14Paragraph AusC34.3 is added. Paragraphs AusC34.1 and AusC34.2 are not amended but are included for reference.

14                    Paragraph AusC34.3 is added. Paragraphs AusC34.1 and AusC34.2 are not amended but are included for reference.

Withdrawal of AASB pronouncements

AusC34.1 This Standard repeals AASB 1038 Life Insurance Contracts issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.

[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

AusC34.2 When applied or operative, this Standard supersedes Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations.

AusC34.3 This Standard (as amended by AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector) repeals the following Standards:

(a) AASB 4 Insurance Contracts issued in August 2015; and

(b) AASB 1023 General Insurance Contracts issued in July 2004.

Despite the repeal, after the time this Standard (as amended) starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standards continue to apply in relation to any period ending before that time as if the repeal had not occurred.

[Note: When this Standard (as amended) applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standards.]

15                    Appendix E Australian implementation guidance for public sector entities is added as set out on pages 13–18 of this Standard.

Amendments to AASB 1050 Administered Items

16                    Paragraphs 6A and 6B are added.

6A When a government department administers the activities of a captive insurer, the government department may elect to apply either AASB 17 Insurance Contracts or AASB 137 Provisions, Contingent Liabilities and Contingent Assets in determining the information to be disclosed about the administered captive insurer activities.

6B For the purposes of paragraph 6A, a captive insurer is a public sector entity that conducts activities which, on a stand-alone basis, fall within the scope of AASB 17 and whose policyholders are part of the same whole of government as the entity.

Reversal of temporary consequential amendments set out in AASB 2022‑8

17                    AASB 17 applies to all entities for annual periods beginning on or after 1 July 2026, including public sector entities. Therefore, the temporary consequential amendments set out in AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments, which amended various Standards to permit public sector entities to continue applying AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts to annual periods beginning on or after 1 January 2023 but before 1 July 2026, are no longer required. The following paragraphs reverse or remove those amendments.