Document ID: chunk:federal_register_of_legislation:F2023L00615:body:0:p8
Version: federal_register_of_legislation:F2023L00615
Segment Type: other
Provision Reference: 
Character Range: 19086–22303

expenses from direct business.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.

Item 2.1.3  Report amortisation of insurance acquisition cash flows from direct business.

Item 2.1.4  Report losses and reversal of losses on onerous contracts from direct business Report this item in accordance with AASB 17.47-52.

Item 2.1.5  Report changes that relate to past service: changes to liabilities for incurred claims from direct business.

            Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.

Item 2.1.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from direct business.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.

Item 2.2    Item 2.2 insurance service expenses from inwards reinsurance is a derived item calculated as the sum of items 2.2.1 to 2.2.6 inclusive.
Item 2.2.1  Report incurred claims from inwards reinsurance.

Item 2.2.2  Report other insurance service expenses from inwards reinsurance.

            Report insurance acquisition cash flows that have been recognised as expenses when incurred under AASB 17.59(a) at this item.

Item 2.2.3  Report amortisation of insurance acquisition cash flows from inwards reinsurance.

Item 2.2.4  Report losses and reversal of losses on onerous contracts from inwards reinsurance.

            Report this item in accordance with AASB 17.47-52.

Item 2.2.5  Report changes that relate to past service: changes to liabilities for incurred claims from inwards reinsurance.

            Report this item in accordance with AASB 17.103 (b) (iii) Disclosure.

Item 2.2.6  Report impairment losses/reversals on assets for insurance acquisition cash flows from inwards reinsurance.

            Report this item in accordance with AASB 17 Appendix A, AASB 17.28B, AASB 17.28E and AASB 17.28F. APRA has interpreted this item to form part of insurance service expense.

3.                  Insurance service result before reinsurance contracts held

Item 3  Item 3 insurance service result before reinsurance contracts held is a derived item and is calculated as the sum of item 1 and item 2.

        Report this item in accordance with AASB 17 Appendix A.

4.                  Allocation of reinsurance premiums

Item 4  Report allocation of reinsurance premiums.

        It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at item 5.

        Report this item in accordance with AASB 17.86.

5.                  Amounts recoverable from reinsurers

Item 5  Report amounts recoverable from reinsurers. Include at this item reversals of recoveries of losses from the reinsurance contracts determined in accordance with AASB 17.66B for reinsurance contracts held.

        Report this item in accordance with AASB 17.86.

        The amount reported at this item should reconcile to item 8. 'Amounts recoverable from reinsurers' reported in Part B: Reinsurance contracts held (outwards reinsurance by