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Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015 - SRS 161.0 - Self-Insurance
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015 - SRS 161.0 - Self-Insurance.
Item 2 collects information about claims reported to the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.
Reporting basis: report column 2 to column 4 inclusive as at the end of the reporting period.
Unit of measurement: report column 2 and column 3 as whole numbers; report column 4 as thousands of dollars.
| Item 2 | Report, for each insurance type, the status of claims reported to the RSE licensee in item 2.1. 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 (other than income protection insurance), report the number of claims reported (not admitted) in column 2 and the number and value of claims admitted (not yet paid) in column 3 and column 4 respectively. For income protection insurance, report the numbers of claims in columns 2 and 3 and the monthly amount of claims in column 4. Where an estimate is not available to report in column 4, report the maximum sum insured for life insurance cover and total and permanent disability insurance cover, and the monthly amount for income protection insurance cover.Item 2.2 is a derived item. Report in item 2.2 the total for each corresponding column in item 2.1. |
|---|---|
| Claims reported (not admitted) | Represents potential claims which have been notified to an insurance provider but for which a decision to accept the claim has yet to be made. |
| Claims admitted (not yet paid) | Represents claims where a final decision to admit the claim has been made by the insurance provider but payment has not yet been made by the insurance provider to members and/or their beneficiaries. |
| Claims value | Represents the value which an insurance provider expects to pay for claims. |