Financial Sector (Collection of Data) (reporting standard) determination No. 123 of 2023
Overseas — All Business Overseas — All Business
Start here
Get a plain-English read of Overseas — All Business
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 123 of 2023.
Overseas – All Business
The expressions ‘Australian Business’ and ‘Overseas Business’ refer to the territories where the life insurance business is carried on.
The expressions ‘Ordinary Business’ and ‘Superannuation Business’ are defined in the Life Act.
This section is also to be completed for each participating and non-participating business. The expressions ‘participating business and ‘non-participating business’ are defined in the Life Act.
Direct business is any insurance business written / insurance contracts issued by the reporting insurer.
Inwards reinsurance is any reinsurance business written / reinsurance contracts issued by the reporting insurer.
Non-life insurance business is insurance business carried on by a life company in accordance with APRA’s declaration made under section 12A or section 12B of the Life Act.