{"id":"F2007L04917","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2007 - Reporting standard DRS 210.0 - Outstanding Claims Liabilities","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":71743,"registerId":"commonwealth-F2007L04917-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard DRS 210.0","sectionType":"part","heading":"Reporting Standard DRS 210.0","content":"## ![](image.001.png)\n\n## Reporting Standard DRS 210.0\n\n# Outstanding Claims Liabilities\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 210.0 Outstanding Claims Liabilities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with the form and the associated instructions (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Information collected in Form DRF 210.0 Outstanding Claims Liabilities (Form DRF 210.0) is used by APRA for the purpose of monitoring bodies in the finance sector.\n\n# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.\n\n# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 210.0, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.\n\n# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together;\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing;\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":0},{"sectionNumber":"Outstanding Claims Liabilities","sectionType":"part","heading":"Outstanding Claims Liabilities","content":"# Outstanding Claims Liabilities\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 210.0 Outstanding Claims Liabilities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with the form and the associated instructions (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Information collected in Form DRF 210.0 Outstanding Claims Liabilities (Form DRF 210.0) is used by APRA for the purpose of monitoring bodies in the finance sector.\n\n# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.\n\n# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 210.0, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.\n\n# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together;\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing;\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide to APRA, on an annual basis, the Form DRF 210.0 Outstanding Claims Liabilities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with the form and the associated instructions (which are attached and form part of this reporting standard).","sortOrder":2},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Information collected in Form DRF 210.0 Outstanding Claims Liabilities (Form DRF 210.0) is used by APRA for the purpose of monitoring bodies in the finance sector.","sortOrder":3},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all DMF entities from 1 January 2008.","sortOrder":4},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. A DMF entity must provide APRA with the information required by Form DRF 210.0, in respect of:\n\n(a) the DMF; and\n\n(b) in those cases where a DMF comprises a number of individual subfunds and each subfund has a distinct bank account and financial statement, each subfund\n\nfor each reporting period.","sortOrder":5},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form DRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\n5. Where the information is submitted by means of an agent to whom the DMF entity has outsourced the function of providing the information on the DMF entity’s behalf, the agent may only provide the information in accordance with paragraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 4(a).\n\nNote: the ‘Direct to APRA’ software and relevant forms is obtained from APRA.\n\nReporting periods and due dates\n\n6. A DMF entity must provide the information required by this reporting standard in respect of each year of income of the DMF.\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular DMF entity to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it necessary or desirable to obtain information more frequently); or\n\n(b) less frequently (if, having regard to the particular circumstances of the DMF entity, APRA considers it unnecessary to require the DMF entity to provide the information as frequently as provided by paragraph 6).\n\n8. The information must be provided to APRA:\n\n(a) if the end of the year of income of the DMF falls between 1 January 2008 and 30 June 2008, inclusive – by no later than 30 October 2008; or\n\n(b) if the end of the year of income of the DMF falls after 30 June 2008 –within 4 months after the end of that year of income of the reporting period to which it relates.\n\n9. APRA may grant an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":6},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":7},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n11. If the officer of a DMF entity provides the information required by this reporting standard under paragraph 4, then:\n\n(a) if the officer uses the ‘Direct to APRA’ application under paragraph 4(a), an officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers who have authority from the DMF entity to transmit data to APRA); and\n\n(b) if the DMF entity provides the information on paper under paragraph 4(b), the completed form must be signed by an officer of the DMF entity who is authorised by the DMF entity to complete and lodge the form.\n\n12. If the DMF entity provides the information required by this reporting standard through an agent under paragraph 5, then:\n\n(a) the agent will not be required to sign or authorise the information; but\n\n(b) the DMF entity must:\n\n(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was submitted electronically or in paper form); and\n\n(ii) cause the paper copy to be signed by an officer of the DMF entity authorised by the DMF entity to sign the paper copy; and\n\n(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the DMF entity; or\n\n(b) the Chief Financial Officer of the DMF entity (whatever his or her official title may be); or\n\n(c) the trustee.","sortOrder":8},{"sectionNumber":"Minor alterations to form and instructio","sectionType":"part","heading":"Minor alterations to form and instructions","content":"# Minor alterations to form and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n15. If APRA makes such a variation it must notify in writing each DMF entity that is required to report under this reporting standard.\n\nInterpretation\n\n16. In this reporting standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nDMF has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;\n\ndue date means the relevant due date under paragraph 8 or, if applicable, paragraph 9;\n\nDMF entity is a person or body that controls a DMF, and may include any of the following:\n\n(a) a [body corporate](s1276.html#body_corporate);\n\n(b) a partnership;\n\n(c) an unincorporated [body](s9.html#body);\n\n(d) an individual;\n\n(e) for a trust that has only one trustee – the trustee;\n\n(f) for a trust that has more than one trustee – the trustees together;\n\nofficer in relation to a [DMF](s9.html#corporation) entity means, where relevant:\n\n(a) a [director](s9.html#director) or secretary of the [entity](s9.html#corporation); or\n\n(b) a [person](s9.html#person):\n\n(i) who makes, or participates in making, [decisions](s1317a.html#decision) that affect the whole, or a [substantial part](s9.html#substantial_part), of the business of the [entity](s9.html#corporation); or\n\n(ii) who has the capacity to affect significantly the entity’s financial standing;\n\nreporting period means a reporting period mentioned in paragraph 6 or, if applicable, paragraph 7;\n\nyear of income means the financial year of the DMF.","sortOrder":9},{"sectionNumber":"Reporting Form DRF 210.0","sectionType":"part","heading":"Reporting Form DRF 210.0","content":"# Reporting Form DRF 210.0\n\n# Outstanding Claims Liabilities\n\n# Instruction Guide\n\nIntroduction\n\nThis form requires Discretionary Mutual Funds (DMFs) to report information about its outstanding claims liabilities (OCL) which relates only to discretionary business. These are to be calculated in accordance with these instructions.\n\nLevel of reporting\n\nFor the purposes of the instructions below the term DMF includes reporting at the legal entity or trust or subfund level. The same level of reporting must be used throughout this form.\n\nDMFs will generally need to submit data at the legal entity or trust level. Some DMFs, however, operate with multiple subfunds and in those cases where the DMF has separate sub fund bank accounts and sub fund financial statements, this reporting form will need to be submitted for each sub fund. For example, if an entity has 2 subfunds: subfund A and subfund B. Subfund A and also subfund B will need to complete this reporting form.\n\nReporting obligations\n\nThe DMF is required to report information relating to a financial year in the forms. For financial years ending on or between 1 January 2008 and 30 June 2008 DMFs must lodge this form at the latest by 30 October 2008. For financial years ending after 30 June 2008 DMFs must lodge their reporting forms at the latest by 4 months after the DMF financial year end.\n\nAudit requirements\n\nThe reporting form does not need to be audited. However the data should be based on the DMF’s financial statements and must be subject to the same processes and controls that cover the review and authorisation of that accounting data. It is the responsibility of the board or trustee or senior management of the DMF to ensure that the information lodged with APRA is accurate and complete.\n\nMethod of submission\n\nForms will be submitted electronically to APRA using ‘Direct to APRA’ (D2A) software unless alternative arrangements are made with APRA.\n\nActuarial requirements\n\nDMFs may have an actuary to calculate the OCL in accordance with these instructions. This is not mandatory.\n\nDefinitions\n\nDefinitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’instructions’. Appendix 1 contains definitions of classes of business.\n\nBasis of Preparationpreparation\n\nAccounting basis of preparation\n\nImportant: Report all items using the same recognition and measurement basis that is used in your financial statements. The instructions below are specific to entities that are reporting and complying with all applicable Australian Accounting Standards. In those instances where an entity does not comply with a AASB standard specifically identified below, report on the basis used in your financial statements.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal places. Amounts denominated in a currency other than Australian currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates (AASB 121).\n\nSpecific Instructionsinstructions\n\n1.  1\\. Class of business\n\nReport the classes of business under the following headings:\n\nHouseowners/householders, Commercial motor vehicle, Domestic motor vehicle, Travel, Fire and ISR, Marine, Aviation, Mortgage, Consumer credit, Other accident, Other, Public and product liability, Professional indemnity, Life and continuous disability.\n\nPlease refer to Appendix 1 for more information on the classes of business.\n\n2. 2. Gross OCL – Central estimate\n\nReport the closing balance of your gross OCL as reported in your financial statements. Some DMFs may calculate the OCL on the basis below but this is not mandatory.\n\nNon mandatory basis of calculation for general insurance-like products\n\nThe liability for outstanding claims may be measured as the central estimate of the present value of expected future payments against claims incurred at the reporting date, with an additional risk margin to allow for the inherent uncertainty in the central estimate.\n\nThe expected future payments may include those in relation to claims reported but not yet paid, claims incurred but not yet reported (IBNR), claims incurred but not enough reported (IBNER), and anticipated claims handling costs.\n\nClaims handling costs may include costs that can be associated directly with individual claims, such as legal and other professional fees, and costs that can be indirectly associated with individual claims, such as claims administration costs.\n\nThe expected future payments may be discounted to present value using a risk free rate.\n\n3. 3. Gross OCL - Risk margin\n\nIf a risk margin is calculated report the closing balance else report nil. Some DMFs may calculate the risk margin on the basis below but this is not mandatory.\n\nNon mandatory basis of calculation for general insurance-like products\n\nA risk margin may be applied to the outstanding claims liability, net of insurance and other recoveries, to reflect the inherent uncertainty in the central estimate of the outstanding claims liability. This risk margin increases the probability of the net liability being adequately provided for to a 75% confidence level.\n\n4. 4. Gross OCL – Total\n\nThis amount is automatically calculated by the form and represents the total of the ‘“Gross OCL – Central estimate’” and the ‘“Gross OCL – Risk margin amounts’”.\n\n5. 5. Insurance recoveries\n\nInsurance refers to arrangements where some part of individual or aggregate insurance risks is insured with an insurer or insurers. Insurance recoveries are amounts expected to be recovered under arrangements in relation to the OCL. Insurance recoveries reported here ignore any provision for doubtful debts. Thus report gross of provision for doubtful debts.\n\n6. 6. Non\\-insurance recoveries\n\nNon-insurance recoveries are amounts that may be recovered under arrangements other than insurance arrangements, such as salvage, subrogation and sharing agreements. Non-insurance recoveries reported here ignore any provision for doubtful debts. Thus report gross of provision for doubtful debts.\n\n7. 7. Net OCL\n\nThis amount is automatically calculated by the form and represents the ‘“Gross OCL – Total’” less the sum of ‘“Insurance recoveries’” and ‘“Non insurance recoveries’”.\n\n8. 8. Gross OCL with no potential insurance recovery\n\nThis column represents that portion of ‘“Gross OCL – Total’” for which there is no possible insurance recovery, because insurance cover has not been taken out.\n\n  \nAppendix 1: Definitions of classes of business\n\nThe classes of cover are as follows:\n\n(I) (I). Houseowners/Householders (H & H)\n\nThis class includes:\n\n-   Contents;\n\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products is to be separated and included in public and product liability class of business – item (XII).\n\n(II) (II). Commercial motor vehicle\n\nMotor vehicle cover (including third party property damage) other than cover covering vehicles defined below under domestic motor vehicle. It includes long and medium haul trucks, cranes and special vehicles and cover for fleets.\n\n(III) (III). Domestic motor vehicle\n\nMotor vehicle cover (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial cover.\n\n(IV) (IV). Travel\n\nCover against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V) (V). Fire and Industrial Special Risks (ISR)\n\nFire - Includes all cover normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire cover, e.g. flood.\n\nISR - Business cover which typically covers:\n\n-   Material damage - physical damage to property and assets\n-   Money/Crime - handling of cash, and internal crime\n-   Theft/Burglary - external crime of all sorts\n-   Liability - both public (damage to third parties) and product (recall of items)\n-   Business interruption - this covers the loss of profits due to a variety of external reasons.\n\nWhen an organisation has a turnover which is substantial (as an example over $5 million) this business is covered under Industrial Special Risks (ISR) cover. Below that value, it is typically placed under a Business Pack cover which arguably is much simpler, but typically does not offer as wide a cover The ISR cover is a base contract which has been designed to be tailored to meet the individual needs of a business and this is done by way of endorsement.\n\n(VI) (VI). Marine\n\nIncludes marine hull (including pleasure craft), marine cargo (including sea and inland transit cover).\n\n(VII) (VII). Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII) (VIII). Mortgage\n\nCover against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX) (IX). Consumer credit\n\nCover to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X) (X). Other accident\n\nIncludes the following types of cover:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n\n-   Engineering when not part of ISR or fire cover;\n\n-   Plate glass when not part of packaged cover (e.g. houseowners /householders)\n-   Guarantee;\n-   Live stock;\n-   Pluvius; and\n\n-   Sickness and accident (which provides stated benefits where the beneficiary is killed or suffers loss of specific parts of the body or is prevented from carrying out the beneficiaries normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability cover is considered to be life cover).\n\n(XI) (XI). Other\n\nAll other cover not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity guarantee)\n\n-   Trade credit;\n-   Extended warranty (includes cover by a third party for a period in excess of the manufacturer's or seller’s normal warranty;\n-   Kidnap and ransom; and\n-   Contingency.\n\n(XII) (XII). Public and product liability\n\nPublic liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the member’s business. Product liability includes cover that provides for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by fire and ISR cover.\n\nAlso will include builders warranty cover.\n\nIncludes public liability attaching to houseowners/householders cover.\n\n(XIII) (XIII). Professional indemnity (PI)\n\nIncludes Directors' and Officers' liability cover plus legal expense cover. Cover for legal expense is generally included in this type of cover.\n\n(IX) (IX) Life and continuous disability\n\nIncludes life and continuous disability cover.\n\nContinuous disability is cover:\n\n(a) that is, by its terms, to be of more than 3 years' duration; and\n\n(b) under which a benefit may be payable in the event of:\n\n(i) the death, by accident or by some other cause stated in the cover, of the person whose life is covered; or\n\n(ii) injury or disability as a result of accident or sickness; or\n\n(iii) the person covered being found to have a stated condition or disease.","sortOrder":10},{"sectionNumber":"Instruction Guide","sectionType":"part","heading":"Instruction Guide","content":"# Instruction Guide\n\nIntroduction\n\nThis form requires Discretionary Mutual Funds (DMFs) to report information about its outstanding claims liabilities (OCL) which relates only to discretionary business. These are to be calculated in accordance with these instructions.\n\nLevel of reporting\n\nFor the purposes of the instructions below the term DMF includes reporting at the legal entity or trust or subfund level. The same level of reporting must be used throughout this form.\n\nDMFs will generally need to submit data at the legal entity or trust level. Some DMFs, however, operate with multiple subfunds and in those cases where the DMF has separate sub fund bank accounts and sub fund financial statements, this reporting form will need to be submitted for each sub fund. For example, if an entity has 2 subfunds: subfund A and subfund B. Subfund A and also subfund B will need to complete this reporting form.\n\nReporting obligations\n\nThe DMF is required to report information relating to a financial year in the forms. For financial years ending on or between 1 January 2008 and 30 June 2008 DMFs must lodge this form at the latest by 30 October 2008. For financial years ending after 30 June 2008 DMFs must lodge their reporting forms at the latest by 4 months after the DMF financial year end.\n\nAudit requirements\n\nThe reporting form does not need to be audited. However the data should be based on the DMF’s financial statements and must be subject to the same processes and controls that cover the review and authorisation of that accounting data. It is the responsibility of the board or trustee or senior management of the DMF to ensure that the information lodged with APRA is accurate and complete.\n\nMethod of submission\n\nForms will be submitted electronically to APRA using ‘Direct to APRA’ (D2A) software unless alternative arrangements are made with APRA.\n\nActuarial requirements\n\nDMFs may have an actuary to calculate the OCL in accordance with these instructions. This is not mandatory.\n\nDefinitions\n\nDefinitions for data reporting items required by this form have been provided where possible in the instructions under the section headed ‘Specific Instructions’instructions’. Appendix 1 contains definitions of classes of business.\n\nBasis of Preparationpreparation\n\nAccounting basis of preparation\n\nImportant: Report all items using the same recognition and measurement basis that is used in your financial statements. The instructions below are specific to entities that are reporting and complying with all applicable Australian Accounting Standards. In those instances where an entity does not comply with a AASB standard specifically identified below, report on the basis used in your financial statements.\n\nUnit of measurement\n\nThis form is to be presented in Australian dollars (AUD), rounded to thousands of dollars, with no decimal places. Amounts denominated in a currency other than Australian currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates (AASB 121).\n\nSpecific Instructionsinstructions\n\n1.  1\\. Class of business\n\nReport the classes of business under the following headings:\n\nHouseowners/householders, Commercial motor vehicle, Domestic motor vehicle, Travel, Fire and ISR, Marine, Aviation, Mortgage, Consumer credit, Other accident, Other, Public and product liability, Professional indemnity, Life and continuous disability.\n\nPlease refer to Appendix 1 for more information on the classes of business.\n\n2. 2. Gross OCL – Central estimate\n\nReport the closing balance of your gross OCL as reported in your financial statements. Some DMFs may calculate the OCL on the basis below but this is not mandatory.\n\nNon mandatory basis of calculation for general insurance-like products\n\nThe liability for outstanding claims may be measured as the central estimate of the present value of expected future payments against claims incurred at the reporting date, with an additional risk margin to allow for the inherent uncertainty in the central estimate.\n\nThe expected future payments may include those in relation to claims reported but not yet paid, claims incurred but not yet reported (IBNR), claims incurred but not enough reported (IBNER), and anticipated claims handling costs.\n\nClaims handling costs may include costs that can be associated directly with individual claims, such as legal and other professional fees, and costs that can be indirectly associated with individual claims, such as claims administration costs.\n\nThe expected future payments may be discounted to present value using a risk free rate.\n\n3. 3. Gross OCL - Risk margin\n\nIf a risk margin is calculated report the closing balance else report nil. Some DMFs may calculate the risk margin on the basis below but this is not mandatory.\n\nNon mandatory basis of calculation for general insurance-like products\n\nA risk margin may be applied to the outstanding claims liability, net of insurance and other recoveries, to reflect the inherent uncertainty in the central estimate of the outstanding claims liability. This risk margin increases the probability of the net liability being adequately provided for to a 75% confidence level.\n\n4. 4. Gross OCL – Total\n\nThis amount is automatically calculated by the form and represents the total of the ‘“Gross OCL – Central estimate’” and the ‘“Gross OCL – Risk margin amounts’”.\n\n5. 5. Insurance recoveries\n\nInsurance refers to arrangements where some part of individual or aggregate insurance risks is insured with an insurer or insurers. Insurance recoveries are amounts expected to be recovered under arrangements in relation to the OCL. Insurance recoveries reported here ignore any provision for doubtful debts. Thus report gross of provision for doubtful debts.\n\n6. 6. Non\\-insurance recoveries\n\nNon-insurance recoveries are amounts that may be recovered under arrangements other than insurance arrangements, such as salvage, subrogation and sharing agreements. Non-insurance recoveries reported here ignore any provision for doubtful debts. Thus report gross of provision for doubtful debts.\n\n7. 7. Net OCL\n\nThis amount is automatically calculated by the form and represents the ‘“Gross OCL – Total’” less the sum of ‘“Insurance recoveries’” and ‘“Non insurance recoveries’”.\n\n8. 8. Gross OCL with no potential insurance recovery\n\nThis column represents that portion of ‘“Gross OCL – Total’” for which there is no possible insurance recovery, because insurance cover has not been taken out.\n\n  \nAppendix 1: Definitions of classes of business\n\nThe classes of cover are as follows:\n\n(I) (I). Houseowners/Householders (H & H)\n\nThis class includes:\n\n-   Contents;\n\n-   Personal property;\n-   Arson; and\n-   Burglary.\n\nPublic liability normally attaching to these products is to be separated and included in public and product liability class of business – item (XII).\n\n(II) (II). Commercial motor vehicle\n\nMotor vehicle cover (including third party property damage) other than cover covering vehicles defined below under domestic motor vehicle. It includes long and medium haul trucks, cranes and special vehicles and cover for fleets.\n\n(III) (III). Domestic motor vehicle\n\nMotor vehicle cover (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial cover.\n\n(IV) (IV). Travel\n\nCover against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.\n\n(V) (V). Fire and Industrial Special Risks (ISR)\n\nFire - Includes all cover normally classified as 'Fire' and includes:\n\n-   sprinkler leakage;\n\n-   subsidence;\n-   windstorm;\n-   hailstone;\n-   crop;\n-   arson; and\n-   loss of profits and any extraneous risk normally covered under fire cover, e.g. flood.\n\nISR - Business cover which typically covers:\n\n-   Material damage - physical damage to property and assets\n-   Money/Crime - handling of cash, and internal crime\n-   Theft/Burglary - external crime of all sorts\n-   Liability - both public (damage to third parties) and product (recall of items)\n-   Business interruption - this covers the loss of profits due to a variety of external reasons.\n\nWhen an organisation has a turnover which is substantial (as an example over $5 million) this business is covered under Industrial Special Risks (ISR) cover. Below that value, it is typically placed under a Business Pack cover which arguably is much simpler, but typically does not offer as wide a cover The ISR cover is a base contract which has been designed to be tailored to meet the individual needs of a business and this is done by way of endorsement.\n\n(VI) (VI). Marine\n\nIncludes marine hull (including pleasure craft), marine cargo (including sea and inland transit cover).\n\n(VII) (VII). Aviation\n\nAviation (including aircraft hull and aircraft liability).\n\n(VIII) (VIII). Mortgage\n\nCover against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.\n\n(IX) (IX). Consumer credit\n\nCover to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.\n\n(X) (X). Other accident\n\nIncludes the following types of cover:\n\n-   Miscellaneous accident (involving cash in transit, theft, loss of money);\n-   All risks (baggage, sporting equipment, guns);\n\n-   Engineering when not part of ISR or fire cover;\n\n-   Plate glass when not part of packaged cover (e.g. houseowners /householders)\n-   Guarantee;\n-   Live stock;\n-   Pluvius; and\n\n-   Sickness and accident (which provides stated benefits where the beneficiary is killed or suffers loss of specific parts of the body or is prevented from carrying out the beneficiaries normal occupation. In addition, regular benefits may be paid over a short period of time (typically less than 3 years), noting that continuous disability cover is considered to be life cover).\n\n(XI) (XI). Other\n\nAll other cover not specifically mentioned elsewhere. It includes, for example:\n\n-   All guarantees (e.g. fidelity guarantee)\n\n-   Trade credit;\n-   Extended warranty (includes cover by a third party for a period in excess of the manufacturer's or seller’s normal warranty;\n-   Kidnap and ransom; and\n-   Contingency.\n\n(XII) (XII). Public and product liability\n\nPublic liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the member’s business. Product liability includes cover that provides for compensation for loss and or injury caused by, or as a result of, the use of goods and also environmental clean-up caused by pollution spills where not covered by fire and ISR cover.\n\nAlso will include builders warranty cover.\n\nIncludes public liability attaching to houseowners/householders cover.\n\n(XIII) (XIII). Professional indemnity (PI)\n\nIncludes Directors' and Officers' liability cover plus legal expense cover. Cover for legal expense is generally included in this type of cover.\n\n(IX) (IX) Life and continuous disability\n\nIncludes life and continuous disability cover.\n\nContinuous disability is cover:\n\n(a) that is, by its terms, to be of more than 3 years' duration; and\n\n(b) under which a benefit may be payable in the event of:\n\n(i) the death, by accident or by some other cause stated in the cover, of the person whose life is covered; or\n\n(ii) injury or disability as a result of accident or sickness; or\n\n(iii) the person covered being found to have a stated condition or disease.","sortOrder":12}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument's scope is limited to collecting outstanding claims liabilities from DMF entities (including subfunds where separately accounted) and remains focused on APRA's monitoring function (purpose at para 1). APRA retains limited operational discretion over reporting frequency, form variation and due‑date extensions, but no new classes of entities or additional prudential powers are introduced by this standard (paras 2, 7, 9, 14–15)."},"complexity_factors":["Multiple reporting levels: legal entity/trust or individual subfund reporting required where subfunds have separate accounts and financial statements (para 3; Instruction Guide: Level of reporting).","Submission methods and authentication: electronic submission via 'Direct to APRA' with digital signing and encryption (paras 4 and 11(a)); paper submission requires officer signature (paras 4(b), 11(b), 13).","APRA discretion over reporting frequency and due dates: APRA may require more or less frequent reporting for particular DMFs by written notice (para 7); APRA may grant written extensions (para 9).","Measurement and technical guidance: instructions include a non‑mandatory actuarial-style basis (central estimate, risk margin, discounting) and requirement to follow the accounting basis used in financial statements including AASB 121 for currency (Instruction Guide: Basis of Preparation; Specific Instructions 2–3).","Data quality and governance obligations: DMF entities must have internal review and authorisation processes and the board/trustee/senior management retain responsibility for accuracy (para 10; Instruction Guide: Audit requirements).","Detailed classification scheme: Appendix 1 lists many classes of business that must be used for reporting, increasing mapping work for mixed portfolios (Appendix 1).","Minor variations allowed: APRA may vary forms/instructions for technical or clarity reasons without changing substantive requirements but must notify affected DMFs (paras 14–15).","Agent submission rules: where an agent files on behalf of a DMF the DMF must obtain and sign a paper copy and lodge it by the due date unless APRA accepts an electronic filing by the agent (para 5; para 12)."],"plain_english_summary":"This reporting standard requires every Discretionary Mutual Fund (DMF) entity to submit Form DRF 210.0 to APRA each year reporting its outstanding claims liabilities (OCL). It sets who must report (entity or subfund), the filing methods (electronic or paper), deadlines, and authentication steps. APRA uses the data to monitor financial-sector bodies; DMF entities bear the preparation, authorisation and submission costs and must rely on internal controls or actuarial calculations where appropriate."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":1930},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The determination maintains a focused scope on requiring Discretionary Mutual Funds to report outstanding claims liabilities data to APRA, consistent with its original objective under the Financial Sector (Collection of Data) Act 2001. The content addresses OCL reporting requirements, submission methods, and data categorization without expanding beyond this specific prudential data collection purpose."},"complexity_factors":["Technical actuarial terminology including IBNR (incurred but not reported), IBNER (incurred but not enough reported), central estimates, and 75% confidence level risk margins","13 distinct classes of business requiring precise categorization (e.g., distinguishing between Fire and Industrial Special Risks)","Cross-references to external accounting standards (AASB 121 on foreign exchange rates)","Dual reporting tracks requiring different authentication methods (digital certificates for electronic submission vs. wet ink signatures for paper)","Conditional calculation methods distinguishing between mandatory reporting and non-mandatory actuarial bases of preparation","Complex entity definitions covering various legal structures (corporations, partnerships, trusts with single or multiple trustees)","Nested submission requirements for entities using outsourcing agents requiring parallel paper documentation"],"plain_english_summary":"A new reporting standard requires entities that control Discretionary Mutual Funds (member‑owned, insurance‑like funds) to annually report Outstanding Claims Liabilities to APRA. Reports must show the central estimate of incurred claims, a 75%‑confidence risk margin, and recoveries, by class of business, in AUD (rounded to thousands). Subfunds report separately. Lodgement is electronic (Direct to APRA) or by paper only if necessary, within four months of year‑end (APRA may grant extensions). This lets APRA monitor DMF solvency."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-34-of-2007-reporting-standar/documents"}}