Document ID: chunk:federal_register_of_legislation:F2023L00706:body:0:p14
Version: federal_register_of_legislation:F2023L00706
Segment Type: other
Provision Reference: 
Character Range: 43998–48937

the future.

Premiums receivable expected to be received in 6 months or less                                 This represents premiums receivable amounts that are expected to be received in 6 months or less as at the reporting date (e.g. from insurance brokers or other intermediaries).

Premiums receivable expected to be received in more than 6 months                               This represents premiums receivable amounts that are expected to be received in more than 6 months as at the reporting date (e.g. from insurance brokers or other intermediaries).

                                                                                                Where a Level 2 insurance group does not have this data available, an approach needs to be agreed with APRA on how premiums receivable are apportioned between premiums receivable expected to be received in 6 months or less and premiums receivable expected to be received in more than 6 months.

Premiums receivable on unclosed business                                                        This represents premiums receivable amounts for business written close to the balance date where acceptance of the risk is prior to the balance date, but there is insufficient information to accurately identify this business.

Prescribed capital amount                                                                       Prescribed capital amount is defined in GPS 110.

Prescribed capital amount coverage                                                              Prescribed capital amount coverage is calculated as:

                                                                                                    * capital base;

                                                                                                divided by:

                                                                                                    * prescribed capital amount.
Prescribed capital amount coverage (net assets)                                                 Prescribed capital amount coverage (net assets) is calculated as the sum of:

                                                                                                    * Additional Tier 1 Capital;
                                                                                                    * Tier 2 Capital; and
                                                                                                    * net assets (less equity components classified as Additional Tier 1 Capital) multiplied by 1.2

                                                                                                divided by:

                                                                                                    * prescribed capital amount.
Profit (loss) from continuing and discontinued operations attributable to owners of the parent  Report this item in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements 81B (a) (ii).

R

Reduction in retained earnings on share buy back                                                         This is the value of the reduction in the Level 2 insurance group's retained earnings due to the buy back, or repurchase, of shares on issue during the relevant period. This represents the portion of the consideration used for share buy backs that is allocated to retained earnings.

Regulatory adjustments to Common Equity Tier 1 Capital for accounts payables                             These are adjustments to be deducted from Common Equity Tier 1 Capital relating to accounts payables, net of tax effects.

                                                                                                         Regulatory adjustments to Common Equity Tier 1 Capital for accounts payables is calculated as the sum of:

                                                                                                             * claims payable;
                                                                                                             * amounts payable on reinsurance contracts held; and
                                                                                                             * other accounts payable on insurance contracts issued;

                                                                                                         less:

                                                                                                             * reversal of tax impact of payables.

Regulatory adjustments to Common Equity Tier 1 Capital for accounts receivables                          These are adjustments to be added to Common Equity Tier 1 Capital relating to accounts receivables, net of tax effects.

                                                                                                         Regulatory adjustments to Common Equity Tier 1