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Financial Sector (Collection of Data) (reporting standard) determination No. 71 of 2023
GG
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G
| Gross PL - central estimate (excluding CHE and PAE) | This is the value, as at the relevant date, of the central estimate component of PL, excluding CHE and excluding PAE, gross of any recoveries, determined in accordance with GPS 340. Amounts relating to expected future reinsurance costs for current and future reinsurance arrangements needed to cover PL, commissions and reinsurance commissions are also to be excluded and reported separately.The central estimate will be measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with GPS 340. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and so does not include any risk margin. |
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| Gross PL - central estimate (including CHE and PAE) | This is the value, as at the relevant date, of the central estimate component of PL, CHE and PAE, gross of any recoveries, determined in accordance with GPS 340.It is calculated as the sum of:gross PL - central estimate (excluding CHE and PAE);expected future reinsurance costs for current and future reinsurance arrangements needed to cover PL;commissions;claims handling expenses; andpolicy administration expensesless:reinsurance commissions. |
| Gross PL – diversified risk margin | This is the value, as at the relevant date, of the diversified risk margin component of PL, gross of any recoveries, determined in accordance with GPS 340. The diversified risk margin refers to the risk margin that has been applied to the class of business after allowance for diversification across the whole insurance portfolio. |
| Gross PL - total (including CHE and PAE) | This is the total of the central estimate and diversified risk margin for PL, including claims handling expenses and policy administration expenses, gross of any recoveries, determined in accordance with GPS 340It is calculated as the sum of:gross PL - central estimate (including CHE and PAE); andGross PL – diversified risk margin |