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Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023
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| Net liabilities for remaining coverage | This is the net liabilities for remaining coverage, calculated as the sum of:insurance contract liabilities - liabilities for remaining coverage; andreinsurance contract liabilities - liabilities for remaining coverage;less:insurance contract assets - assets for remaining coverage; andreinsurance contract assets - assets for remaining coverage. |
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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; andPAE,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). |
| 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 Level 2 insurance group 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 Level 2 insurance group 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 (but are not limited to) salvage, subrogation, and input tax credit recoveries.For each region report the non-reinsurance recoveries associated with the PL, estimated in a manner consistent with the methodology used in the most recent Actuarial Valuation Report prepared by the Group Actuary as defined in Prudential Standard CPS 320 Actuarial and Related Matters.The estimates of non-reinsurance recoveries expected to be received must be based on the nature of the expected claims and the history of non-reinsurance recoveries compared to claims. |