DRAFT September These instructions assist completion of Reporting Form SRF Insurance (SRF 250.0).

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1 Reporting Form SRF Insurance Instructions DRAFT September 2012 These instructions assist completion of Reporting Form SRF Insurance (SRF 250.0). SRF collects information on 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. Interpretation For the purposes of these instructions: AASB means the Australian Accounting Standards Board; acquired means insured benefits provided to beneficiaries where the RSE licensee acquires the from in insurer. Reference: Prudential Standard SPS 250 Insurance in Superannuation (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- arrangements has the meaning given in [SIS Regulations] and Prudential Standard SPS 250 Insurance in Superannuation; 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 SRF Instructions - 1

2 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 acquired arrangements. Information about self- arrangements, within the meaning given in meaning given in [SIS Regulations] and Prudential Standard SPS 250 Insurance in Superannuation (2012) must be reported on Reporting Form SRF Self-. 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. Coverage of member Item 1 collects information about coverage of life, total and permanent disability, temporary disability/income protection and other. Item 1 Member accounts with coverage Report other in item 1.5 as total policies reported in item 1.6. minus the sum of life reported in item 1.1, total and permanent disability reported in item 1.2, bundled life and TPD reported in item 1.3 and temporary disability/income protection reported in item 1.4. Report the number of member accounts with coverage for items 1.1 to 1.5 inclusive, in column 1 as a whole number. Report the value of cover for items 1.1 to 1.5 inclusive, in column 2. Represents the number of member accounts that have non-zero coverage. Value coverage Life of Represents the value of 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. Reference: SIS Act, s. 68AA(1)(b). SRF Instructions - 2

3 Total permanent disability 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 Temporary disability/income protection Other Total policies Represents where both a life benefit and a total and permanent disability (TPD) benefit are charged to members in combination, rather than as separate amounts. A life 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. A TPD 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 cover has the meaning given in the SIS Regulations, r Represents insured benefits that are not otherwise categorised life, total and permanent disability, bundled life and TPD or temporary disability/income protection. Reference: SIS Act, s. 68AA, s. 10(1), SIS Regulations, r Represents all insured benefits provided to members. Detail of transactions Item 2 collects information about premiums and costs related to providing life, total and permanent disability, bundled life and TPD, temporary disability/income protection and other to members. Item 2 Report premiums collected in item 2.1. Report net premium in item 2.4 as premiums paid to insurer reported in item 2.2 minus rebate income on premiums charged reported in item 2.3. Report related costs in item 2.5. Report an estimate for related costs where expenses are not separately identifiable from other services provided by the same service provider. For items 2.1 to 2.5 inclusive, report other in column 5 as total policies reported in column 6 minus the sum of life reported in column 1, total and permanent disability reported in column 2, bundled life and TPD reported in column 3 and temporary disability/income protection reported in column 4. SRF Instructions - 3

4 Insurance premiums collected Insurance premiums paid to insurer Rebate income on premiums charged Net premium Insurance related costs Represents members' premiums collected. Includes: all premiums regardless of how or from whom the premium is collected. Represents members' premiums paid or payable to the insurer. Represents rebates received or receivable from the insurer, in respect of members' premiums paid or payable to that insurer. Includes: all rebates regardless of how or to whom the rebate is paid and whether rebates have been made directly to the RSE licensee or an employer sponsor of the RSE. Represents members' premiums to the insurer, after rebates from the insurer. Represents costs relating to acquired activities. Includes: the value paid to life companies, administrators and any other service providers. Excludes: expenses related to litigation resulting from claims; costs of tenders for, and reviews of, arrangements. Reference: Prudential Standard SPS 250 Insurance in Superannuation (2012). Claims experience Item 3 collects information about claims experience for life, total and permanent disability, temporary disability/income protection and other. Item 3 Claims number Claims value Report claims - number, claims - value and value of cover for life in item 3.1.1, and 3.1.3; for total and permanent disability in item 3.2.1, 3.2.2, 3.2,3; for bundled life and TPD in item 3.3.1, and 3.3.3; for temporary disability/income protection in item 3.4.1, and 3.4.3; and other in item 3.5.1, and Report for items 3.1 to 3.5 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 ) or made by members and their beneficiaries to the RSE licensee (for self- arrangements). Represents the value of claims made by the RSE licensee to the insurer (for acquired ) or made by members and their beneficiaries to the RSE licensee (for self- arrangements). SRF Instructions - 4

5 Claims reported but not admitted Claims admitted (not yet paid) Claims paid Claims denied Claims disputed Claims deferred 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 ) or by the RSE licensee (for self- 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 ) or to members and their beneficiaries (for self- arrangements). Represents the value of claims that have been paid in part or full, to the RSE licensee (for acquired ) or to members and their beneficiaries (for self- arrangements). Represents the value of claims that have been denied, either in part of fully, but not disputed or deferred by the insurer (for acquired ) or by the RSE licensee (for self- 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 ) or by the RSE licensee (for self- 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 ) or by the RSE licensee (for self- arrangements). Insurance policies and providers Item 4 collects information about each policy of an RSE licensee that relates to acquired provided to beneficiaries. Item 4 Report each policy as a separate line. Report the name of the insurer 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 type in column 4, policy number in column 5, date policy entered into in column 6, premiums paid to the provider by the RSE in column 7, premiums paid to the provider by the RSE licensee in column 8 and premiums paid to the provider by an employer sponsor in column 9. Report date policy entered into as DD/MM/YYYY in column 6. Where there is more than one insurer of an type, report the portion of risk insured by each insurer as a whole number percentage in column 10. SRF Instructions - 5

6 Insurance policy ABN Represents a contract between the RSE licensee and an company to provide insured benefits in respect of members. 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. Associate Represents an associate within the meaning given in SIS Act, s. 12. Policy number Date policy entered into Premiums paid to provider by the RSE Premiums paid to provider by the RSE licensee Premiums paid to provider by an employer-sponsor Represents the identifier of the policy as allocated by the insurer. Represents the date on which the policy holder entered into the policy, which is the later of the date that the policy commenced or the date that the most recent policy renewal occurred. Represents premiums for cover paid from the RSE directly to the provider. Represents the premiums for cover paid by the RSE licensee directly to the provider. Represents the premiums for cover paid by an employersponsor directly to the provider. SRF Instructions - 6