Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015 - SRS 161.0 - Self-Insurance
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Previous reinsurers
Item 5 collects reinsurers with which the RSE licensee held previous reinsurance policies for members of an RSE, over a rolling 5 year period.
Reporting basis: report column 1 to column 3 as at the end of the reporting period. Include reinsurers who provided a contract that became a previous reinsurance policy during the reporting period in item 5. Information about these reinsurance policies is also to be reported in item 4.
| Item 5 | Report reinsurers who provided a previous reinsurance policy within the last 5 years in item 5. Report each reinsurer on a separate line.For each reinsurer, report the name and ABN of the reinsurer in column 1 and column 2, and the type of previous reinsurance policies provided by that reinsurer in column 3.The reinsurance policy types are: group insurance policy, individual insurance policy and both group insurance policy and individual insurance policy. |
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| Previous reinsurance policy | Represents an reinsurance policy that is no longer available to the RSE licensee and for which premiums are no longer being collected, but for which the reinsurer may still be liable to pay claims. |
| Group insurance policy | Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a group of members. |
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| Individual insurance policy | Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a single member. |
Interpretation
For the purposes of these instructions:
- acquired insurance means insured benefits provided to beneficiaries where the RSE licensee acquires the insurance from in insurer (refer to Prudential Standard SPS 250 Insurance in Superannuation);
- cluster means an aggregation of policies issued by a single reinsurance provider;
- defined benefit member has the meaning given in SPS 160;
- defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;
- insurer has the meaning given in Prudential Standard SPS 250 Insurance in Superannuation;
- reinsurer means an insurance provider that provides reinsurance cover;
- RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, small APRA fund or single member approved deposit fund;