Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2011 - GRS 300.0_G (2011) - Statement of Financial Position (Level 2 Insurance Group)
12.0Outstanding claims liability
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12.0 Outstanding claims liability
Outstanding claims liabilities relate to all claims incurred prior to the reporting date, whether or not they have been reported to the Level 2 insurance group. Outstanding claims liabilities are to be recognised and measured in accordance with AASB 1023 and other applicable Australian accounting standards.
Any excess or deficiency of net outstanding claims liabilities provided for in the Statement of Financial Position compared to the amount required by GPS 311 must be recognised in Tier 1 capital in GRF 120.0_G for the purposes of calculating the capital adequacy of the group.