Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2023
Reporting basisReporting basis
Start here
Get a plain-English read of Reporting basis
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2023.
Reporting basis
Report both direct classes of business and reinsurance classes of business. In relation to the reporting basis:
Data underlying direct classes of business (other than lenders mortgage insurance) must be based on accident year.
Data underlying lenders mortgage insurance business must be based on underwriting year.
Data underlying reinsurance business must be based on underwriting year.
Notwithstanding above, if an insurer has been providing data based on a basis different to the approach outlined above, continue on that basis and notify APRA.
For the purposes of this table, the OCL (on an undiscounted basis) is to be allocated across the respective time buckets specified on the form. Accordingly, each year that this form is completed, the OCL that is recorded for the respective time buckets will likely change as this is reassessed.
For direct class of business and reinsurance class of business, amounts are to also include all OCL associated with business sourced through underwriting pools or joint ventures, or portfolio transfers/acquisitions.