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Financial Sector (Collection of Data) (reporting standard) determination No. 119 of 2023
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Financial Sector (Collection of Data) (reporting standard) determination No. 119 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 119 of 2023.
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
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| Operational Risk Charge for risk business (ORCR) – Accrued premium (12 months ending on reporting date) | This is the total accrued premium (gross of reinsurance) in respect of risk business, for the period of 12 months ending on the reporting date.Accrued premium is defined in LPS 118. |
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| ORCR – Accrued premium (12 months ending on date 12 months prior to reporting date) | This is the total accrued premium (gross of reinsurance) in respect of risk business, for the period of 12 months ending on the date that is 12 months prior to the reporting date.Accrued premium is defined in LPS 118. |
| ORCR - Adjusted policy liabilities (net of reinsurance) | This is the total adjusted policy liabilities (net of reinsurance) determined in accordance with Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital (LPS 112), in respect of risk business at the reporting date. |
| Operational Risk Charge for investment-linked business (ORCI) – Accrued premium (12 months ending on reporting date) | This is the total accrued premium (gross of reinsurance) in respect of investment-linked business, for the period of 12 months ending on the reporting date.Accrued premium is defined in LPS 118. |
| ORCI - Adjusted policy liabilities (gross of reinsurance) | This is the total adjusted policy liabilities (gross of reinsurance) determined in accordance with LPS 112, in respect of investment-linked business at the date 12 months prior to the reporting date. |
| ORCI - Adjusted policy liabilities (net of reinsurance) | This is the total adjusted policy liabilities (net of reinsurance) determined in accordance with LPS 112, in respect of investment-linked business at the reporting date. |
| ORCI - Gross claim payments to meet policy owner liabilities (12 months ending on reporting date) | This is all payments to meet liabilities to policy owners (gross of reinsurance) for the 12 months ending on the reporting date in respect of investment-linked business. This excludes payments that are used as premiums for another life policy issued by the life company to avoid double counting. |
| Operational Risk Charge for other business (ORCO) – Accrued premium (12 months ending on reporting date) | This is the total accrued premium (gross of reinsurance), in respect of life business other than risk and investment-linked business, for the period of 12 months ending on the reporting date.Accrued premium is defined in LPS 118. |
| ORCO - Adjusted policy liabilities (gross of reinsurance) | This is the total adjusted policy liabilities (gross of reinsurance) determined in accordance with LPS 112, in respect of life business other than risk and investment-linked business at the date 12 months prior to the reporting date. |
| ORCO - Adjusted policy liabilities (net of reinsurance) | This is the total adjusted policy liabilities (net of reinsurance) determined in accordance with LPS 112, in respect of life business other than risk and investment-linked business at the reporting date. |
| ORCO - Gross claim payments to meet policy owner liabilities (12 months ending on reporting date) | This is all payments to meet liabilities to policy owners (gross of reinsurance) for the 12 months ending on the reporting date in respect of life business other than risk and investment-linked business. This excludes payments that are used as premiums for another life policy issued by the life company to avoid double counting. |