Division Introduction - Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2006 - Reporting Standard GRS 310.2 (2007) Claims Expense and Reinsurance Recoveries - Introduction

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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2006 - Reporting Standard GRS 310.2 (2007) 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); and
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; and
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; and
other recoveries revenue relating to future years;

Reinsurance recoveries received based on cashflows (i.e. payments received rather than accrued); and
Claims paid based on cashflows (i.e. actually paid rather than accrued).