11An entity shall:

11 An entity shall:
(b) separate from a host insurance contract an investment component if, and only if, that investment component is distinct (see paragraphs B31–B32). The entity shall apply AASB 9 to account for the separated investment component unless it is an investment contract with discretionary participation features within the scope of AASB 17 (see paragraph 3(c)).
12 After applying paragraph 11 to separate any cash flows related to embedded derivatives and distinct investment components, an entity shall separate from the host insurance contract any promise to transfer to a policyholder distinct goods or non‑insurance services other than insurance contract services to a policyholder, applying paragraph 7 of AASB 15\. The entity shall account for such promises applying AASB 15\. In applying paragraph 7 of AASB 15 to separate the promise, the entity shall apply paragraphs B33–B35 of AASB 17 and, on initial recognition, shall:
(a) apply AASB 15 to attribute the cash inflows between the insurance component and any promises to provide distinct goods or non‑insurance services other than insurance contract services; and
(b) attribute the cash outflows between the insurance component and any promised goods or non‑insurance services other than insurance contract services, accounted for applying AASB 15 so that:
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| Paragraphs 19 and 24 are amended. New text is underlined and deleted text is struck through. |

Level of aggregation of insurance contracts

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19 For contracts issued to which an entity does not apply the premium allocation approach (see paragraphs 53–5459), an entity shall assess whether contracts that are not onerous at initial recognition have no significant possibility of becoming onerous:
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24 An entity shall apply the recognition and measurement requirements of AASB 17 to the groups of contracts issued determined by applying paragraphs 14–23. An entity shall establish the groups at initial recognition and add contracts to the groups applying paragraph 28., and The entity shall not reassess the composition of the groups subsequently. To measure a group of contracts, an entity may estimate the fulfilment cash flows at a higher level of aggregation than the group or portfolio, provided the entity is able to include the appropriate fulfilment cash flows in the measurement of the group, applying paragraphs 32(a), 40(a)(i) and 40(b), by allocating such estimates to groups of contracts.

Recognition