Division P - Financial Sector (Collection of Data) (reporting standard) determination No. 74 of 2023 - P

PL adjustment to OA PML	The Level 2 insurance group may reduce the OA PML for any losses included in the other accumulation scenario that is already specifically allowed for in the premiums liabilities of the Level 2 insurance group.
PL offset	PL offset is the portion of the premiums liability provision which relates to catastrophic losses (those that give rise to a relatively significant number of claims and occur no more frequently than every three months), as determined by the Group Actuary.
PML	PML represents the total PML across all loan types, coverage types and origination channels. The Level 2 insurance group must enter an amount for total PML. Total PML is then automatically allocated in the proportions of 25% to year one, 50% to year two and 25% to year three of the Prescribed Stress Scenario as required by GPS 116.
PML net of reinsurance	This is the PML after allowing for allowable reinsurance. It is calculated as:adjusted PMLless:allowable reinsurance

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