Part General Instructions - Financial Sector (Collection of Data) (reporting standard) determination No. 127 of 2023 - General Instructions

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General Instructions

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in the table must not appear on more than one row in that table when reported.

Allocation principles for APRA product group reporting

A life insurer must apply the allocation principles outlined in LRS 001 to allocate accounting numbers to APRA product groups. However, a life insurer cannot use allocation principles to allocate insurance and reinsurance assets and liabilities (and investment liabilities) across the components of the Life Act reporting structure. Refer to Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340) for details.

LPS 340 also outlines the requirements of valuation of policy liabilities for friendly societies.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

APRA product group	This is APRA product group which is defined in LRS 001 Reporting Requirements. Life companies must report data items by the listed APRA product groups where required.

Class of business	Class of business refers to:Australia - Superannuation business;Australia - Ordinary business; andOverseas - All business.‘Australia’ and ‘overseas’ refer to the territories where the life insurance business is undertaken, as defined in the Life Act.‘Ordinary business’ and ‘superannuation business’ are defined in the Life Act.

Gross contractual regular contribution decreases due to claims and / or maturities

This is 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.This is reduction in 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 their 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.

Insurance benefit	This is the type of insurance benefit that a life policy can include. Life companies must report data items by insurance benefit where required. Insurance benefit can either be:non-participating benefits;participating benefits; orfriendly society benefits.
Insurance contract - insurance acquisition cash flows (IACF) asset	This is an allocated amount of the aggregate IACF asset item for insurance contracts. The IACF asset item is recognised applying AASB 17 paragraph 28B.This item has the meaning given to it in 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.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF asset item.
Insurance contract - insurance acquisition cash flows (IACF) expensed under PAA	This is an allocated amount of the aggregate of IACF expensed under PAA applying AASB 17 paragraph 59(a) for insurance contracts.This excludes insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the expensed amount.
Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk	Report liabilities for incurred claims that are presented as insurance contract liabilities, after deducting asset for incurred claims that are presented as insurance contract assets, and any associated risk adjustment for non-financial risk.Liability for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Assets for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure.
Insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk	Report risk adjustment for non-financial risk in respect of liability for incurred claims, after deducting risk adjustment for non-financial risk in respect of asset for incurred claims for insurance contracts.This item has the meaning given to it in AASB 17 Appendix A and AASB 17.101 (b) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure.
Insurance contract - liability / asset for remaining coverage	Report liability for remaining coverage that are presented as insurance contract liabilities, after deducting asset for remaining coverage that are presented as insurance contract assets.Liability for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.Asset for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure.
Insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain)	This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment loss (or reversal gain) over the reporting period applying AASB 17 paragraphs 28E and 28F for insurance contracts.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain).
Investment contract liabilities - gross of reinsurance	This is investment contract liabilities gross of any reinsurance arrangements. This item is based on AASB 101.54 (m).
Investment contract liabilities (ceded)	This is the value of investment contract liabilities - gross of reinsurance ceded via reinsurance arrangements place.

Insurance benefit

This is the type of insurance benefit that a life policy can include. Life companies must report data items by insurance benefit where required. Insurance benefit can either be:non-participating benefits;participating benefits; orfriendly society benefits.

Insurance contract - insurance acquisition cash flows (IACF) asset

This is an allocated amount of the aggregate IACF asset item for insurance contracts. The IACF asset item is recognised applying AASB 17 paragraph 28B.This item has the meaning given to it in 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.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF asset item.

Insurance contract - insurance acquisition cash flows (IACF) expensed under PAA

This is an allocated amount of the aggregate of IACF expensed under PAA applying AASB 17 paragraph 59(a) for insurance contracts.This excludes insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the expensed amount.

Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk

Report liabilities for incurred claims that are presented as insurance contract liabilities, after deducting asset for incurred claims that are presented as insurance contract assets, and any associated risk adjustment for non-financial risk.Liability for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Assets for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure.

Insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk

Report risk adjustment for non-financial risk in respect of liability for incurred claims, after deducting risk adjustment for non-financial risk in respect of asset for incurred claims for insurance contracts.This item has the meaning given to it in AASB 17 Appendix A and AASB 17.101 (b) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure.

Insurance contract - liability / asset for remaining coverage

Report liability for remaining coverage that are presented as insurance contract liabilities, after deducting asset for remaining coverage that are presented as insurance contract assets.Liability for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.Asset for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure.

Insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain)

This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment loss (or reversal gain) over the reporting period applying AASB 17 paragraphs 28E and 28F for insurance contracts.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain).

Investment contract liabilities - gross of reinsurance

This is investment contract liabilities gross of any reinsurance arrangements. This item is based on AASB 101.54 (m).

Investment contract liabilities (ceded)

This is the value of investment contract liabilities - gross of reinsurance ceded via reinsurance arrangements place.

Measurement model	This means the type of AASB 17 measurement model. Possible measurement models are:General Measurement Model;Premium Allocation Approach; andVariable Fee Approach
Member count	This is the number of members in the life company fund.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.

Reinsurance contract held - asset / liability for incurred claims - excluding risk adjustment for non-financial risk	Report asset for incurred claims that are presented as reinsurance contract assets, after deducting liability for incurred claims that are presented as reinsurance contract liabilities, and any associated risk adjustment for non-financial risk.Asset for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A.Liability for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure.
Reinsurance contract held - asset / liability for incurred claims - risk adjustment for non-financial risk	Report risk adjustment for non-financial risk in respect of asset for incurred claims, after deducting risk adjustment for non-financial risk in respect of liability for incurred claims for reinsurance contracts held.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure.
Reinsurance contract held - asset / liability for remaining coverage	Report asset for remaining coverage that are presented as reinsurance contract assets, after deducting liability for remaining coverage that are presented as reinsurance contract liabilities.Asset for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure.Liability for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.
Reinsurance contract held - insurance acquisition cash flows (IACF) liability	This is an allocated amount of the aggregate IACF liability item for reinsurance contracts held. The IACF liability item is recognised applying AASB 17 paragraph 28B for the current reporting period.This item has the meaning given to it in 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.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF liability item.
Reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA	This is an allocated amount of the aggregate of IACF recognised as gain under PAA applying AASB 17 paragraph 59(a) for reinsurance contracts held.This excludes reinsurance contracts held - unrecovered amount of IACF recognised as impairment gain (or reversal loss).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the gain amount.
Reinsurance contract held -- Unrecovered amount of IACF recognised as gain (or reversal loss)	This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment gain (or reversal loss) over the reporting period applying AASB 17 paragraphs 28E and 28F for reinsurance contracts held.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain).
Reinsured contractual regular contributions	This is the reinsured portion of 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.This is the amount reported for the previous year plus all movements for the current year.
Reinsured insurance amount, account balance or equivalent	This is the reinsured portion of gross insurance amount, account balance or equivalent of all the members of life company fund.For individual products, this is reinsured portion of:conventional: Sum insured plus reversionary bonusinvestment account: Account balanceinvestment linked: Value of unitslifetime annuity: Payment per annumterm annuity: Payment per annumfixed rate fixed term saving: Account balanceallocated annuity: Account balancelevel premium risk - lump sum benefit: Sum insuredstepped premium risk - lump sum benefit: Sum insureddisability income insurance: Insurance payment (i.e. annualised insured benefit)other individual: Consistent with above principlesFor group products, this is worked out by considering the reinsured portion of what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the reinsured portion of the member's insured amount of all the members of the group.

Reinsurance contract held - asset / liability for incurred claims - excluding risk adjustment for non-financial risk

Report asset for incurred claims that are presented as reinsurance contract assets, after deducting liability for incurred claims that are presented as reinsurance contract liabilities, and any associated risk adjustment for non-financial risk.Asset for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A.Liability for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure.

Reinsurance contract held - asset / liability for incurred claims - risk adjustment for non-financial risk

Report risk adjustment for non-financial risk in respect of asset for incurred claims, after deducting risk adjustment for non-financial risk in respect of liability for incurred claims for reinsurance contracts held.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure.

Reinsurance contract held - asset / liability for remaining coverage

Report asset for remaining coverage that are presented as reinsurance contract assets, after deducting liability for remaining coverage that are presented as reinsurance contract liabilities.Asset for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure.Liability for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.

Reinsurance contract held - insurance acquisition cash flows (IACF) liability

This is an allocated amount of the aggregate IACF liability item for reinsurance contracts held. The IACF liability item is recognised applying AASB 17 paragraph 28B for the current reporting period.This item has the meaning given to it in 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.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF liability item.

Reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA

This is an allocated amount of the aggregate of IACF recognised as gain under PAA applying AASB 17 paragraph 59(a) for reinsurance contracts held.This excludes reinsurance contracts held - unrecovered amount of IACF recognised as impairment gain (or reversal loss).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the gain amount.

Reinsurance contract held -- Unrecovered amount of IACF recognised as gain (or reversal loss)

This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment gain (or reversal loss) over the reporting period applying AASB 17 paragraphs 28E and 28F for reinsurance contracts held.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain).

Reinsured contractual regular contributions

This is the reinsured portion of 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.This is the amount reported for the previous year plus all movements for the current year.

Reinsured insurance amount, account balance or equivalent

This is the reinsured portion of gross insurance amount, account balance or equivalent of all the members of life company fund.For individual products, this is reinsured portion of:conventional: Sum insured plus reversionary bonusinvestment account: Account balanceinvestment linked: Value of unitslifetime annuity: Payment per annumterm annuity: Payment per annumfixed rate fixed term saving: Account balanceallocated annuity: Account balancelevel premium risk - lump sum benefit: Sum insuredstepped premium risk - lump sum benefit: Sum insureddisability income insurance: Insurance payment (i.e. annualised insured benefit)other individual: Consistent with above principlesFor group products, this is worked out by considering the reinsured portion of what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the reinsured portion of the member's insured amount of all the members of the group.

Gross contractual regular contribution decreases due to voluntary discontinuance	This is reduction 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.
Gross contractual regular contribution increases	This is increase in contractual regular premiums due to new policies sold including CPI increases.
Gross contractual regular contributions	This is any business, gross of all reinsurance, 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.This is the amount reported for the previous year plus all movements for the current year.
Gross insurance amount, account balance or equivalent	This is gross insurance amount or account balance or equivalent of all the members of life company fund.For individual products, this is:conventional: Sum insured plus reversionary bonusinvestment account: Account balanceinvestment linked: Value of unitslifetime annuity: Payment per annumterm annuity: Payment per annumfixed rate fixed term saving: Account balanceallocated annuity: Account balancelevel premium risk - lump sum benefit: Sum insuredstepped premium risk - lump sum benefit: Sum insureddisability income insurance: Insurance payment (i.e. annualised insured benefit)other individual: Consistent with above principlesFor group products, this is worked out by considering what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the member's insured amount of all the members of the group.