CTHRepealedLegislation
Financial Sector (Collection of Data) (reporting standard) determination No. 81 of 2008 - GRS 310.2 (2008) - Claims Expense and Reinsurance Recoveries
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 81 of 2008 - GRS 310.2 (2008) - Claims Expense and Reinsurance Recoveries.
Introduction
The purpose of this form is to provide information on the following:
- Claims expense by class of business (direct business and reinsurance), broken down into the following components:
- claim payments made in the current year
- movements in Outstanding Claims Provision (OCP)
- movements in Premium Liabilities (PL)
- Reinsurance recoveries revenue by class of business (direct business and reinsurance), broken down into the following components:
- reinsurance recoveries relating to current and prior years
- reinsurance recoveries relating to future years
- Recoveries other than reinsurance by class of business (direct business and reinsurance), broken down into the following components:
- other recoveries revenue relating to current and prior years
- other recoveries revenue relating to future years
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Reinsurance recoveries received based on cashflows (i.e. payments received rather than accrued); and
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Claims paid based on cashflows (i.e. actually paid rather than accrued).