CTHIn ForceLegislation
Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023
AA
Start here
Get a plain-English read of A
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023.
A
| Additional policies risk charge | This is the component of the Insurance Risk Charge which relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.This must be calculated by multiplying:net written premium for material business that incepts in the next reporting period; andPL capital factor % |
|---|---|
| Adjusted net premiums liabilities | This is the derived valuation of premiums liabilities based on accounting records for the group after allowing for adjustments required by GPS 340.It is calculated as the sum of:net liabilities for remaining coverage; andadjustment to AASB net liabilities for remaining coverage. |
| Adjustment to AASB net liabilities for remaining coverage | This is the adjustment required as a consequence of the assessment by the Group Actuary to ensure the derived valuations of premiums liabilities (PL) based on accounting records for the group are appropriate and exceed (are more conservative than) the requirements of GPS 340. |