital amount.

Net assets ratio                                                             For each health benefits fund or general fund, net assets ratio is calculated as:
                                                                                    * net assets of the fund multiplied by 1.2

                                                                             divided by:
                                                                                    * prescribed capital amount.

                                                                             For the private health insurer, net assets ratio is calculated as:
                                                                                    * net assets (less equity components classified as Additional Tier 1 Capital) multiplied by 1.2

                                                                             divided by:
                                                                                    * prescribed capital amount.

Net surplus / (deficit) relating to insurance liabilities                    This is the total technical provisions in surplus or deficit of those required by HPS 340. Technical provisions refer to the accounting insurance and reinsurance liabilities and assets.
                                                                             For each health benefits fund or general fund, it is a derived item, calculated as the sum of:
                                                                                    * insurance liabilities surplus / (deficit); and
                                                                                    * cost of reinsurance for future business not yet written;
                                                                             less:
                                                                                    * tax effect of insurance liabilities surplus / (deficit).
                                                                             For the private health insurer, it is to be reported as the net surplus / (deficit) relating to insurance liabilities across all health benefits funds and general funds of the private health insurer.
Non-reinsurance recoveries receivable                                        This is the value of non-reinsurance recoveries on paid claims.
                                                                             Non-reinsurance recoveries receivable is netted against insurance contract liabilities or added to insurance contract assets under AASB 17.
                                                                             This must exclude any amount already allowed in insurance liabilities determined under HPS 340 to avoid double counting

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Other accounts payable on insurance contracts issued                                     Other accounts payable on insurance contracts issued amount reflects other accounts due but not paid, which is netted against insurance and reinsurance contract assets or added to insurance and reinsurance contract liabilities under AASB 17. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.
Other accounts receivable on insurance contracts issued                                  Other accounts receivable on insurance contracts issued reflects any other amounts due but not received relating to insurance contracts. This may include (but is not limited to) levies, taxes, rebates, fees and commissions.
                                                                                         Other accounts receivable on insurance contracts issued is netted against insurance contract liabilities or added