Reporting Form SRF 251.3

Insurance premiums

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 251.3 Insurance premiums (SRF 251.3). This form collects information on insurance premiums disclosed to members on a forward-looking basis.

General directions and notes

Reporting level

SRF 251.3 must be completed for each group insurance policy within an RSE or defined benefit RSE in force as at the end of the reporting period.

Reporting in SRF 251.3 must include each group insurance policy that is offered on a default basis and has been reported as such in ‘Insurance Default Cover Offered Indicator’ (SRF 251.1 Table 1, Column 4).

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 251.3 are to be reported as percentages, whole numbers or whole dollars. Percentages are to be reported as an unconverted number to two decimal places. For example, 12.34 per cent is to be reported as 0.1234.

Items on SRF 251.3 must be reported as at the end of the reporting period, or, where an RSE licensee is submitting ad-hoc information, as at the date of the change.

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: Insurance tables

Table 1 defines insurance tables that are used to group premiums disclosed in Table 2. Report under Table 1 to define all insurance tables for each group insurance policy within the RSE.

Where different premium rates apply to different occupation categories, report a row with a different Insurance Table Identifier for each premium rate in Table 1. RSE licensees should report ‘Yes’ in ‘Occupation Category Cover Included Indicator’ columns (SRF 251.3 Table 1, Columns 7 to 12) for one or more occupation categories that would be covered under the RSE's occupation definition.