Financial Sector (Collection of Data) (reporting standard) determination No. 87 of 2008 - GRS 430.0 (2008) - Claims Expense by State and Territory of Australia
Claims Expense — Each State and TerritorClaims Expense — Each State and Territory
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Claims Expense – Each State and Territory
Report claims expense Inside Australia according to where the risk is located.
Claims expense for the purpose of this form is to be interpreted as the same meaning for claims expense as calculated and reported in GRF 310.2 Claims Expense and Reinsurance Recoveries.
This will reflect the claim payments made in the current year plus any movement in the value of the Outstanding Claims Provision (OCP) and any movement in the value of the Premiums Liabilities (PL) reported in GRF 300.0 Statement of Financial Position. The OCP and PL reported in GRF 300.0 Statement of Financial Position do not have to be equal to, but must not be less than the amounts required by GPS 310 Audit and Actuarial Reporting and Valuation and hence the amounts reported in the forms GRF 210.0 Outstanding Claims Provision - Insurance Risk Charge and GRF 210.1 Premium Liabilities - Insurance Risk Charge.
Where the insurer does not have insurance business outside of Australia (i.e. claims liabilities), the following should apply:
- the total claims expense amounts for all direct classes of business on this form should agree to the aggregate amount of claims expense recorded from Direct Business in GRF 310.2 Claims Expense and Reinsurance Recoveries; and
- the total claims expense amounts for Inwards reinsurance on this form should agree to the aggregate amount of claims expense recorded from Reinsurance in GRF 310.2 Claims Expense and Reinsurance Recoveries.