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Financial Sector (Collection of Data) (reporting standard) determination No. 101 of 2023
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| Insurance Risk Charge | The Insurance Risk Charge is the minimum amount of capital required to be held against insurance risks. The Insurance Risk Charge relates adverse financial impacts due to movements in existing and future claims, expenses, and other insurance risks such as adverse events.This must be determined in accordance with Prudential Standard HPS 115 Capital Adequacy: Insurance Risk Charge (HPS 115). |
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| Insurance Risk Charge - Deferred Claims Liability Risk Charge | The Insurance Risk Charge - Deferred Claims Liability Risk Charge relates to the risk that the value of the deferred claims liability will be greater than the value determined in accordance with Prudential Standard HPS 340 Insurance Liability Valuation (HPS 340). This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Future Exposure Risk Charge (HIB) | The Insurance Risk Charge – Future Exposure Risk Charge (HIB) relates to the risk that financial performance of the health insurance business may be materially worse than expected. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Future Exposure Risk Charge (HRIB) | The Insurance Risk Charge – Future Exposure Risk Charge (HRIB) relates to the risk that financial performance of the health-related insurance business may be materially worse than expected. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - OCL Risk Charge | The Insurance Risk Charge – OCL Risk Charge is the Insurance Liability Risk Charge in respect of outstanding claims risk, which relates to the risk that the value of the OCL is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - Other Insurance Liabilities Risk Charge | The Insurance Risk Charge – Other Insurance Liabilities Risk Charge is the Insurance Liability Risk Charge in respect of other insurance liabilities, which relates to the risk that the value of other insurance liabilities is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |
| Insurance Risk Charge - PL Risk Charge | The Insurance Risk Charge – PL Risk Charge is the Insurance Liability Risk Charge in respect of premiums liabilities risk, which relates to the risk that the value of the OCL is greater than the value determined in accordance with HPS 340. This must be determined in accordance with HPS 115. |