Financial Sector (Collection of Data) (reporting standard) determination No. 81 of 2008 - GRS 310.2 (2008) - Claims Expense and Reinsurance Recoveries
Claims paid - cashflow basis (as a proxyClaims paid - cashflow basis (as a proxy the basis required by AASB 107 can be used)
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Claims paid - cashflow basis (as a proxy the basis required by AASB 107 can be used)
Report the amount of claims actually paid over the reporting period (on a year-to-date basis) in aggregate for direct written business and inwards reinsurance business (i.e. disclosure of claims paid in relation to individual class of business is not required). This relates to all claims paid on a cashflow basis in the current financial year, regardless of the financial year in which the claim may have been recognised as an expense (i.e. a prior financial year).
Gross claims paid/recoveries received to/from related entities
- Parent entity
For total gross claims expense, reinsurance recoveries and recoveries other than reinsurance reported in this form, disclose amounts that are with/from the parent entity of the licensed insurer.
- Controlled entities/Controlled entities of the parent entity
For branches, the line item “Controlled entities/Controlled entities of the parent entity” is to be interpreted as amounts in relation to “Controlled entities of the parent entity”, and for licensed insurance entities amounts are in relation to “Controlled entities” of the reporting insurer.
For total gross claims expense, reinsurance recoveries and recoveries other than reinsurance reported in this form, disclose amounts that are with/from the controlled entities.
- Associates/Joint Ventures
For total gross claims expense, reinsurance recoveries and recoveries other than reinsurance reported in this form, disclose amounts that are with/from Associates or Joint Ventures of the licensed insurer. Associates and Joint Ventures are defined in accordance with AASB 131 ‘Interests in Joint Ventures’ and AASB 128 ‘Investments in Associates’.
- Other related parties
For total gross claims expense, reinsurance recoveries and recoveries other than reinsurance reported in this form, disclose amounts that are with/from any other related entity of the licensed insurer that are not specifically identified above. Refer to the definition of related parties as defined in the general section of this instruction guide.