Subdivision Definitions - Financial Sector (Collection of Data) (reporting standard) determination No. 98 of 2023 - Definitions

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Definitions

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Capital base	Capital base is defined in Prudential Standard HPS 112 Determination of Capital Base.
Capital transfers in / out of the fund amount	This is the amount expected to be transferred to/from parent entity and to/from other health benefits funds or general funds per Reporting Standard HRS 101.0 Regulatory Income Statement – Supplementary Information (HRS 101.0). This excludes transfers to reserves and changes in accounting policies.
Central estimate	This is an estimate of the mean of the range of possible outcomes. The private health insurer must choose its own methodology, assumptions and data in order to determine the central estimates.

Future quarter	This is the central estimate forecasts provided for each of the next four quarters starting from the reporting date.

General fund(Private Health Insurer Fund Type)	This refers to the portion of the insurer referred to as the general fund as defined in HPS 001.
Gross margin	As defined in HPS 001.
Gross margin forecast percent	This is the gross margin forecast for the 12-month period following the reporting date.
Gross margin target percent	The gross margin target percent is the target value of the gross margin.Insurers that use a range for their gross margin target should report the lower bound of the range for this Reporting Standard.

Health benefits fund(Private health insurer fund type)	Health benefits fund has the same meaning as in the Act.
Health insurance business (HIB)	Health insurance business (HIB) has the same meaning as in the Act.
Health insurance business policy forecasts type	Health insurance business policy forecasts types include:new HIB polices to PHI;new HIB policy transfers; andHIB terminated policies.

New HIB policies to PHI(Health Insurance Business Policy Forecasts Type)	A new HIB policy which is not a new HIB policy transfer.
New HIB policy	Means a new HIB policy, in force at the end of the quarter, where none of the policy holders held a policy with the health insurer at the start of the quarter.
New HIB policy transfer(Health Insurance Business Policy Forecasts Type)	Means a new HIB policy where at least one policy holder of a policy would be expected to have a transfer certificate.

Policy forecasts average monthly premium amount	For new HIB policies to PHI, this is the average monthly premium rate for those policies at the points in the forecast quarter where they first become in force.For new HIB policy transfers, this is the average monthly premium rate for those policies where at least one policy holder of a policy would be expected to have a transfer certificate in the forecast quarter where they first become in force.For HIB terminated policies, this is the average monthly premium rate for those policies immediately before the points in the forecast quarter where they first stop being in force.
Policy forecasts count	For new HIB polices to PHI, this is the count of those policies to become in force in the forecast quarter.For new HIB policy transfers, this is the count of those policies where at least one policy holder of a policy would be expected to have a transfer certificate in the forecast quarter.For HIB terminated policies, this is the count of those policies stop being in force in the forecast quarter.
Prescribed Capital Amount	Prudential Capital Amount means the minimum amount of capital that an insurer must hold as defined in HPS 110.
Private health insurer business type	This is either health insurance business or health-related insurance business.
Private health insurer fund	This is either health benefits fund or general fund.