Document ID: chunk:federal_register_of_legislation:F2023L00607:front:0:p6
Version: federal_register_of_legislation:F2023L00607
Segment Type: other
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Character Range: 13513–16607

in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Reporting entity

Tables 1 - 6 as described in 'Specific instructions A – by Class of Business' are to be completed by the parent entity of a Level 2 insurance group as defined in GPS 001 where the Level 2 insurance group does not have a reporting adjustment to report on an 'Australia by region' rather than 'Australia by class of business' basis. If the Level 2 insurance group has a reporting adjustment, it must complete Tables 7 - 10 as described below in 'Specific instructions B – by Region'.
Consolidation at Level 2 should cover the Level 2 insurance group as defined under GPS 001.

Definitions

Terms in bold italics are defined in this Definitions section of these instructions.

A

Adjusted net outstanding claims liabilities             This is the derived valuation of outstanding claims liabilities (OCL) based on accounting records for the group after allowing for adjustments required by GPS 340.

                                                        It is calculated as the sum of:

                                                            * net liabilities for incurred claims; and
                                                             *      adjustment to AASB net liabilities for incurred claims.

Adjustment to AASB net liabilities for incurred claims  This is the adjustment required as a consequence of the assessment by the Group Actuary to ensure the derived valuations of OCL based on accounting records for the group are appropriate and exceed (are more conservative than) the requirements of GPS 340.

B

Basis of preparation  Provide the basis by which OCL or premium liabilities (PL) have been reported. The options provided are:

                           *      GPS 340 basis;
                           *      AASB basis; or
                           *      combination of GPS 340 and AASB basis.

Business type         The business type refers to either the direct business or reinsurance business written by the reporting Level 2 insurance group.

                      The business types are:

                           *      direct business; and
                           *      reinsurance business.

C

Claims handling expenses  This is the present value of claims handling expenses associated with the OCL as determined under GPS 340 (GPS 340 OCL).

Class of business         Report items by the direct or reinsurance classes of business in accordance with GPS 001.

                          In respect of the 'Other' class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) as per Table 1 of Attachment A in GPS 115 that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the Other direct - category A,