CTHRepealedLegislation
Financial Sector (Collection of Data) (reporting standard) determination No. 87 of 2006 - Reporting Standard GRS 410.0 (2007) Movement in Outstanding Claims Provision
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 87 of 2006 - Reporting Standard GRS 410.0 (2007) Movement in Outstanding Claims Provision.
Introduction
The purpose of this form is to provide information on the following:
- Balance of the outstanding claims provision by class of business (direct business and reinsurance). This can be disclosed net of reinsurance and non reinsurance recoveries;
- Reserves/Provisions that have been released by class of business (direct business and reinsurance);
- Additions/increments in the provisions by class of business (direct business and reinsurance).
For insurers writing direct insurance business - for each of the following accident years:
- current accident year;
- accident year 1-3 years previous;
- accident year 4-5 years previous; and
- accident year greater than 5 years previous.
For insurers writing reinsurance business – for each of the following underwriting years:
- current underwriting year;
- underwriting year 1-3 years previous;
- underwriting year 4-5 years previous; and
- underwriting year greater than 5 years previous.