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Financial Sector (Collection of Data) (reporting standard) determination No. 124 of 2023
Liability Roll Forward 1 — ReconciliatioLiability Roll Forward 1 — Reconciliation of the liability for remaining coverage and the liability for incurred claims
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Liability Roll Forward 1 – Reconciliation of the liability for remaining coverage and the liability for incurred claims
Report the items in the table based on AASB 17.100 requirements to provide reconciliation from the opening to the closing balances of the liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). Report the reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows based on the insurer’s interpretation of AASB 17.105A and AASB 17.105B requirements.
Report zero values for line items if they are not applicable.
| Column 1 | Report liabilities for remaining coverage excluding loss component for the current reporting period.Where a group of contracts meets the requirements under AASB 17.20, report these contracts in this column.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (a) Disclosure. |
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| Column 2 | Report the loss component of liabilities for remaining coverage for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (b) Disclosure. |
| Column 3 | Report liabilities for incurred claims from contracts not measured under the Premium Allocation Approach (PAA) for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) Disclosure. |
| Column 4 | For liabilities for incurred claims from contracts measured under the PAA, report estimates of the present value of the future cash flows for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (i) Disclosure. |
| Column 5 | For liabilities for incurred claims from contracts measured under PAA, report the risk adjustment for non-financial risk for the current reporting period.Report this item in accordance with AASB 17 Appendix A and AASB 17.100 (c) (ii) Disclosure. |
| Column 6 | Report assets for insurance acquisition cash flows recognised applying AASB 17 paragraph 28B for the current reporting period.Report this item in accordance with AASB 17 Appendix A, AASB 17.105A Disclosure and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply. |
| Column 7 | Column 7 total current reporting period is a derived column and is calculated as the sum of columns 1 to 6. |