Part Claims paid - Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015 - SRS 161.0 - Self-Insurance - Claims paid

Claims paid

Item 3 collects information about claims paid by the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.

Reporting basis: report column 2 to column 5 inclusive with respect to transactions that occurred during the reporting period.

Unit of measurement: report column 2 and column 4 as whole numbers; report column 3 and column 5 as thousands of dollars.

Item 3	Report claims paid by insurance type in item 3.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.For each insurance type reported in column 1, report the number and value of claims paid, admitted this year in column 2 and column 3 and the number and value of claims paid, admitted in previous years in column 4 and column 5. For income protection insurance, report in columns 3 and 5 the total amount paid during the reporting period, including claims that are in the course of payment but that are subject to regular assessment.Item 3.2 is a derived item. Report in item 3.2 the total the total for each corresponding column in item 3.1.
Claims paid	Represents where an insurance provider makes a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of insured amounts.

Item 3

Report claims paid by insurance type in item 3.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.For each insurance type reported in column 1, report the number and value of claims paid, admitted this year in column 2 and column 3 and the number and value of claims paid, admitted in previous years in column 4 and column 5. For income protection insurance, report in columns 3 and 5 the total amount paid during the reporting period, including claims that are in the course of payment but that are subject to regular assessment.Item 3.2 is a derived item. Report in item 3.2 the total the total for each corresponding column in item 3.1.

Claims paid

Represents where an insurance provider makes a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of insured amounts.

Reinsurance agreement detail

Item 4 collects reinsurance policies providing reinsurance to self-insurance arrangements held by an RSE licensee for members of an RSE during the reporting period.

Report reinsurance policies held by the RSE licensee aggregated by reinsurer (‘a cluster’).

Reporting basis: report item 4.1 column 1 to item 4.1 column 9 inclusive and item 4.2 column 2 as at the end of the reporting period; report item 4.2 column 3 to item 4.2 column 6 inclusive with respect to transactions that occurred during the reporting period. Where a reinsurance policy ceased during the reporting period, report ‘0’ for item 4.1 column 4 to column 9 inclusive and report the value of premiums and rebates in item 4.2 column 2 to column 6 inclusive in relation to transactions that occurred during the reporting period prior to the policy ceasing.

Unit of measurement: report item 4.1 column 4, item 4.1 column 6, item 4.1 column 8 as a whole number; report item 4.1 column 5, item 4.1 column 7, item 4.1 column 9 and item 4.2 column 2 to item 4.2 column 6 inclusive as thousands of dollars.

ABN	Represents an unique public identifier issued to an entity registered in the Australian Business Register to be used in dealings with government. A company registered under the Corporations Act 2001 or a business entity carrying on an enterprise in Australia is entitled to an ABN.
Associate	Represents an associate within the meaning given in s. 12 of the SIS Act.
Reinsurance cover	Represents the value of reinsurance coverage which applies to the RSE licensee.

Cover limit	Represents the amount at which the reinsurance cover provided is capped.
Stop loss cover	Represents reinsurance which indemnifies the reinsured against the amount, subject to a specified limit, by which the reinsured's losses incurred during a specific period exceed either an agreed amount or an agreed percentage.
Catastrophe cover	Represents reinsurance which, subject to a specified limit, indemnifies the reinsured for the amount of loss in excess of a specified retention with respect to an accumulation of losses resulting from a catastrophic event or series of events.
Reinsurance premium	Represents an amount paid for the provision of reinsurance under a reinsurance policy.
Reinsurance premium rebate	Represents a rebate received from the reinsurer, in respect of reinsurance premiums paid to that reinsurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE.
Reinsurance claims paid	Represents payment of reinsurance claims where the claim event date may be during the reporting period or in prior reporting periods.

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