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Financial Sector (Collection of Data) (reporting standard) determination No. 96 of 2023
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| Net accrued premium | This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |
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| Net claims incurred | This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 OCL.The definition of claims incurred is outlined in gross claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |
| Net claims paid | This is the value of claims paid over the reporting period. This item is net of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred. |
| Net premiums received | This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is net of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued. |
| Non-reinsurance recoveries incurred | This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item. |
| Non-reinsurance recoveries received | This is the value of non-reinsurance recoveries received over the reporting period.This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred. |