Document ID: chunk:federal_register_of_legislation:F2023L00615:body:0:p6
Version: federal_register_of_legislation:F2023L00615
Segment Type: other
Provision Reference: 
Character Range: 13472–16560

of an IFRS/AASB Standard;

  (b)   example—an element of this type represents an example provided in an IFRS/AASB Standard or its accompanying materials; and

  (c)   common practice—an element of this type reflects common reporting practice within IFRS/AASB financial statements they not specifically mentioned in IFRS/AASB Standards or their accompanying materials, but are consistent with IFRS/AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.

Definitions

Terms that are highlighted in bold italics are defined in these instructions.

Specific instructions

Reporting basis

Information in this form is to be completed by general insurers for each reporting period on a Level 2 insurance group basis.

APRA product groups

The APRA product groups (classes of business) that apply for the reporting purpose are defined in GPS 001:

Insurance business

    * C1: Householders
    * C2: Commercial Motor
    * C3: Domestic Motor
    * C4: Travel
    * C5: Fire and ISR
    * C6: Marine
    * C7: Aviation
    * C8: Consumer Credit
    * C9: Other Accident
    * C10: Mortgage
    * C11: CTP
    * C12: Public and Product Liability
    * C13: Professional Indemnity
    * C14: Employers Liability
    * C15: Cyber
    * C16: Directors and Officers
    * C17: Other Direct – Category A
    * C18: Other Direct – Category B
    * C19: Other Direct – Category C

Reinsurance business

    * RB1: Proportional – Category A
    * RB2: Proportional – Category B
    * RB3: Proportional – Category C
    * RB4: Non-proportional – Category A
    * RB5: Non-proportional – Category B
    * RB6: Non-proportional – Category C

Direct business is any insurance business written / insurance contracts issued by the reporting insurer.

Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.

Category A consists of householders, commercial motor, and domestic motor. Category B consists of travel, fire and ISR, marine and aviation, consumer credit, and other accident. Category C consists of mortgage, CTP, public and product liability, professional indemnity, employers liability, cyber, and directors & officers liability.

Allocation principles

General insurers are to apply the allocation principles defined in GRS 001 to allocate AASB 17 numbers to APRA classes of business where it is not possible to clearly identify AASB 17 numbers and assign it to specific APRA classes of business.

Units of measurement

Report values in this form in whole Australian dollars (AUD) with no decimal place.

Convert amounts denominated in foreign currency to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates.

Report losses and expenses as negative values.

Region reporting

Inter-region elimination is the value of inter-region transactions, which are eliminated on consolidation, and need to be reported as negative values under Inter-region elimination.

Australian and international business

Australian business