Document ID: chunk:federal_register_of_legislation:F2023L00707:body:0:p11
Version: federal_register_of_legislation:F2023L00707
Segment Type: other
Provision Reference: 
Character Range: 27138–30128

the sum of columns 1 to 6.

Item 1: Opening reinsurance contract assets

Item 1  Report opening reinsurance contract assets.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.

Item 2: Opening reinsurance contract liabilities

Item 2  Report opening reinsurance contract liabilities.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.99 (b) Disclosure.

Item 3: Net balance as at beginning of reporting period

Item 3  Item 3, net balance as at beginning of reporting period, is a derived item and is calculated as the sum of item 1 and item 2.

Net income (expenses) from reinsurance contracts held

Item 4: Reinsurance expenses: Allocation of premiums paid to the reinsurer

Item 4   Report reinsurance expenses: allocation of premiums paid to the reinsurer.

         It is requested that the entity present this item separately from amounts recoverable from reinsurers reported at items 5 to 7 inclusive.

         Report this item in accordance with AASB 17.86 and AASB 17.103 (a) Disclosure.

Item 5: Recoveries of incurred claims and other insurance service expenses

Item 5  Report recoveries of incurred claims and other insurance service expenses.

        Report this item in accordance with AASB 17.103 (b) (i) Disclosure and AASB 17.103 (b) (ii) Disclosure. Report recoveries of amortisation of insurance acquisition cash flows if applicable.

Item 6: Recoveries and reversals of recoveries of losses on onerous underlying contracts

Item 6  Report recoveries and reversals of recoveries of losses on onerous underlying contracts

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

Item 7: Changes that relate to past service: Changes to assets for incurred claims

Item 7  Report changes that relate to past service: Changes to assets for incurred claims.

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

Item 8: Amounts recoverable from reinsurers

Item 8  Item 8, amounts recoverable from reinsurers, is a derived item and is calculated as the sum of items 5 to 7 inclusive.

        Report this item in accordance with AASB 17.86 Disclosure and AASB 17.103 (b) Disclosure.

Item 9: Investment components and premium refunds

Item 9  Report investment components and premium refunds.

        Report this item in accordance with AASB 17 Appendix A and AASB 17.103 (c) Disclosure.

        Premium refunds may also be netted against the premiums received as disclosed under AASB 17.105 (a) (i).

Item 10: Cost of retroactive cover on reinsurance contracts held

Item 10  Report cost of retroactive cover on reinsurance contracts held.

         Report this item in accordance with AASB 17 Appendix A and AASB 17.65A Disclosure.

         Insurers can either report the cost of retroactive cover on reinsurance contracts held at this item, or include it as part of Item 4 Reinsurance expenses: Allocation of premiums