CTHIn ForceLegislation
Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023
RR
Start here
Get a plain-English read of R
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023.
R
| Reinsurance business | This refers to the reinsurance business written by the reporting Level 2 insurance group in accordance with the reinsurance classes of business listed in GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115. |
|---|---|
| Reinsurance commissions | This item is the present value of reinsurance commissions relating to reinsurance held, associated with the GPS 340 PL. Examples include but are not limited to reinsurance exchange commissions and profit commissions.This excludes any acquisition commission expenses that are not reported as part of the GPS 340 PL. This also excludes commissions.Level 2 insurance groups may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome) to report this item if this item is not readily available. |
| Reinsurance contract assets - assets for remaining coverage | Report assets for remaining coverage that are presented as reinsurance contract assets.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure. |
| Reinsurance contract liabilities - liabilities for remaining coverage | Report liabilities for remaining coverage (being the liability equivalent of assets for remaining coverage) that are presented as reinsurance contract liabilities.Report this item in accordance with AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure. |