Columns 1 to 10 are required to report oColumns 1 to 10 are required to report on ‘This Year’ basis only.

Columns 1 to 10 are required to report on ‘This Year’ basis only.

Column 1 Policy Count (actual number, not scaled)

This is the number of policies in the statutory fund at the end of the period.

Column 2 Member Count (actual number, not scaled)

This is the number of members in the statutory fund at the end of the period. A member with more than one policy is considered as one member.

This would be based on the number of lives insured for group policies, joint-life individual policies, or policies that allow the insurance of auxiliary lives.

Column 5 Gross Contractual Regular Contributions

Include any business that is accepted through direct debit, has a specific contractual requirement for future on-going premiums, has an expectation of renewal each year (e.g. Yearly Renewable term products) or generally causes a policy to discontinue on cessation of future payment. It should be gross of all reinsurance.

Column 7 Gross Contractual Regular Contribution increases over the year

Refer to all increases to contractual regular premiums due to new policies sold during the period, including CPI increases.

Column 8 Gross Contractual Regular Contribution decreases due to claims and/or maturities

Decreases due to claims refer to the reduction in contractual regular contributions following a claim arising from the occurrence of an insured event. Note that it is only included when an insurance claim causes alteration or cessation of the premium, e.g. premiums paid on disability income policies will sometimes remain unaffected following a claim, depending on the policy terms and conditions.

Decreases due to maturities refer to the cessation of contractual regular contributions due to the maturity of a policy, i.e. following the completion of a policy’s term. This would occur when a member retires and is paid his/her superannuation benefit, a policy owner reaches a defined age on an Endowment policy or the termination of a savings plan on or after the contractual period.

Column 9 Gross Contractual Regular Contribution decreases due to voluntary discontinuance

Include any decrease in contractual regular contributions due to lapses or surrenders of policies, i.e. the cessation of regular premiums prior to the completion of the policy’s term.

Column 10 Other movements in Gross Contractual Regular Contributions over the year

Include the increase/decrease in contractual contributions following transfers of business from one statutory fund to another or any other movements not recorded in previous columns.