DRAFT September These instructions assist completion of Reporting Form SRF Self-Insurance (SRF 161.0).

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1 Reporting Form SRF Self-Insurance Instructions DRAFT September 2012 These instructions assist completion of Reporting Form SRF Self-Insurance (SRF 161.0). SRF collects information on self-insurance of the RSE. Information reported in SRF is required for prudential and publication purposes. Reporting levels SRF must be completed for each: RSE; and sub-fund within an RSE excluding SAFs and SMADFs. Report information relating to self-insurance arrangements not otherwise accounted for in a sub-fund of the RSE at the level of RSE. Interpretation For the purposes of these instructions: AASB means the Australian Accounting Standards Board; acquired insurance means insured benefits provided to beneficiaries where the RSE licensee acquires the insurance from in insurer. Reference: Prudential Standard SPS 250 Insurance in Superannuation (2012); defined benefit fund means a regulated superannuation fund that has at least one defined benefit member; defined benefit member has the meaning given in Prudential Standard SPS 160 Defined Benefit Matters (2012); RSE means a registrable superannuation entity as defined in section 10 of the SIS Act; RSE licensee means a constitutional corporation, body corporate, or group of individual trustees, that holds an RSE licence granted under section 29D of the SIS Act; self-insurance arrangements has the meaning given in [SIS Regulations] and Prudential Standard SPS 250 Insurance in Superannuation; SRF Instructions - 1

2 Single Member Approved Deposit Fund (SMADF) means a superannuation entity that is an approved deposit fund within the meaning of the SIS Act and has only one member; SIS Act means the Superannuation Industry (Supervision) Act 1993; SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994; Small APRA Fund (SAF) means a superannuation entity that is a regulated superannuation fund within the meaning of the SIS Act that has fewer than five members; and sub-fund means a sub-fund of an RSE that has separately identifiable assets and separately identifiable beneficiaries, and the interest of each beneficiary in the sub-fund is determined by reference only to the conditions governing the sub-fund. Specific instructions SRF collects information about self-insurance arrangements. Information about acquired insurance arrangements, within the meaning given in Prudential Standard SPS 250 Insurance in Superannuation, must be reported on Reporting Form SRF Insurance. Report all items as at the end of the reporting period. Report the fair value, within the meaning given in AASB 13 Fair Value Measurement, in thousands of dollars for all items unless otherwise specified. Report all items in accordance with the Australian Accounting Standards unless otherwise specified. Terms highlighted in bold italics indicate that the definition is provided in these instructions. Self-insurance Item 1 collects information about self-insurance arrangements within an RSE. Item 1 If some or all insured benefits offered to members within the RSE or sub-fund (as appropriate) are self-insured, report yes in item 1.1; otherwise, report no. If no is reported in item 1.1, do not complete the remainder of SRF Report the date self-insurance arrangement DD/MM/YYYY in item 1.2. commenced as Report the date of most recent self-insurance actuarial report as DD/MM/YYYY in item 1.3. Report the recommended self-insurance reserve (actuarial) in item 1.4. Report the self-insurance reserve held in item 1.5. Report the estimated annual self-insurance claims (actuarial) in item SRF Instructions - 2

3 1.6. Report the self-insurance claims value (rolling 12 months) in item 1.7. Does the RSE/sub-fund self-insure? Date selfinsurance arrangement commenced Date of most recent selfinsurance actuarial report Recommended self-insurance reserve (actuarial) Self-insurance reserve held Estimated annual self-insurance claims (actuarial) Self-insurance claims value (rolling 12 months) Represents the occurrence of a self-insurance arrangement in respect of some or all of the insured benefits offered to members. Reference: Prudential Standard SPS 250 Insurance in Superannuation (2012). Represents the date on which the self-insurance arrangement was made available to members. Represents the effective date of the most recent self-insurance actuarial report required in Prudential Standard SPS 160 Defined Benefit Matters (2012). Represents the value of reserves recommended by the actuary to be set aside to meet self-insurance liabilities. Represents the value held in a reserve of funds set aside for future selfinsurance events and purposes. Represents the actuarial estimate of the claims value expected to be made against self-insurance arrangements. Represents the value of claims made by the members and their beneficiaries to the RSE licensee over the last 12 months. Coverage of member insurance Item 2 collects information about coverage of life insurance, total and permanent disability insurance, temporary disability/income protection insurance and other insurance. Item 2 Report other insurance in item 2.5 as total insurance policies reported in item 2.6 minus the sum of life insurance reported in item 2.1, total and permanent disability insurance reported in item 2.2, bundled life and TPD insurance reported in item 2.3 and temporary disability/income protection insurance reported in item 2.4. Report the number of member accounts with insurance coverage for items 2.1 to 2.6 inclusive, in column 1 as a whole number. Report the value of insurance coverage for items 2.1 to 2.6 inclusive, SRF Instructions - 3

4 in column 2. Report the value of cover reinsured for items 2.1 to 2.6 inclusive, in column 3. Member accounts with insurance coverage Represents the number of member accounts that have non-zero insurance coverage. Value insurance coverage of Represents the value of insurance coverage which applies to members. Value of cover reinsured Life insurance Represents the value of reinsurance coverage in respect of insurance coverage which applies to members. Represents a benefit, in respect of each member, that is payable only in the event of the death of the member and which is provided by taking out insurance. Reference: SIS Act, s. 68AA(1)(b). Total permanent disability insurance and Represents a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity. Reference: SIS Act, s. 68AA, s. 10(1). Bundled life and TPD insurance Temporary disability/income protection insurance Other insurance Total insurance policies Represents where both a life insurance benefit and a total and permanent disability (TPD) insurance benefit are charged to members in combination, rather than as separate amounts. A life insurance benefit is a benefit, in respect of each member, that is payable only in the event of the death of the member and which is provided by taking out insurance. A TPD insurance benefit is a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity. Reference: SIS Act, s. 68AA, s. 10(1). Represents the temporary incapacity cover provided to members, where temporary incapacity insurance cover has the meaning given in the SIS Regulations, r Represents insured benefits not otherwise categorised as life insurance, total and permanent disability insurance, bundled life and TPD insurance or temporary disability/income protection insurance. Reference: SIS Act, s. 68AA, s. 10(1), SIS Regulations, r Represents all insured benefits provided to members. SRF Instructions - 4

5 Detail of insurance transactions Item 3 collects information about insurance premiums, costs, claims and related information to provide life insurance, total and permanent disability insurance, temporary disability/income protection insurance and other insurance to members. Item 3 Insurance premiums collected premium charged to RSE licensee Insurance premium net of reinsurance premium Self-insurance related costs Report insurance premium net of reinsurance premium in item 3.3 as insurance premiums collected reported in item 3.1 minus reinsurance premium charged to RSE licensee reported in item 3.2. Report self-insurance related costs in item 3.4. Report claims paid in item 3.5, column 1 to column 5 as equal to the amounts reported in column 3 of item 4.1.2, item 4.2.2, item 4.3.2, item and respectively. Report claims paid in column 6 of item 3.5 as the sum of values reported in column 1 of item 3.5 to column 6 of item 3.5, inclusive. Report reinsurance claims in item 3.6. Report movements in insurance liabilities in item 3.7. Report movements in reinsurance assets in item 3.8. Report other insurance in column 5 as total insurance policies reported in column 6 minus the sum of life insurance reported in column 1, total and permanent disability insurance reported in column 2, bundled life and TPD insurance reported in column 3 and temporary disability/income protection insurance reported in column 4, for items 3.1 to 3.4, 3.6 to 3.8 inclusive. Represents the amount charged to members, and employers, in relation to accepting risk from the insured. Excludes: amounts collected on behalf of third parties. Reference: AASB 1038, paragraph 5.1 (issued 27 October 2010). Represents reinsurance premiums paid or payable by the RSE licensee for reinsurance arrangements undertaken in respect of providing selfinsurance arrangements to members. Reference: AASB 1038, paragraph 6.1 (issued 27 October 2010). Represents the net amount charged to members, and employers, in relation to accepting risk from the insured, after undertaking reinsurance arrangements in respect of providing self-insurance arrangements to members. Represents costs relating to self-insurance activities. Includes: amounts paid or payable in respect of the administration of insurance to members. Excludes: expenses related to litigation resulting from insurance claims. Reference: Prudential Standard SPS 250 Insurance in Superannuation (2012). SRF Instructions - 5

6 Claims paid claims Movement insurance liabilities Movement reinsurance assets in in Represents the value of claims that have been paid in part or full, to the RSE licensee (for acquired insurance) or to members and their beneficiaries (for self-insurance arrangements). Represents claim recoveries from a reinsurer. Reference: AASB 1038, paragraph 6.1 (issued 27 October 2010). Represents movement in the insurance liabilities with respect to insured benefits provided via self insurance. Represents movements in the RSE licensee s net contractual rights under a reinsurance contract. Reference: AASB 1038, paragraph 6.1 (issued 27 October 2010). Claims experience Item 4 collects information about claims experience for life insurance, total and permanent disability insurance, bundled life and TPD insurance, temporary disability/income protection insurance and other insurance. Item 4 Claims number Claims value Claims reported but not admitted Claims admitted (not yet paid) Report claims - number, claims - value and value of insurance cover for life insurance in item 4.1.1, and 4.1.3; for total and permanent disability insurance in item 4.2.1, 4.2.2, and 4.2.3; for bundled life and TPD insurance in item 4.3.1, and 4.3.3; for temporary disability/income protection insurance in item 4.4.1, and 4.4.3; and other insurance in item 4.5.1, and Report for items 4.1 to 4.5 inclusive, claims reported but not admitted in column 1, claims admitted (not yet paid) in column 2, claims paid in column 3, claims denied in column 4, claims disputed in column 5 and claims deferred in column 6. Represents the number of claims made by the RSE licensee to the insurer (for acquired insurance) or made by members and their beneficiaries to the RSE licensee (for self-insurance arrangements). Represents the value of claims made by the RSE licensee to the insurer (for acquired insurance) or made by members and their beneficiaries to the RSE licensee (for self-insurance arrangements). Represents the value of claims which have been reported but for which a decision to accept the claims is pending by the insurer (for acquired insurance) or by the RSE licensee (for self-insurance arrangements). Represents the value of claims where a final decision to admit the claim has been made but payment has not yet been made to the RSE licensee (for acquired insurance) or to members and their beneficiaries (for self-insurance arrangements). SRF Instructions - 6

7 Claims denied Claims disputed Claims deferred Represents the value of claims that have been denied, either in part of fully, but not disputed or deferred by the insurer (for acquired insurance) or by the RSE licensee (for self-insurance arrangements). Represents the value of claims that have been disputed, either in part of fully, but not denied or deferred by the insurer (for acquired insurance) or by the RSE licensee (for self-insurance arrangements). Represents the value of claims that have been deferred, either in part of fully, but not disputed or denied by the insurer (for acquired insurance) or by the RSE licensee (for self-insurance arrangements). policies and providers Item 5 collects information about each reinsurance policy of an RSE licensee that relates to reinsurance of self-insurance provided to beneficiaries. Item 5 Report each reinsurance policy as a separate line. Report the insurer s name in column 1 and the insurer s ABN in column 2. If the insurer is an associate of the RSE licensee or RSE, report yes ; otherwise, report no in column 3. Report the insurance type in column 4, policy number in column 5, date policy entered into in column 6, reinsurance premiums paid by the RSE in column 7, reinsurance premiums paid by the RSE licensee in column 8 and reinsurance premiums paid by an employer sponsor in column 9. Report date policy entered into in column 6 as DD/MM/YYYY. Where there is more than one reinsurer, report the portion of risk reinsured by each reinsurer as a whole number percentage in column 10. policy ABN Associate Policy number Represents a contract between the RSE licensee and a reinsurer which details the conditions upon which the RSE licensee would be able to recover amounts relating to claims from the reinsurer. Represents an unique public identifier issued to an entity registered in the Australian Business Register to be used in dealings with government. A company registered under the Corporations Act 2001 or a business entity carrying on an enterprise in Australia is entitled to an ABN. Represents an associate within the meaning given in s. 12 of the SIS Act. Represents the identifier of the policy as allocated by the insurer. SRF Instructions - 7

8 Date policy entered into premiums paid by the RSE premiums paid by the RSE licensee premiums paid by an employer sponsor Represents the date on which the policy holder entered into the insurance policy, which is the later of the date that the insurance policy commenced or the date that the most recent insurance policy renewal occurred. Represents premiums for reinsurance cover paid from the RSE directly to the reinsurance provider. Represents premiums for reinsurance cover paid by the RSE licensee directly to the reinsurance provider. Represents premiums for reinsurance cover paid by an employer sponsor directly to the reinsurance provider. SRF Instructions - 8

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