Document ID: chunk:federal_register_of_legislation:F2015L00811:body:0:p8
Version: federal_register_of_legislation:F2015L00811
Segment Type: other
Provision Reference: 
Character Range: 22676–26041

a self-insurance arrangement.

Employer funded                                          Represents where money is specifically provided to an RSE or a defined benefit sub-fund by an employer sponsor. Excludes: contributions paid in compliance with super guarantee obligations.

Insurance cover                                          Represents the value of insurance coverage which applies to a member. Includes: member accounts that have at least one dollar of insurance cover.

Member account                                           Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Life insurance                                           Represents a benefit, in respect of each member, that is payable only in the event of the death of the member and which is provided by taking out insurance. Includes: life insurance policies offered through superannuation only and insurance premiums are commissions. Reference: SIS Act, s. 68AA(1)(b).

Total and permanent disability insurance                 Represents a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity. Reference: SIS Act, s. 68AA, s. 10(1).

Other insurance                                          Represents insured benefits that are not otherwise categorised as life insurance, total and permanent disability insurance or income protection insurance. Includes: permissible insurance types as outlined in the SIS Act, types of insurance which have been grandfathered under law and legacy insurance arrangements where no insurance premium is payable by the member because the insurance policy is based on a surrender value. Reference: SIS Act, s. 68AA, s. 10(1), SIS Regulations, r. 6.01.

Income protection insurance                              Represents the temporary incapacity cover provided to members, where temporary incapacity insurance cover has the meaning given in the SIS Regulations, r. 6.01.

Insurance premium                                        Represents an amount paid for the provision of insurance under an insurance policy. Excludes: legacy insurance arrangements where no insurance premium is payable because the insurance policy is based on a surrender value.

Insurance premium rebate                                 Represents a rebate received from the insurer, in respect of members' insurance premiums paid to that insurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE.

Claims reported
Item 2 collects information about claims reported to the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.

Reporting basis: report column 2 to column 4 inclusive as at the end of the reporting period.

Unit of measurement: report column 2 and column 3 as whole numbers; report column 4 as thousands of dollars.

Item 2                          Report, for each insurance type, the status of claims reported to the RSE licensee in item 2.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.

                                For each insurance type reported in column 1 (other than income protection insurance), report the number