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Financial Sector (Collection of Data) (reporting standard) determination No. 77 of 2023
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| Operational risk charge for business that is not inwards reinsurance (ORCNI) | This is the operational risk charge relating to business written directly by the reporting insurer.This is calculated using the formula in accordance with GPS 118. |
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| Operational risk charge for inwards reinsurance business (ORCI) | This is the operational risk charge relating to the reporting insurer's inwards reinsurance business.This is automatically calculated using the formula in accordance with GPS 118. |
| ORCI - central estimate of net insurance liabilities | This is the value, relating to the reporting insurer’s inwards reinsurance business, of the central estimate component of outstanding claims liabilities (OCL) and premiums liabilities (PL), net of any recoveries that relate to the gross OCL and gross PL, determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).The OCL and PL relate to business written directly by the reporting insurer. |
| ORCI - GWP for the 12 months ending on the date 12 months prior to the reporting date | This is the value of written premium revenue (gross of reinsurance), relating to the reporting insurer's inwards reinsurance business, recognised for the 12 months ending on the date that is 12 months prior to the reporting date.Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business. |
| ORCI - GWP for the 12 months ending on the reporting date | This is the value of written premium revenue (gross of reinsurance), relating to the reporting insurer's inwards reinsurance business, recognised for the 12 months ending on the reporting date.Written premium revenue is the amount charged in relation to accepting risk from the insured. For the purposes of the Operational Risk Charge calculation, this includes levies imposed by state and territory governments, and revenue relating to portfolio transfers and unclosed business. |
| ORCNI - Central estimate of net insurance liabilities | This is the value, relating to the business written directly by the reporting insurer, of the central estimate component of OCL and PL, net of any recoveries that relate to the gross OCL and gross PL, determined in accordance with GPS 340. |
| ORCNI - GWP for the 12 months ending on the date 12 months prior to the reporting date |