Document ID: chunk:federal_register_of_legislation:F2023L00718:front:0:p5
Version: federal_register_of_legislation:F2023L00718
Segment Type: other
Provision Reference: 
Character Range: 11231–14179

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 440.0

Claims Development Table

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 an 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 in 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 and is to be reported in accordance with the direct classes of business in GPS 001.

G
Gross accrued premium                                     This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.

                                                          Accrued premium