Get a plain-English read of Insurance coverage

Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 40 of 2023.

Reporting Form SRF 251.1

Insurance coverage

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 251.1 Insurance coverage (SRF 251.1). This form collects information on the linkages between insurance policies and superannuation products, as well as the decisions that members are making in relation to their insurance cover within superannuation.

General directions and notes

Reporting level

SRF 251.1 must be completed for each group insurance policy within the RSE or defined benefit RSE which has been in force at any time during the reporting period.

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 251.1 are to be reported as whole numbers or whole dollars.

Items on SRF 251.1 must be reported as at the end of the reporting period, as at the start of the reporting period or with respect to transactions that occurred during the reporting period as specified.

These instructions specify the reporting basis and unit of measurement that apply 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 offerings

Report columns 1 to 4 and 8 as at the end of the reporting period. Report column 5 as at the start of the reporting period. Report columns 6 and 7 with respect to transactions that occurred 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.
2	Superannuation Product Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters)	Report the superannuation product identifier.The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.
3	Insurance Cover Type	Y	All filers	Life InsuranceTotal And Permanent Disability InsuranceIncome Protection InsuranceBundled Life And Total And Permanent Disability InsuranceBundled Life And Income Protection InsuranceBundled Total And Permanent Disability And Income Protection InsuranceBundled Life Total And Permanent Disability And Income Protection InsuranceOther Insurance	Report the insurance cover type.
4	Insurance Default Cover Offered Indicator		All filers	YesNo	Report if there is default cover offered for the specified insurance cover type.
5	Insurance Cover Superannuation Product Start Period Member Accounts Count		All filers	Whole numbers	Report the number of member accounts with insurance cover at the start of the reporting period.
6	Insurance Cover Superannuation Product New Business Member Accounts Count		All filers	Whole numbers	Report the number of member accounts that had cover at the end of the reporting period that did not have cover at the start of the reporting period.
7	Insurance Cover Superannuation Product Ceased Member Accounts Count		All filers	Whole numbers	Report the number of member accounts that had cover at the start of the reporting period that did not have cover at the end of the reporting period.
8	Insurance Cover Superannuation Product End Period Member Accounts Count		All filers	Whole numbers	Report the number of member accounts with insurance cover at the end of 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.
2	Insurance Cover Type	Y	All filers	Life InsuranceTotal And Permanent Disability InsuranceIncome Protection InsuranceOther Insurance	Report the insurance cover type.
3	Insurance Default Cover Offered Indicator	Y	All filers	YesNo	Report the default cover offered indicator.i.e. would the member have cover at the end of the reporting period if they had made no elections or applications regarding insurance cover.
4	Insurance Current Level Cover Type	Y	All filers	No CoverLess Cover Than DefaultDefault Level Of CoverMore Cover Than Default No UnderwritingMore Cover Than Default With Underwriting	Report the current level of cover.i.e. how does the member’s current level of cover compare the level of cover that they would have should they have made no elections or applications regarding insurance cover.
5	Insurance Cover Member Accounts Count		All filers	Whole numbers	Report the number of member accounts with insurance cover.
6	Insurance Cover Aggregate Amount		All filers	Whole dollars	Report the aggregate cover of member accounts with insurance cover. For IP Insurance this must be specified as an annual amount.

Insurance coverageInsurance coverage