Document ID: chunk:federal_register_of_legislation:F2023C00194:body:0:p3
Version: federal_register_of_legislation:F2023C00194
Segment Type: other
Provision Reference: 
Character Range: 6051–9194

1023

General Insurance Contracts

1 Application

1.1 [Deleted by the AASB]
          AusCF1 AusCF paragraphs included in this Standard apply only to:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
          Such entities are referred to as 'AusCF entities'. For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs.
1.2 This Standard applies to annual reporting periods beginning on or after 1 January 2005.
[Note:  For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
1.3 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.
1.4 [Deleted by the AASB]
1.4.1 [Deleted by the AASB]
1.4.2 For the purposes of AASB 134 Interim Financial Reporting, the determination of the outstanding claims liability does not necessarily require a full actuarial valuation.  In accordance with AASB 134, the outstanding claims liability would need to be determined on a reliable basis, would be based on reasonable estimates, would include a full review of all assumptions, and would not be materially different from the outstanding claims liability determined by a full actuarial valuation.
1.5 When applicable, this Standard supersedes:
(a) Accounting Standard AASB 1023 Financial Reporting of General Insurance Activities as approved by notice published in the Commonwealth of Australia Gazette No S 415, 6 November 1996; and
(b) AAS 26 Financial Reporting of General Insurance Activities issued in November 1996.
1.6 Both AASB 1023 (issued in November 1996) and AAS 26 remain applicable until superseded by this Standard.
1.7 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.

2 Scope

General Insurance Contracts
2.1 This Standard applies to:
(a) general insurance contracts (including general reinsurance contracts) that a general insurer issues and to general reinsurance contracts that it holds;
(b) certain assets backing general insurance liabilities;
(c) financial liabilities and financial assets that arise under non-insurance contracts; and
(d) certain assets backing financial liabilities that arise under non-insurance contracts.
2.1.1 There are various types of insurance contract.  This Standard deals with general insurance contracts (including general reinsurance contracts).  General insurance contracts are defined as insurance contracts that are not life insurance contracts.
2.1.2 This Standard applies to general insurance contracts issued by Registered Health Benefits Organisations (RHBOs) registered under the National Health Act 1953.  RHBOs apply this Standard to contracts that meet the