General instructionsGeneral instructions

Reporting Standard GRS 420.0

Insurance Revenue and Incurred Claims by State and Territory of Australia

General instructions

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in a table must not appear on more than one row in that table when reported.

AASB Standard references

Each accounting item reported aligns with the accounting standard made by the Australian Accounting Standards Board (AASB). The applicable AASB references are specified with each item.

IFRS taxonomy element references

Each IFRS taxonomy element contains at least one cross-reference to an AASB standard (that incorporates IFRS 17 Standards as issued and amended by the International Accounting Standards Board) and has a reference type that can be used to identify the source of that element. The IFRS taxonomy uses the following element reference types:

(a) disclosure — an element of this type depicts a presentation or disclosure requirement of an IFRS / AASB Standard;
(b) example — an element of this type represents an example provided in an IFRS / AASB Standard or its accompanying materials; and
(c) common practice — an element of this type reflects common reporting practice within IFRS / AASB financial statements they not specifically mentioned in IFRS / AASB Standards or their accompanying materials,but are consistent with IFRS / AASB Standards. They have been found to be frequently disclosed across a range of companies and accounting jurisdictions.

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.