APRA classes of business (product groupsAPRA classes of business (product groups)

APRA classes of business (product groups)

The APRA classes of business (product groups) that apply for reporting are defined in GPS 001. For the ‘other’ class of business as per GPS 001, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in Table 1 and Table 2 of Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.

Definitions

Terms that are highlighted in bold italics are defined in these instructions.

Direct business

Direct business relates to direct insurance contracts when the insurer has a contract directly with a policyholder that is not an insurer or reinsurer.