Document ID: chunk:federal_register_of_legislation:F2023L00604:reg:14:p11
Version: federal_register_of_legislation:F2023L00604
Segment Type: reg
Provision Reference: reg 14 (pt 11/12)
Character Range: 40912–44959

past premiums received prior to the reporting date.

                                          This is part of past premium liabilities of RFBEL.

RFBEL (gross of reinsurance)              This is RFBEL as defined in LPS 112 but determined gross of reinsurance.

                                          Where relevant, RFBEL (gross of reinsurance) is calculated as the sum of:

                                               * future premium liabilities (gross of reinsurance); and
                                               * past premium liabilities (gross of reinsurance).

                                          Where relevant, RFBEL (gross of reinsurance) is calculated as the sum of (all gross of reinsurance):

                                               * present value of expected benefit payments;
                                               * present value of expected expenses; and
                                               * present value of expected other RFBEL components

                                          Less:

                                               * present value of expected receipts.

RFBEL (net of reinsurance)                This is RFBEL as defined in LPS 112, determined net of reinsurance.

                                          Where relevant, RFBEL net of reinsurance is also calculated as the sum of:

                                               * future premium liabilities (net of reinsurance); and
                                               * past premium liabilities (net of reinsurance).

                                          Where relevant, RFBEL (net of reinsurance) is calculated as the sum of (all net of reinsurance):

                                               * present value of expected benefit payments;
                                               * present value of expected expenses; and
                                               * present value of expected other RFBEL components

                                          Less:

                                               * present value of expected receipts.

T

Termination value              This is the total termination value used in calculating adjusted policy liabilities for the purpose of determining capital base.

Total stress post diversified  This is the impact of the aggregate stresses across the APRA product groups post allowance for diversification benefits between the insurance stresses.

                               Allocation of total stress post diversified to the APRA product groups must be based on a systematic and rational approach reflecting how each APRA product group contributed to the stress.

U

Unexpired Risk Reserve (URR)             This is the total expected future claim payments and expenses associated with unexpired proportion of past premiums received prior to the reporting date.

                                         This is part of past premium liabilities of RFBEL.

Unstressed net past premium liabilities  This is the present value of total expected claims and expenses (net of reinsurance), arising from all premiums that have been received prior to the reporting date, before the effect of the insurance risk stresses.

V

Valuation basis  Within each APRA product group, some valuation data will be collected on up to three bases, indicated as follows:

                      * Last Year (LY)/LY: Current position, based on previous year's valuation basis.
                      * LY/This Year (TY): Current position, based on previous year's valuation basis substituting current year's investment and economic assumptions.
                      * TY/TY: Current position, based on current year's valuation basis

Specific instructions

Table 1: Unstressed RFBEL - Non-participating Benefits Without Entitlement To Discretionary Additions And Friendly Society Benefits – In-force Business – As At The Reporting Date

Reporting basis

This section relates to:

    * life companies including