Schedule
Schedule
Schedule
Reporting Standard GRS 440.0 (2007) Claims Development Tables comprises 43 pages commencing on the next page.
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This standard requires all general insurers, including foreign branches, to submit annual claims-development data to APRA using Form GRF 440.0. It sets what to report (e.g. premium earned, number of open claims, gross claims paid, reinsurance recoveries, case estimates), measurement rules (AUD, rounding, AASB translation/recognition), and timing (generally four months after year‑end).
APRA may change frequency or waive requirements. Insurers must maintain internal controls and sign or digitally authorise submissions. APRA says the data are collected for prudential supervision; compliance creates ongoing data, accounting and control costs for insurers.
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Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 90 of 2006 - Reporting Standard GRS 440.0 (2007) Claims Development Tables.
Schedule
Reporting Standard GRS 440.0 (2007) Claims Development Tables comprises 43 pages commencing on the next page.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information associated with the development of claims liabilities.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 440.0 Claims Development Table (Form GRF 440.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 440.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant a general insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
- If APRA makes such a variation it must notify general insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
approved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information associated with the development of claims liabilities.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 440.0 Claims Development Table (Form GRF 440.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 440.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant a general insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
- If APRA makes such a variation it must notify general insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
approved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
The purpose of this form is to capture information on the claims development profile of individual insurance companies.
Insurers writing direct insurance business must complete this form based on accident years.
Insurers writing reinsurance business must complete this form based on underwriting years.
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.
Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 440.0 Claims Development Tables.
Specific instructions
General insurers that write direct insurance business must complete this form on an accident year basis while general insurers that write reinsurance business must complete this form on an underwriting year basis. These terms are explained below.
Accident Year
This refers to the financial year that the losses/claims associated with individual policies are incurred. The form is to be completed for each of the following years:
Underwriting Year
Underwriting year refers to the financial year of the insurer in which the policy incepts, regardless of when the premiums and claims are actually reported, booked or paid. For example, the 2005 underwriting year for an insurer with a 30 June balance date includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 July 2005 to 30 June 2006. For an insurer with a 31 December balance date, the 2005 underwriting year includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 January 2005 to 31 December 2005.
Each of the years in this form are complete years reported on a financial year to date basis as at the last business day of the financial year of the insurer. No adjustments are required to be made to prior year reported information.
Where possible insurers are requested to complete the entire series of years.
Classes of Insurance Business
The classes of business for companies that are not specialist reinsurers are as follows:
(I). Houseowners/Householders (H & H)
This class covers the common H & H policies inclusive of:
Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item (XIII).
(II). Commercial Motor Vehicle
Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.
(III). Domestic Motor Vehicle
Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.
(IV). Travel
Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
(V). Fire and Industrial Special Risks (ISR)
Includes all policies normally classified as 'Fire' and includes:
Standard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.
(VI). Marine
Includes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).
(VII). Aviation
Aviation (including aircraft hull and aircraft liability).
(VIII). Mortgage
Insurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.
(IX). Consumer Credit (CCI)
Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.
(X). Other Accident
Includes the following types of insurance:
(XI). Other
All other insurance business not specifically mentioned elsewhere. It includes, for example:
(XII). Compulsory Third Party Motor Vehicle (CTP)
This class consists only of CTP business.
(XIII). Public and Product Liability
(XIV). Professional Indemnity (PI)
Includes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.
(XV). Employers' Liability (EL)
Includes:
The classes of business for companies that provide reinsurance are as follows:
Treaty Proportional: This refers to all forms of quota share and surplus reinsurance written on a treaty reinsurance arrangement where the reinsurer is bound to accept all business ceded by the reinsured subject to the terms and conditions of the pre-agreed treaty wording, and shares in the same proportion of premium and losses of the reinsured.
Treaty Excess of Loss: This refers to all reinsurance arrangements where the reinsurer is bound to accept all business ceded by the reinsured and the reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Facultative Proportional: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis and the reinsurer shares in the same proportion of premium and losses of the reinsured.
Facultative Excess of Loss: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis. The reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Reinsurance non-split: This line item classification disclosed under Reinsurance class of business is to be used where it is not possible for the insurer to separately split out all the classes of reinsurance businesses.
Where an insurer writes inwards reinsurance which spans multiple classes and the insurer cannot readily split the contract between classes, the contract must be allocated using an appropriate method, including the following methods:
(a) allocate the contract to the category which represents the greatest exposure; or
(b) allocate the contract to the category representing the greatest premium income.
An insurer that underwrites inwards reinsurance is free to choose which of the above methods it uses, or may use another appropriate method, provided the same method is used for all contracts and all subsequent periods.
The following fields are to be completed on a cumulative basis:
The following fields are NOT to be completed on a cumulative basis:
(1) Premium Earned
Premium earned is to be reported gross of reinsurance expense. Premium earned is to be reported in this form in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. recognised on an earned and unearned basis).
The amount reported for ‘Current Accident/Underwriting Year’ will then be the same reported for the ‘Accident/Underwriting Year – 1 Year Previous’ in the following financial year. For example:
| Financial Year Ended | Current Accident/Underwriting Year | Accident/Underwriting Year – 1 Year Previous | Accident/Underwriting Year – 2 Years Previous |
|---|---|---|---|
| 31 December 2001 | 4,000 | 2,000 | |
| 31 December 2002 | 5,000 | 4,000 | 2,000 |
Premium revenue is to take into account the following:
(2) Number of Claims
Report the total number of claims open for each class of business (i.e. not just new claims) as at the end of the reporting period for each accident/underwriting year.
Do not include in this figure the number of claims recorded in relation to Incurred but not reported (IBNR) claims and do not include any claims that have been paid and closed.
The outstanding value of the number of open claims in this column should be recorded as the case estimate in (7).
Note: this number should be reported in whole numbers of claims, not in thousands.
This column is not applicable for business written under proportional treaties as this information is generally not known.
(3) Gross Claims Paid
Report the amount of gross claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not adjust for reinsurance recoveries received.
(4) Reinsurance and Other Recoveries Received
Report the amount of reinsurance and other recoveries received on claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not include reinsurance and other recoveries recognised on an accrual basis.
(5) Reinsurance Recoveries Receivable
Report the amount of reinsurance recoveries that are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year. Report the undiscounted amount in accordance with AASB 1023 ‘General Insurance Contracts’.
(6) Other recoveries receivable
Report the amount of recoveries receivable other than recoveries from reinsurers (e.g. subrogation, salvage) as at the end of the development year for the specified accident/underwriting year. These are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year and must be undiscounted.
(7) Case Estimate
The Case Estimate is to be disclosed by type of business (direct business and inwards reinsurance business). This relates to the Outstanding Claims Liability as at the end of the development year for the specified accident/underwriting year.
For the purposes of this form, the outstanding claims liability must be:
The purpose of this form is to capture information on the claims development profile of individual insurance companies.
Insurers writing direct insurance business must complete this form based on accident years.
Insurers writing reinsurance business must complete this form based on underwriting years.
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.
Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 440.0 Claims Development Tables.
Specific instructions
General insurers that write direct insurance business must complete this form on an accident year basis while general insurers that write reinsurance business must complete this form on an underwriting year basis. These terms are explained below.
Accident Year
This refers to the financial year that the losses/claims associated with individual policies are incurred. The form is to be completed for each of the following years:
Underwriting Year
Underwriting year refers to the financial year of the insurer in which the policy incepts, regardless of when the premiums and claims are actually reported, booked or paid. For example, the 2005 underwriting year for an insurer with a 30 June balance date includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 July 2005 to 30 June 2006. For an insurer with a 31 December balance date, the 2005 underwriting year includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 January 2005 to 31 December 2005.
Each of the years in this form are complete years reported on a financial year to date basis as at the last business day of the financial year of the insurer. No adjustments are required to be made to prior year reported information.
Where possible insurers are requested to complete the entire series of years.
Classes of Insurance Business
The classes of business for companies that are not specialist reinsurers are as follows:
(I). Houseowners/Householders (H & H)
This class covers the common H & H policies inclusive of:
Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item (XIII).
(II). Commercial Motor Vehicle
Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.
(III). Domestic Motor Vehicle
Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.
(IV). Travel
Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
(V). Fire and Industrial Special Risks (ISR)
Includes all policies normally classified as 'Fire' and includes:
Standard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.
(VI). Marine
Includes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).
(VII). Aviation
Aviation (including aircraft hull and aircraft liability).
(VIII). Mortgage
Insurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.
(IX). Consumer Credit (CCI)
Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.
(X). Other Accident
Includes the following types of insurance:
(XI). Other
All other insurance business not specifically mentioned elsewhere. It includes, for example:
(XII). Compulsory Third Party Motor Vehicle (CTP)
This class consists only of CTP business.
(XIII). Public and Product Liability
(XIV). Professional Indemnity (PI)
Includes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.
(XV). Employers' Liability (EL)
Includes:
The classes of business for companies that provide reinsurance are as follows:
Treaty Proportional: This refers to all forms of quota share and surplus reinsurance written on a treaty reinsurance arrangement where the reinsurer is bound to accept all business ceded by the reinsured subject to the terms and conditions of the pre-agreed treaty wording, and shares in the same proportion of premium and losses of the reinsured.
Treaty Excess of Loss: This refers to all reinsurance arrangements where the reinsurer is bound to accept all business ceded by the reinsured and the reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Facultative Proportional: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis and the reinsurer shares in the same proportion of premium and losses of the reinsured.
Facultative Excess of Loss: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis. The reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Reinsurance non-split: This line item classification disclosed under Reinsurance class of business is to be used where it is not possible for the insurer to separately split out all the classes of reinsurance businesses.
Where an insurer writes inwards reinsurance which spans multiple classes and the insurer cannot readily split the contract between classes, the contract must be allocated using an appropriate method, including the following methods:
(a) allocate the contract to the category which represents the greatest exposure; or
(b) allocate the contract to the category representing the greatest premium income.
An insurer that underwrites inwards reinsurance is free to choose which of the above methods it uses, or may use another appropriate method, provided the same method is used for all contracts and all subsequent periods.
The following fields are to be completed on a cumulative basis:
The following fields are NOT to be completed on a cumulative basis:
(1) Premium Earned
Premium earned is to be reported gross of reinsurance expense. Premium earned is to be reported in this form in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. recognised on an earned and unearned basis).
The amount reported for ‘Current Accident/Underwriting Year’ will then be the same reported for the ‘Accident/Underwriting Year – 1 Year Previous’ in the following financial year. For example:
| Financial Year Ended | Current Accident/Underwriting Year | Accident/Underwriting Year – 1 Year Previous | Accident/Underwriting Year – 2 Years Previous |
|---|---|---|---|
| 31 December 2001 | 4,000 | 2,000 | |
| 31 December 2002 | 5,000 | 4,000 | 2,000 |
Premium revenue is to take into account the following:
(2) Number of Claims
Report the total number of claims open for each class of business (i.e. not just new claims) as at the end of the reporting period for each accident/underwriting year.
Do not include in this figure the number of claims recorded in relation to Incurred but not reported (IBNR) claims and do not include any claims that have been paid and closed.
The outstanding value of the number of open claims in this column should be recorded as the case estimate in (7).
Note: this number should be reported in whole numbers of claims, not in thousands.
This column is not applicable for business written under proportional treaties as this information is generally not known.
(3) Gross Claims Paid
Report the amount of gross claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not adjust for reinsurance recoveries received.
(4) Reinsurance and Other Recoveries Received
Report the amount of reinsurance and other recoveries received on claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not include reinsurance and other recoveries recognised on an accrual basis.
(5) Reinsurance Recoveries Receivable
Report the amount of reinsurance recoveries that are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year. Report the undiscounted amount in accordance with AASB 1023 ‘General Insurance Contracts’.
(6) Other recoveries receivable
Report the amount of recoveries receivable other than recoveries from reinsurers (e.g. subrogation, salvage) as at the end of the development year for the specified accident/underwriting year. These are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year and must be undiscounted.
(7) Case Estimate
The Case Estimate is to be disclosed by type of business (direct business and inwards reinsurance business). This relates to the Outstanding Claims Liability as at the end of the development year for the specified accident/underwriting year.
For the purposes of this form, the outstanding claims liability must be:
The purpose of this form is to capture information on the claims development profile of individual insurance companies.
Insurers writing direct insurance business must complete this form based on accident years.
Insurers writing reinsurance business must complete this form based on underwriting years.
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.
Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 440.0 Claims Development Tables.
Specific instructions
General insurers that write direct insurance business must complete this form on an accident year basis while general insurers that write reinsurance business must complete this form on an underwriting year basis. These terms are explained below.
Accident Year
This refers to the financial year that the losses/claims associated with individual policies are incurred. The form is to be completed for each of the following years:
Underwriting Year
Underwriting year refers to the financial year of the insurer in which the policy incepts, regardless of when the premiums and claims are actually reported, booked or paid. For example, the 2005 underwriting year for an insurer with a 30 June balance date includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 July 2005 to 30 June 2006. For an insurer with a 31 December balance date, the 2005 underwriting year includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 January 2005 to 31 December 2005.
Each of the years in this form are complete years reported on a financial year to date basis as at the last business day of the financial year of the insurer. No adjustments are required to be made to prior year reported information.
Where possible insurers are requested to complete the entire series of years.
Classes of Insurance Business
The classes of business for companies that are not specialist reinsurers are as follows:
(I). Houseowners/Householders (H & H)
This class covers the common H & H policies inclusive of:
Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item (XIII).
(II). Commercial Motor Vehicle
Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.
(III). Domestic Motor Vehicle
Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.
(IV). Travel
Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
(V). Fire and Industrial Special Risks (ISR)
Includes all policies normally classified as 'Fire' and includes:
Standard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.
(VI). Marine
Includes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).
(VII). Aviation
Aviation (including aircraft hull and aircraft liability).
(VIII). Mortgage
Insurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.
(IX). Consumer Credit (CCI)
Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.
(X). Other Accident
Includes the following types of insurance:
(XI). Other
All other insurance business not specifically mentioned elsewhere. It includes, for example:
(XII). Compulsory Third Party Motor Vehicle (CTP)
This class consists only of CTP business.
(XIII). Public and Product Liability
(XIV). Professional Indemnity (PI)
Includes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.
(XV). Employers' Liability (EL)
Includes:
The classes of business for companies that provide reinsurance are as follows:
Treaty Proportional: This refers to all forms of quota share and surplus reinsurance written on a treaty reinsurance arrangement where the reinsurer is bound to accept all business ceded by the reinsured subject to the terms and conditions of the pre-agreed treaty wording, and shares in the same proportion of premium and losses of the reinsured.
Treaty Excess of Loss: This refers to all reinsurance arrangements where the reinsurer is bound to accept all business ceded by the reinsured and the reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Facultative Proportional: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis and the reinsurer shares in the same proportion of premium and losses of the reinsured.
Facultative Excess of Loss: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis. The reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Reinsurance non-split: This line item classification disclosed under Reinsurance class of business is to be used where it is not possible for the insurer to separately split out all the classes of reinsurance businesses.
Where an insurer writes inwards reinsurance which spans multiple classes and the insurer cannot readily split the contract between classes, the contract must be allocated using an appropriate method, including the following methods:
(a) allocate the contract to the category which represents the greatest exposure; or
(b) allocate the contract to the category representing the greatest premium income.
An insurer that underwrites inwards reinsurance is free to choose which of the above methods it uses, or may use another appropriate method, provided the same method is used for all contracts and all subsequent periods.
The following fields are to be completed on a cumulative basis:
The following fields are NOT to be completed on a cumulative basis:
(1) Premium Earned
Premium earned is to be reported gross of reinsurance expense. Premium earned is to be reported in this form in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. recognised on an earned and unearned basis).
The amount reported for ‘Current Accident/Underwriting Year’ will then be the same reported for the ‘Accident/Underwriting Year – 1 Year Previous’ in the following financial year. For example:
| Financial Year Ended | Current Accident/Underwriting Year | Accident/Underwriting Year – 1 Year Previous | Accident/Underwriting Year – 2 Years Previous |
|---|---|---|---|
| 31 December 2001 | 4,000 | 2,000 | |
| 31 December 2002 | 5,000 | 4,000 | 2,000 |
Premium revenue is to take into account the following:
(2) Number of Claims
Report the total number of claims open for each class of business (i.e. not just new claims) as at the end of the reporting period for each accident/underwriting year.
Do not include in this figure the number of claims recorded in relation to Incurred but not reported (IBNR) claims and do not include any claims that have been paid and closed.
The outstanding value of the number of open claims in this column should be recorded as the case estimate in (7).
Note: this number should be reported in whole numbers of claims, not in thousands.
This column is not applicable for business written under proportional treaties as this information is generally not known.
(3) Gross Claims Paid
Report the amount of gross claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not adjust for reinsurance recoveries received.
(4) Reinsurance and Other Recoveries Received
Report the amount of reinsurance and other recoveries received on claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not include reinsurance and other recoveries recognised on an accrual basis.
(5) Reinsurance Recoveries Receivable
Report the amount of reinsurance recoveries that are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year. Report the undiscounted amount in accordance with AASB 1023 ‘General Insurance Contracts’.
(6) Other recoveries receivable
Report the amount of recoveries receivable other than recoveries from reinsurers (e.g. subrogation, salvage) as at the end of the development year for the specified accident/underwriting year. These are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year and must be undiscounted.
(7) Case Estimate
The Case Estimate is to be disclosed by type of business (direct business and inwards reinsurance business). This relates to the Outstanding Claims Liability as at the end of the development year for the specified accident/underwriting year.
For the purposes of this form, the outstanding claims liability must be:
The purpose of this form is to capture information on the claims development profile of individual insurance companies.
Insurers writing direct insurance business must complete this form based on accident years.
Insurers writing reinsurance business must complete this form based on underwriting years.
Audit requirements
The information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.
Reporting entities
Forms are to be completed for the following reporting entities where appropriate:
Unit of measurement
This form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
The general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:
Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.
As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.
A foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.
Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.
Reporting period
Insurers are required to report the information in the reporting form on an annual basis.
This form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 440.0 Claims Development Tables.
Specific instructions
General insurers that write direct insurance business must complete this form on an accident year basis while general insurers that write reinsurance business must complete this form on an underwriting year basis. These terms are explained below.
Accident Year
This refers to the financial year that the losses/claims associated with individual policies are incurred. The form is to be completed for each of the following years:
Underwriting Year
Underwriting year refers to the financial year of the insurer in which the policy incepts, regardless of when the premiums and claims are actually reported, booked or paid. For example, the 2005 underwriting year for an insurer with a 30 June balance date includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 July 2005 to 30 June 2006. For an insurer with a 31 December balance date, the 2005 underwriting year includes premiums and claims (both paid and outstanding) relating to policies incepting in the period 1 January 2005 to 31 December 2005.
Each of the years in this form are complete years reported on a financial year to date basis as at the last business day of the financial year of the insurer. No adjustments are required to be made to prior year reported information.
Where possible insurers are requested to complete the entire series of years.
Classes of Insurance Business
The classes of business for companies that are not specialist reinsurers are as follows:
(I). Houseowners/Householders (H & H)
This class covers the common H & H policies inclusive of:
Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item (XIII).
(II). Commercial Motor Vehicle
Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.
(III). Domestic Motor Vehicle
Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.
(IV). Travel
Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
(V). Fire and Industrial Special Risks (ISR)
Includes all policies normally classified as 'Fire' and includes:
Standard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.
(VI). Marine
Includes Marine Hull (including pleasure craft), Marine Cargo (including sea and inland transit insurance).
(VII). Aviation
Aviation (including aircraft hull and aircraft liability).
(VIII). Mortgage
Insurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantee.
(IX). Consumer Credit (CCI)
Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.
(X). Other Accident
Includes the following types of insurance:
(XI). Other
All other insurance business not specifically mentioned elsewhere. It includes, for example:
(XII). Compulsory Third Party Motor Vehicle (CTP)
This class consists only of CTP business.
(XIII). Public and Product Liability
(XIV). Professional Indemnity (PI)
Includes Directors' and Officers' liability insurance plus legal expense insurance. Cover for legal expenses is generally included in this type of policy.
(XV). Employers' Liability (EL)
Includes:
The classes of business for companies that provide reinsurance are as follows:
Treaty Proportional: This refers to all forms of quota share and surplus reinsurance written on a treaty reinsurance arrangement where the reinsurer is bound to accept all business ceded by the reinsured subject to the terms and conditions of the pre-agreed treaty wording, and shares in the same proportion of premium and losses of the reinsured.
Treaty Excess of Loss: This refers to all reinsurance arrangements where the reinsurer is bound to accept all business ceded by the reinsured and the reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Facultative Proportional: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis and the reinsurer shares in the same proportion of premium and losses of the reinsured.
Facultative Excess of Loss: This refers to non-treaty arrangements where each reinsurance contract is on an individual offer and acceptance basis. The reinsurer pays losses only above an agreed predetermined limit (retention) up to an agreed maximum amount.
Reinsurance non-split: This line item classification disclosed under Reinsurance class of business is to be used where it is not possible for the insurer to separately split out all the classes of reinsurance businesses.
Where an insurer writes inwards reinsurance which spans multiple classes and the insurer cannot readily split the contract between classes, the contract must be allocated using an appropriate method, including the following methods:
(a) allocate the contract to the category which represents the greatest exposure; or
(b) allocate the contract to the category representing the greatest premium income.
An insurer that underwrites inwards reinsurance is free to choose which of the above methods it uses, or may use another appropriate method, provided the same method is used for all contracts and all subsequent periods.
The following fields are to be completed on a cumulative basis:
The following fields are NOT to be completed on a cumulative basis:
(1) Premium Earned
Premium earned is to be reported gross of reinsurance expense. Premium earned is to be reported in this form in accordance with AASB 1023 ‘General Insurance Contracts’ (i.e. recognised on an earned and unearned basis).
The amount reported for ‘Current Accident/Underwriting Year’ will then be the same reported for the ‘Accident/Underwriting Year – 1 Year Previous’ in the following financial year. For example:
| Financial Year Ended | Current Accident/Underwriting Year | Accident/Underwriting Year – 1 Year Previous | Accident/Underwriting Year – 2 Years Previous |
|---|---|---|---|
| 31 December 2001 | 4,000 | 2,000 | |
| 31 December 2002 | 5,000 | 4,000 | 2,000 |
Premium revenue is to take into account the following:
(2) Number of Claims
Report the total number of claims open for each class of business (i.e. not just new claims) as at the end of the reporting period for each accident/underwriting year.
Do not include in this figure the number of claims recorded in relation to Incurred but not reported (IBNR) claims and do not include any claims that have been paid and closed.
The outstanding value of the number of open claims in this column should be recorded as the case estimate in (7).
Note: this number should be reported in whole numbers of claims, not in thousands.
This column is not applicable for business written under proportional treaties as this information is generally not known.
(3) Gross Claims Paid
Report the amount of gross claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not adjust for reinsurance recoveries received.
(4) Reinsurance and Other Recoveries Received
Report the amount of reinsurance and other recoveries received on claims paid attributable to each accident/underwriting year on a cumulative basis, for classes of direct written business and reinsurance business. Do not include reinsurance and other recoveries recognised on an accrual basis.
(5) Reinsurance Recoveries Receivable
Report the amount of reinsurance recoveries that are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year. Report the undiscounted amount in accordance with AASB 1023 ‘General Insurance Contracts’.
(6) Other recoveries receivable
Report the amount of recoveries receivable other than recoveries from reinsurers (e.g. subrogation, salvage) as at the end of the development year for the specified accident/underwriting year. These are expected to be received in relation to claims recognised in the calculation of the outstanding claims provision and claims paid.
The amount is the balance outstanding at the end of the year and must be undiscounted.
(7) Case Estimate
The Case Estimate is to be disclosed by type of business (direct business and inwards reinsurance business). This relates to the Outstanding Claims Liability as at the end of the development year for the specified accident/underwriting year.
For the purposes of this form, the outstanding claims liability must be:
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Schedule
Reporting Standard GRS 440.0 (2007) Claims Development Tables comprises 43 pages commencing on the next page.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information associated with the development of claims liabilities.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 440.0 Claims Development Table (Form GRF 440.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 440.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant a general insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
- If APRA makes such a variation it must notify general insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
approved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information associated with the development of claims liabilities.
This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 440.0 Claims Development Table (Form GRF 440.0) and the instructions to that form (which are attached and form part of this reporting standard).
(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(b) by manually completing Form GRF 440.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Where the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Note: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.
(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or
(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).
The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.
APRA may grant a general insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If the officer of an insurer provides the information required by this reporting standard:
(a) under subparagraph 4(a), then the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or
(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.
(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and
(b) cause the paper copy to be signed in accordance with paragraph 12; and
(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).
Note: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.
(a) the Principal Executive Officer of the insurer; or
(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
- If APRA makes such a variation it must notify general insurers in writing.
Transition
- An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.
Interpretation
approved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;
foreign insurer means a foreign general insurer within the meaning of the Insurance Act;
Note: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.
Insurance Act means the Insurance Act 1973;
insurer means a general insurer within the meaning of the Insurance Act;
Note: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.
Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and wh
This is an opening excerpt, not the complete document.