Document ID: chunk:federal_register_of_legislation:F2023L00727:front:0:p5
Version: federal_register_of_legislation:F2023L00727
Segment Type: other
Provision Reference: 
Character Range: 11221–14145

insurer whose business consists only of undertaking liability by way of reinsurance.

       non-APRA-authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;

       Principal Executive Officer means the principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and

       reporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.

18.         Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.

Reporting Standard GRS 410.0

Movement in Outstanding Claims Liabilities

General instructions

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear 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 a table must not appear on more than one row in that table when reported.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

A
Accident year                       This refers to the financial year that the losses / claims associated with individual policies are incurred.

Accident year or underwriting year  This refers to whether the year associated is accident year or underwriting year.

C
Class of business  This refers to the direct or reinsurance classes of business in accordance with Prudential Standard GPS  001 Definitions (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 Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (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, other direct - category B or other direct - category C line items are to follow this basis.
                   For reinsurance business, the classes of business are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115.

D
Direct business  This refers to insurance business written directly by the reporting insurer in accordance with the direct classes of business in GPS  001.

G
GPS 340 net OCL - undiscounted   This refers to the net outstanding claims liabilities (OCL) determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) but on an undiscounted basis. For