{"id":"F2015L00811","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015 - SRS 161.0 - Self-Insurance","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128604,"registerId":"commonwealth-F2015L00811-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Claims reported","sectionType":"part","heading":"Claims reported","content":"## Claims reported\n\nItem 2 collects information about claims reported to the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.\n\nReporting basis: report column 2 to column 4 inclusive as at the end of the reporting period.\n\nUnit of measurement: report column 2 and column 3 as whole numbers; report column 4 as thousands of dollars.\n\n| 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 of claims reported (not admitted) in column 2 and the number and value of claims admitted (not yet paid) in column 3 and column 4 respectively. For income protection insurance, report the numbers of claims in columns 2 and 3 and the monthly amount of claims in column 4. Where an estimate is not available to report in column 4, report the maximum sum insured for life insurance cover and total and permanent disability insurance cover, and the monthly amount for income protection insurance cover.Item 2.2 is a derived item. Report in item 2.2 the total for each corresponding column in item 2.1. |\n| ------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Claims reported (not admitted) | Represents potential claims which have been notified to an insurance provider but for which a decision to accept the claim has yet to be made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| Claims admitted (not yet paid) | Represents claims where a final decision to admit the claim has been made by the insurance provider but payment has not yet been made by the insurance provider to members and/or their beneficiaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| Claims value                   | Represents the value which an insurance provider expects to pay for claims.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |","sortOrder":0},{"sectionNumber":"Claims paid","sectionType":"part","heading":"Claims paid","content":"## Claims paid\n\nItem 3 collects information about claims paid by the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.\n\nReporting basis: report column 2 to column 5 inclusive with respect to transactions that occurred during the reporting period.\n\nUnit of measurement: report column 2 and column 4 as whole numbers; report column 3 and column 5 as thousands of dollars.\n\n| Item 3      | Report claims paid by insurance type in item 3.1. 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, report the number and value of claims paid, admitted this year in column 2 and column 3 and the number and value of claims paid, admitted in previous years in column 4 and column 5. For income protection insurance, report in columns 3 and 5 the total amount paid during the reporting period, including claims that are in the course of payment but that are subject to regular assessment.Item 3.2 is a derived item. Report in item 3.2 the total the total for each corresponding column in item 3.1. |\n| ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Claims paid | Represents where an insurance provider makes a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of insured amounts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n\nReinsurance agreement detail\n\nItem 4 collects reinsurance policies providing reinsurance to self-insurance arrangements held by an RSE licensee for members of an RSE during the reporting period.\n\nReport reinsurance policies held by the RSE licensee aggregated by reinsurer (‘a cluster’).\n\nReporting basis: report item 4.1 column 1 to item 4.1 column 9 inclusive and item 4.2 column 2 as at the end of the reporting period; report item 4.2 column 3 to item 4.2 column 6 inclusive with respect to transactions that occurred during the reporting period. Where a reinsurance policy ceased during the reporting period, report ‘0’ for item 4.1 column 4 to column 9 inclusive and report the value of premiums and rebates in item 4.2 column 2 to column 6 inclusive in relation to transactions that occurred during the reporting period prior to the policy ceasing.\n\nUnit of measurement: report item 4.1 column 4, item 4.1 column 6, item 4.1 column 8 as a whole number; report item 4.1 column 5, item 4.1 column 7, item 4.1 column 9 and item 4.2 column 2 to item 4.2 column 6 inclusive as thousands of dollars.\n\n| Item 4            | Report each cluster on a separate line in item 4.1 and item 4.2.For each cluster, report by reinsurance cover type in item 4.1 and by premiums in item 4.2.For each cluster, report the same reinsurer name in item 4.1 column 1 and item 4.2 column 1 to link reinsurance cover type and premiums.For each cluster, report in item 4.1:the name and ABN of the reinsurer in column 1 and column 2;if the reinsurer reported in column 1 is an associate of the RSE licensee, report ‘yes’ in column 3; otherwise, report ‘no’; andthe reinsurance cover by reinsurance cover type. For each reinsurance cover type, report the member accounts in column 4, column 6 and column 8 respectively and the cover limit applied to those member accounts column 5, column 7 and column 9 respectively.The reinsurance cover types are: stop loss cover, catastrophe cover and other reinsurance cover.For each cluster, report in item 4.2:the ABN of the insurer in column 1;the value of reinsurance premium collected column 2;the value of reinsurance premium, gross of reinsurance premium rebate, paid to the reinsurer during the current reporting period that was: paid by the RSE in column 3; paid by the RSE licensee in column 4; and paid by an employer-sponsor in column 5; andthe value of reinsurance claims paid by the reinsurer in column 6.Where a reinsurance arrangement is in place and reinsurance premiums are paid from the RSE’s self-insurance reserve, report in item 4.2 column 3 the premium amount and report zero in columns 2, 4, 5 and 6 where they are not relevant. In other circumstances, e.g. payment direct from an employer sponsor, all relevant columns must be completed. |\n| ----------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ABN               | Represents an unique public identifier issued to an entity registered in the Australian Business Register to be used in dealings with government. A company registered under the Corporations Act 2001 or a business entity carrying on an enterprise in Australia is entitled to an ABN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| Associate         | Represents an associate within the meaning given in s. 12 of the SIS Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| Reinsurance cover | Represents the value of reinsurance coverage which applies to the RSE licensee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n\n  \n\n| Cover limit                | Represents the amount at which the reinsurance cover provided is capped.                                                                                                                                                                                   |\n| -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Stop loss cover            | Represents reinsurance which indemnifies the reinsured against the amount, subject to a specified limit, by which the reinsured's losses incurred during a specific period exceed either an agreed amount or an agreed percentage.                         |\n| Catastrophe cover          | Represents reinsurance which, subject to a specified limit, indemnifies the reinsured for the amount of loss in excess of a specified retention with respect to an accumulation of losses resulting from a catastrophic event or series of events.         |\n| Reinsurance premium        | Represents an amount paid for the provision of reinsurance under a reinsurance policy.                                                                                                                                                                     |\n| Reinsurance premium rebate | Represents a rebate received from the reinsurer, in respect of reinsurance premiums paid to that reinsurer. 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. |\n| Reinsurance claims paid    | Represents payment of reinsurance claims where the claim event date may be during the reporting period or in prior reporting periods.                                                                                                                      |","sortOrder":1},{"sectionNumber":"Previous reinsurers","sectionType":"part","heading":"Previous reinsurers","content":"## Previous reinsurers\n\nItem 5 collects reinsurers with which the RSE licensee held previous reinsurance policies for members of an RSE, over a rolling 5 year period.\n\nReporting basis: report column 1 to column 3 as at the end of the reporting period. Include reinsurers who provided a contract that became a previous reinsurance policy during the reporting period in item 5. Information about these reinsurance policies is also to be reported in item 4.\n\n| Item 5                      | Report reinsurers who provided a previous reinsurance policy within the last 5 years in item 5. Report each reinsurer on a separate line.For each reinsurer, report the name and ABN of the reinsurer in column 1 and column 2, and the type of previous reinsurance policies provided by that reinsurer in column 3.The reinsurance policy types are: group insurance policy, individual insurance policy and both group insurance policy and individual insurance policy. |\n| --------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Previous reinsurance policy | Represents an reinsurance policy that is no longer available to the RSE licensee and for which premiums are no longer being collected, but for which the reinsurer may still be liable to pay claims.                                                                                                                                                                                                                                                                       |\n\n| Group insurance policy      | Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a group of members. |\n| --------------------------- | ------------------------------------------------------------------------------------------------------------------------------------ |\n| Individual insurance policy | Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a single member.    |\n\nInterpretation\n\nFor the purposes of these instructions:\n\n-   acquired insurance means insured benefits provided to beneficiaries where the RSE licensee acquires the insurance from in insurer (refer to Prudential Standard SPS 250 Insurance in Superannuation);\n-   cluster means an aggregation of policies issued by a single reinsurance provider;\n-   defined benefit member has the meaning given in SPS 160;\n-   defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;\n-   insurer has the meaning given in Prudential Standard SPS 250 Insurance in Superannuation;\n-   reinsurer means an insurance provider that provides reinsurance cover;\n-   RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, small APRA fund or single member approved deposit fund[\\[5\\]](#_ftn5);\n-   RSE actuary means an actuary appointed by the RSE licensee to perform functions in relation to its business operations;\n-   RSE licensee has the meaning given in section 10(1) of the SIS Act;\n-   self-insurance arrangement has the meaning given in the SIS Regulations and Prudential Standard SPS 250 Insurance in Superannuation;\n-   SIS Act means Superannuation Industry (Supervision) Act 1993;\n-   SIS Regulations means Superannuation Industry (Supervision) Regulations 1994; and\n-   SPS 160 means Prudential Standard SPS 160 Defined Benefit Matters.","sortOrder":2}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This appears to be a standalone reporting standard with a specific, narrow purpose — collecting insurance data from self-insuring superannuation funds. The scope remains tightly focused on its original intent: prudential oversight of self-insurance arrangements. There is no evidence of scope creep; the document does not expand into general superannuation reporting or unrelated areas."},"complexity_factors":["Extensive cross-referencing to external prudential standards (SPS 160, SPS 250) and legislation (SIS Act, SIS Regulations) — understanding this document requires familiarity with at least 4 separate regulatory instruments","Nested conditional reporting logic — different measurement units apply to different columns (whole numbers vs thousands of dollars), and different rules apply to income protection insurance versus other insurance types","Temporal complexity — multiple reporting bases ('as at end of reporting period' vs 'transactions during reporting period') applied inconsistently across items and columns","18 defined terms in the interpretation section, many of which themselves reference other defined terms or external documents","Structural complexity in Item 4 requiring linked reporting across two sub-items (4.1 and 4.2) using common identifiers (reinsurer name/ABN)","Exception handling for ceased policies, direct payments from employer sponsors, and premiums paid from reserves requiring specific zero-reporting or alternative reporting treatments","Derived items (2.2, 3.2) requiring aggregation calculations that aren't automatically generated by the form"],"plain_english_summary":"This reporting standard requires APRA-regulated super funds that self-insure—and their reinsurers—to submit detailed regular data on claims, payments and reinsurance arrangements (including historical reinsurers). \n\nIts purpose is to give APRA visibility into the financial resilience of self-insured superannuation arrangements so regulators can identify shortfalls or reinsurance gaps early and help ensure funds have sufficient resources to meet members’ insurance claims."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"The instrument sets out reporting obligations and defines who is in scope (RSE licensees except defined benefit RSEs, pooled superannuation trusts, eligible rollover funds, small APRA funds and single-member approved deposit funds). The text does not indicate any expansion or contraction of that statutory scope within this determination; it operationalises reporting requirements for the specified RSEs (see Interpretation and Items 2–5)."},"complexity_factors":["Multiple interlinked tables and items with column-specific units and formats (Items 2, 3, 4)","Different reporting bases: point-in-time (end of period) vs. transaction-period reporting (Items 2 and 4.1 vs. Items 3 and 4.2)","Column-level distinctions by insurance type (life, TPD, income protection, other) with bespoke rules for income protection (Item 2.1, Item 3.1)","Derived totals required (Items 2.2, 3.2) increasing internal aggregation/computation needs","Aggregation by reinsurer cluster and linking of name/ABN across item rows to join cover types and premium flows (Item 4.1–4.2)","Multiple payer reporting for premiums (paid by RSE, RSE licensee, employer-sponsor) and special rules where premiums come from self-insurance reserves (Item 4.2)","Handling of ceased policies (report zeros for covers but report transactions prior to cessation) increases edge-case reporting (Item 4)","Distinct units per column (whole numbers vs thousands of dollars; monthly amounts for income protection) requiring data transformations","Cross-references to other instruments and definitions (SIS Act, SIS Regulations, SPS 250, SPS 160) that determine who is in scope and certain meanings","Rolling historical element for previous reinsurers (5-year lookback) adding recordkeeping and retrieval burdens (Item 5)"],"plain_english_summary":"Requires RSE licensees (excluding defined benefit RSEs and certain small or pooled funds) to report detailed data on self-insurance: notified and admitted claims, claims paid, reinsurance cover and premiums, and previous reinsurers. It prescribes column-level units, reporting periods and aggregation rules (Items 2–5).  This matters because it records contingent liabilities, premium flows and reinsurer exposure that affect fund finances and prudential oversight, while creating concrete compliance tasks for licensees to map transactions to the prescribed columns and units."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2015-srs-161-0-self-ins/documents"}}