CTHIn ForceLegislation
Accounting Standard AASB 1056 Superannuation Entities
Note A — Insurance contract liabilitiesNote A — Insurance contract liabilities
Start here
Get a plain-English read of Note A — Insurance contract liabilities
Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 1056 Superannuation Entities.
Note A – Insurance contract liabilities
Members can elect to take out term life cover with the Plan up to a maximum of $500,000 per member. The Plan uses the services of an actuary to determine its insurance contract liabilities who bases the calculations on relevant industry-focused mortality tables and the entity’s own claims experience. The entity has reinsured all of its direct insurance risks with EFG Reinsurance (Australia).