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Financial Sector (Collection of Data) (reporting standard) determination No. 70 of 2023
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 70 of 2023.
Reporting basis
Report the components of the GPS 340 OCL for Australian business on an AASB basis by class of business for direct business and reinsurance business.
Units of measurement
Report values in whole Australian dollars.
| Name | Valid values | Description | |
|---|---|---|---|
| 1 | Class Of Business | Direct classes of business:HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category CReinsurance classes of business:Proportional - Category AProportional - Category BProportional - Category CNon-proportional - Category ANon-proportional - Category BNon-proportional - Category C | Report the class of business. |
| 2 | Insurance Contract Liabilities - Liabilities For Incurred Claims | Whole dollars | Report the insurance contract liabilities - liabilities for incurred claims amount.Report this as a positive value where it is in a liability position. |
| 3 | Reinsurance Contract Liabilities - Liabilities For Incurred Claims | Whole dollars | Report the reinsurance contract liabilities - liabilities for incurred claims amount.Report this as a positive value where it is in a liability position. |
| 4 | Insurance Contract Assets - Assets For Incurred Claims | Whole dollars | Report the insurance contract assets - assets for incurred claims amount.Report this as a positive value where it is in an asset position. |
| 5 | Reinsurance Contract Assets - Assets For Incurred Claims | Whole dollars | Report the reinsurance contract assets - assets for incurred claims amount.Report this as a positive value where it is in an asset position. |
| 6 | Adjustment To AASB Net Liabilities For Incurred Claims | Whole dollars | Report the adjustment to AASB net liabilities for incurred claims amount.Report this as a positive value where it would increase the adjusted net outstanding claims. |