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Financial Sector (Collection of Data) (reporting standard) determination No. 71 of 2023
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| Net 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;PAE; andcommissions and reinsurance exchange commissions,net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340.This 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; andcommissions;less the sum of:reinsurance commissions;net PL - non-reinsurance recoveries (central estimate); andnet PL - expected reinsurance recoveries (central estimate). |
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| Net PL - central estimate (including CHE and PAE) | This is the value, as at the relevant date, of the central estimate component of PL, including:CHE; andPAE,net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340.This is calculated as the sum of:net PL - central estimate (excluding CHE and PAE);claims handling expenses; andpolicy administration expenses. |
| Net PL - diversified risk margin | This is the value, as at the relevant date, of the diversified risk margin component of the net PL, net of any expected reinsurance and non-reinsurance 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. |
| Net PL - expected reinsurance recoveries (central estimate) | This is the value of expected reinsurance recoveries receivable by the reporting insurer associated with the central estimate of PL, gross of any provisions for depreciation or impairment. It is determined in accordance with GPS 340. |
| Net PL - non-reinsurance recoveries (central estimate) | This is the value of recoveries under arrangements, other than reinsurance arrangements, receivable by the reporting insurer associated with the central estimate of PL, gross of any provisions for depreciation or impairment. It is determined in accordance with GPS 340. Recoveries to be included at this item include salvage, subrogation, and input tax credit recoveries, amongst others. |
| Net PL - stand-alone risk margin | This is the value, as at the relevant date, of the stand-alone risk margin component of the net PL, net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 340. The stand-alone risk margin refers to the risk margin that would be applied to a class of business where no allowance for diversification with other classes of business has been allowed. |