Get a plain-English read of Insurance payments

Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2021.

Reporting Form SRF 251.2

Insurance payments

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 251.2 Insurance payments (SRF 251.2). This form collects information on premium payments made to insurers and the claims management process.

General directions and notes

Reporting level

SRF 251.2 must be completed for each RSE or defined benefit RSE.

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.

The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

Amounts in SRF 251.2 are to be reported as whole dollars.

Items on SRF 251.2 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period. Unless otherwise specified, report information with respect to transactions that occurred during the reporting period.

These instructions specify the reporting basis and unit of measurement that applies to each item.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: Premiums paid

Report all premiums paid to insurers or rebates received during the reporting period.

Column	Field name	Unique identifier	Applicable to	Valid values	Description
1	Insurance Cluster Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters).	Report the insurance cluster identifier.

Column	Field name	Unique identifier	Applicable to	Valid values	Description
1	Insurance Cluster Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters).	Report the insurance cluster identifier.
2	Insurance Cover Type	Y	All filers	Life InsuranceTotal And Permanent Disability InsuranceIncome Protection InsuranceOther Insurance	Report the insurance cover type.
3	Insurance Incident Year Date	Y	All filers	Date (yyyy)	Report the year of incident.
4	Insurance Claim Admitted Year Date	Y	All filers	Date (yyyy)	Report the year of admittance.
5	Insurance Claim Payer Type	Y	All filers	RSE LicenseeInsurerOtherNot Applicable	Report the claims paid to member by.
6	Insurance Claim Paid Count		All filers	Whole numbers	Report the number of claims paid in the reporting period. For example, for IP Insurance report the total number of IP Insurance claims paid during the period.
7	Insurance Claim Paid Amount		All filers	Whole dollars	Report the value of claims paid during the period. For example, for IP Insurance report the total value of IP Insurance claims for the period.

Column	Field name	Unique identifier	Applicable to	Valid values	Description
1	Insurance Cluster Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters).	Report the insurance cluster identifier.
2	Insurance Cover Type	Y	All filers	Life InsuranceTotal And Permanent Disability InsuranceIncome Protection InsuranceOther Insurance	Report the insurance cover type.
3	Insurance Claim Start Period Undetermined Count		All filers	Whole numbers	Report the number of undetermined claims as at the beginning of the reporting period.
4	Insurance Claim Received Count		All filers	Whole numbers	Report the number of claims received.
5	Insurance Claim Reopened Count		All filers	Whole numbers	Report the number of claims re-opened.
6	Insurance Claim Withdrawn Count		All filers	Whole numbers	Report the number of claims withdrawn.
7	Insurance Claim Admitted Count		All filers	Whole numbers	Report the number of claims admitted.
8	Insurance Claim Declined Count		All filers	Whole numbers	Report the number of claims declined.
9	Insurance Claim Finalised Other Count		All filers	Whole numbers	Report the number of claims finalised - other.
10	Insurance Claim End Period Undetermined Count		All filers	Whole numbers	Report the number of undetermined claims as at the end of the reporting period.
11	Insurance Claim Average Undetermined Duration Number		All filers	Whole numbers	Report the average undetermined claim duration in days as at the end of the reporting period.

Insurance paymentsInsurance payments