Financial Sector (Collection of Data) (reporting standard) determination No. 68 of 2013 - SRS 161.0 - Self-Insurance

Link to law: https://www.comlaw.gov.au/Details/F2013L00964

Financial Sector (Collection of Data) (reporting standard) determination No. 68 of 2013
Reporting Standard SRS 161.0 Self-Insurance
Financial Sector (Collection of Data) Act 2001
 
I, Steven John Davies, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard SRS 161.0 Self-Insurance, in the form set out in the Schedule, which applies to financial sector entities to the extent provided in paragraph 3 of the reporting standard.
 
Under section 15 of the Act, I DECLARE that the reporting standard applies to those financial sector entities on and after 1 July 2013.
 
This instrument commences on the date of registration on the Federal Register of Legislative Instruments.
 
Dated: 3 June 2013
 
[signed]
 
 
Steven John Davies
General Manager
Statistics
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
Schedule
 
Reporting Standard SRS 161.0 Self-Insurance comprises the 17 pages commencing on the following page.

 
Reporting Standard SRS 161.0
Self-Insurance
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to self-insurance arrangements within a registrable superannuation entity.
It includes Form SRF 161.0 Self-Insurance and associated specific instructions and must be read in conjunction with Prudential Standard SPS 250 Insurance in Superannuation and Prudential Standard SPS 160 Defined Benefit Matters.
 
Authority
1.             This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
2.             Information collected in Form SRF 161.0 Self-Insurance (SRF 161.0) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 250 Insurance in Superannuation and Prudential Standard SPS 160 Defined Benefit Matters (SPS 160).
Application and commencement
3.             This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE and defined benefit RSE within its business operations.[1]
4.             This Reporting Standard applies for reporting periods ending on or after 1 July 2013.
Information required
5.             An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 161.0 in respect of each reporting period.
Forms and method of submission
6.             The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.
Note: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.
Reporting periods and due dates
7.             Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each year of income of each RSE or defined benefit RSE within its business operations.
8.             If, having regard to the particular circumstances of an RSE or defined benefit RSE APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular RSE or defined benefit RSE.
9.             The information required by this Reporting Standard must be provided to APRA:
(a)           for reporting periods ending on or after 1 July 2013 but before 1 July 2015 – within four months after the end of the year of income to which the information relates;
(b)          for reporting periods ending on or after 1 July 2015 – within three months after the end of the year of income to which the information relates; and
(c)           in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.
10.         APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs or defined benefit RSEs within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
11.         The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE or defined benefit RSE to which the information relates.[2] This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:
(a)           an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and
(b)          at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.
12.         All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Authorisation
13.         When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.
14.         If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:
(a)           obtain from the agent a copy of the completed form with the information provided to APRA; and
(b)          retain the completed copy.
15.         An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:
(a)           the Chief Executive Officer of the RSE licensee; or
(b)          the Chief Financial Officer of the RSE licensee.
Variations
16.         APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 161.0 in relation to that RSE licensee or one or more RSEs or defined benefit RSEs within that RSE licensee’s business operations.
Interpretation
17.         In this Reporting Standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[3];
Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;
defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;
due date means the relevant date under paragraph 9 or, if applicable, paragraph 10;
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;
RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, small APRA fund or single member approved deposit fund[4];
RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;
RSE licensee has the meaning given in section 10(1) of the SIS Act;
SIS Act means Superannuation Industry (Supervision) Act 1993; and
year of income has the meaning given in section 10(1) of the SIS Act.
 

SRF 161.0: Self-Insurance
 
Australian Business Number
Institution Name

 

Reporting Period
Scale Factor
Reporting Consolidation

 

 
1. Self-insurance arrangement detail
 
1.1.  Actuarial investigations and funding

Self-insurance arrangement identifier
Group insurance arrangement
Closed
Commenced prior 1 July 2013
Most recent actuarial investigation date
Next expected actuarial investigation date
Funding arrangement
Recommended self-insurance funding
Actual self-insurance funding held
Employer funded
 
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
 
 
Yes
Yes
Yes
Self insurance reserve
Yes
 
 
No
No
No
Other arrangement
No
 
 
 
 
Both
 
 
 
1.2.  Insurance type by member accounts and aggregate cover

Self-insurance arrangement identifier
Life insurance: member accounts
Life insurance: aggregate cover
Total and permanent disability insurance: member accounts
Total and permanent disability insurance: aggregate cover
Income protection insurance: member accounts
Income protection insurance: aggregate cover
Other insurance: member accounts
Other insurance: aggregate cover

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)

 
 
 
 
 
 
 
 
 

 
 
1.3.  Premiums and rebates

 
Insurance premium payment to RSE licensee, of which:
 

Self-insurance arrangement identifier
Insurance premiums collected
Value paid by RSE:  current period
Value paid by an employer-sponsor: current period
Value paid: previous period
Insurance premium rebate from RSE licensee

(1)
(2)
(3)
(4)
(5)
(6)

 
 

 
2. Claims reported
 
2.1.  Claims in progress by insurance type

Insurance type
Claims reported (not admitted): number of claims
Claims admitted (not yet paid): number of claims
Claims admitted (not yet paid): claims value

(1)
(2)
(3)
(4)

Life insurance
 
 
 

Total and permanent disability insurance

 Income protection insurance

Other insurance


2.2.  Total claims reported

 
 
3. Claims paid
 
3.1.  Claims paid by insurance type

Insurance type
Claims paid, admitted this year: number of claims
Claims paid, admitted this year: claims value
Claims paid, admitted in previous years: number of claims
Claims paid, admitted in previous years: claims value

(1)
(2)
(3)
(4)
(5)

Life insurance
 
 
 
 

Total and permanent disability insurance

 Income protection insurance

Other insurance


3.2.  Total claims paid

 
4. Reinsurance agreement detail
 
4.1.  Reinsurance cover description

Reinsurer name
ABN
Associate
Stop loss cover: Member accounts
Stop loss cover: limit
Catastrophe cover: Member accounts
Catastrophe cover: limit
Other reinsurance cover: Member accounts
Other reinsurance cover: limit

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)

Yes
 
 

No
 
 

 
 
4.2.  Reinsurance premiums

 
Reinsurance premium payment to reinsurance provider, of which:
 

Reinsurer name
Reinsurance premiums collected
Value paid by the RSE
Value paid by the RSE licensee
Value paid by an employer-sponsor
Reinsurance claims paid

(1)
(2)
(3)
(4)
(5)
(6)

 

 
5. Previous reinsurers
 
Reinsurer name
ABN
Insurance policy

(1)
(2)
(3)

Group insurance policy

Individual insurance policy

Both group insurance policy and individual insurance policy

 
 
 
Reporting Form SRF 161.0
Self-Insurance
Instructions
These instructions assist completion of Reporting Form SRF 161.0 Self-Insurance (SRF 161.0). SRF 161.0 collects information on self-insurance of the registrable superannuation entity (RSE). Information reported in SRF 161.0 is required for prudential and publication purposes.
Reporting levels
SRF 161.0 must be completed for each RSE and defined benefit RSE.
Reporting basis and unit of measurement
Report all items on SRF 161.0 in accordance with the Australian Accounting Standards unless otherwise specified.
Items on SRF 161.0 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period.
Items on SRF 161.0 are to be reported as thousands of dollars, as whole numbers or as percentages.
These instructions specify the reporting basis and unit of measurement that applies to each item.
Specific instructions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
Where the relevant organisation does not have an ABN, leave the ABN field blank e.g. where the organisation is domiciled in an overseas jurisdiction.
Self- insurance arrangement detail
Item 1 collects information about each self-insurance arrangement provided by an RSE licensee to members of an RSE, including funding of the self-insurance arrangements.
Report each self-insurance arrangement on a separate line in item 1.
Reporting basis: report item 1.1 and item 1.2 as at the end of the reporting period; report item 1.3 with respect to transactions that occurred during the reporting period. Where a self-insurance arrangement ceased during the reporting period, report ‘0’ for item 1.1 column 8 and item 1.1 column 9 and item 1.2 column 2 to column 9 inclusive. Report the value of premiums and rebates in item 1.3 column 2 to column 6 inclusive in relation to transactions that occurred during the reporting period prior to the self-insurance arrangement ceasing.
Unit of measurement: report item 1.1 column 5 and item 1.1 column 6 as DD/MM/YYYY; report item 1.2 column 2, item 1.2 column 4, item 1.2 column 6 and item 1.2 column 8 as a whole number; report item 1.1 column 8, item 1.1 column 9, item 1.2 column 3, item 1.2 column 5, item 1.2 column 7, item 1.2 column 9 and item 1.3 column 2 to column 6 inclusive as thousands of dollars.
Item 1
Report each self-insurance arrangement as a separate line in item 1.
For each self-insurance arrangement, report actuarial investigation and funding information in item 1.1, by insurance type in item 1.2 and by premiums in item 1.3.
For each self-insurance arrangement, report the same internal unique identifier in item 1.1 column 1, item 1.2 column 1 and item 1.3 column 1 to link actuarial investigation and funding information, insurance type and premiums. If there is no internal unique identifier, the RSE licensee must allocate a simple number to each self-insurance arrangement (e.g. 1, 2, 3) and report this number in item 1.1 column 1, item 1.2 column 1 and item 1.3 column 1.
For each self-insurance arrangement, report in item 1.1:
·       if the self-insurance arrangement covers more than one member, report ‘yes’ in column 2; otherwise, report ‘no’;
·       if the self-insurance arrangement is closed to new members, report ‘yes’ in column 3; otherwise, report ‘no’;
·       if the self-insurance arrangement commenced prior to 1 July 2013, report ‘yes’ in column 4; otherwise, report ‘no’; 
·       the date of most recent actuarial investigation covering the self-insurance arrangement in column 5 and the date of next expected actuarial investigation covering the self-insurance arrangement in column 6;
·       the funding arrangement for the self-insurance arrangement in column 7.; and
·       the recommended actuarial amount for self-insurance funding in column 8, the actual self-insurance funding amount held in column 9 and if some or all of the self-insurance arrangement is employer funded, report ‘yes’ in column 10; otherwise, report ‘no’.
The types of funding arrangement are: self-insurance reserve, other arrangement or both.
For each self-insurance arrangement, report in item 1.2:
·       the insurance cover provided by insurance cover type. For each insurance cover type, report the member accounts in column 2, column 4, column 6 and column 8 respectively and the aggregate amount of insurance cover provided to those member accounts column 3, column 5, column 7 and column 9 respectively.
The insurance cover types are: life insurance, total and permanent disability insurance, income protection insurance and other insurance.
For each self-insurance arrangement, report in item 1.3:
·       the value of insurance premium collected from member accounts in column 2;
·       the value of insurance premium, gross of any insurance premium rebate, paid to the RSE licensee during the current reporting period that was: paid by the RSE in respect of the current reporting period column 3, paid by an employer-sponsor in respect of the current reporting period in column 4 and that was in respect of a previous reporting period in column 5; and  
·       the value of insurance premium rebate received from RSE licensee during the current reporting period in column 6.

Actuarial investigation
Represents an investigation undertaken by the RSE actuary. Reference: SIS Regulations, r. 9.27, r. 9.29; Prudential Standard SPS 160 Defined Benefit Matters.

Funding arrangement
Represents the arrangement that an RSE licensee has in place to fund self-insurance arrangements.

Self-insurance reserve
Represents a reserve designated by the RSE licensee as being for the purposes of funding self-insurance arrangements.

Other funding arrangement
Represents a funding arrangement that is not a self-insurance reserves. Includes: where the actuary makes a regular assessment of accrued self-insured claims liability which is taken into account in determining contribution levels.

Recommended actuarial amount for self-insurance funding
Represents the amount of money that an actuary identifies as being necessary to fund a self-insurance arrangement such that the RSE licensee is able to pay claims made by members as and when they arise.

Actual self-insurance funding amount held
Represents the amount of money that is held within an RSE or defined benefit sub-fund for the purposes of funding a self-insurance arrangement.

Employer funded
Represents where money is specifically provided to an RSE or a defined benefit sub-fund by an employer sponsor. Excludes: contributions paid in compliance with super guarantee obligations.

Insurance cover
Represents the value of insurance coverage which applies to a member. Includes: member accounts that have at least one dollar of insurance cover.

Member account
Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Life insurance
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. Includes: life insurance policies offered through superannuation only and insurance premiums are commissions. Reference: SIS Act, s. 68AA(1)(b).

Total and permanent disability insurance
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).

Other insurance
Represents insured benefits that are not otherwise categorised as life insurance, total and permanent disability insurance or income protection insurance. Includes: permissible insurance types as outlined in the SIS Act, types of insurance which have been grandfathered under law and legacy insurance arrangements where no insurance premium is payable by the member because the insurance policy is based on a surrender value. Reference: SIS Act, s. 68AA, s. 10(1), SIS Regulations, r. 6.01.

Income protection insurance
Represents the temporary incapacity cover provided to members, where temporary incapacity insurance cover has the meaning given in the SIS Regulations, r. 6.01.

Insurance premium
Represents an amount paid for the provision of insurance under an insurance policy. Excludes: legacy insurance arrangements where no insurance premium is payable because the insurance policy is based on a surrender value.

Insurance premium rebate
Represents a rebate received from the insurer, in respect of members' insurance premiums paid to that insurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE.

Claims reported
Item 2 collects information about claims reported to the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.
Reporting basis: report column 2 to column 4 inclusive as at the end of the reporting period.
Unit of measurement: report column 2 and column 3 as whole numbers; report column 4 as thousands of dollars.
Item 2
Report, for each insurance type, the status of claims reported to the RSE licensee in item 2.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.
For each insurance type reported in column 1, report the number of claims reported (not admitted) in column 2 and the number and value of claims admitted (not yet paid) in column 3 and column 4 respectively. Where an estimate is not available to report in column 4, report the maximum sum insured for life insurance cover and total and permanent disability insurance cover, and the monthly amount for income protection insurance cover.
Item 2.2 is a derived item. Report in item 2.2 the total for each corresponding column in item 2.1.

Claims reported (not admitted)
Represents potential claims which have been notified to an insurance provider but for which a decision to accept the claim has yet to be made.

Claims admitted (not yet paid)
Represents claims where a final decision to admit the claim has been made by the insurance provider but payment has not yet been made by the insurance provider to members and/or their beneficiaries.

Claims value
Represents the value which an insurance provider expects to pay for claims.

Claims paid
Item 3 collects information about claims paid by the RSE licensee arising from current and previous self-insurance arrangements covering members of an RSE.
Reporting basis: report column 2 to column 5 inclusive with respect to transactions that occurred during the reporting period.
Unit of measurement: report column 2 and column 4 as whole numbers; report column 3 and column 5 as thousands of dollars.
Item 3
Report claims paid by insurance type in item 3.1. The insurance types are life insurance, total and permanent disability insurance, income protection insurance and other insurance.
For each insurance type reported in column 1, report the number and value of claims paid, admitted this year in column 2 and column 3 and the number and value of claims paid, admitted in previous years in column 4 and column 5.
Item 3.2 is a derived item. Report in item 3.2 the total the total for each corresponding column in item 3.1.

Claims paid
Represents where an insurance provider makes a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of insured amounts.

Reinsurance agreement detail
Item 4 collects reinsurance policies providing reinsurance to self-insurance arrangements held by an RSE licensee for members of an RSE during the reporting period.
Report reinsurance policies held by the RSE licensee aggregated by reinsurer (‘a cluster’).
Reporting basis: report item 4.1 column 1 to item 4.1 column 9 inclusive and item 4.2 column 2 as at the end of the reporting period; report item 4.2 column 3 to item 4.2 column 6 inclusive with respect to transactions that occurred during the reporting period. Where a reinsurance policy ceased during the reporting period, report ‘0’ for item 4.1 column 4 to column 9 inclusive and report the value of premiums and rebates in item 4.2 column 2 to column 6 inclusive in relation to transactions that occurred during the reporting period prior to the policy ceasing.
Unit of measurement: report item 4.1 column 4, item 4.1 column 6, item 4.1 column 8 as a whole number; report item 4.1 column 5, item 4.1 column 7, item 4.1 column 9 and item 4.2 column 2 to item 4.2 column 6 inclusive as thousands of dollars.
Item 4
Report each cluster on a separate line in item 4.1 and item 4.2.
For each cluster, report by reinsurance cover type in item 4.1 and by premiums in item 4.2.
For each cluster, report the same reinsurer name in item 4.1 column 1 and item 4.2 column 1 to link reinsurance cover type and premiums.
For each cluster, report in item 4.1:
·       the name and ABN of the reinsurer in column 1 and column 2;
·       if the reinsurer reported in column 1 is an associate of the RSE licensee, report ‘yes’ in column 3; otherwise, report ‘no’; and
·       the reinsurance cover by reinsurance cover type. For each reinsurance cover type, report the member accounts in column 4, column 6 and column 8 respectively and the cover limit applied to those member accounts column 5, column 7 and column 9 respectively.
The reinsurance cover types are: stop loss cover, catastrophe cover and other reinsurance cover.
For each cluster, report in item 4.2:
·       the ABN of the insurer in column 1;
·       the value of reinsurance premium collected column 2;
·       the value of reinsurance premium, gross of reinsurance premium rebate, paid to the reinsurer during the current reporting period that was: paid by the RSE in column 3; paid by the RSE licensee in column 4; and paid by an employer-sponsor in column 5; and
·       the value of reinsurance claims paid by the reinsurer in column 6.

ABN
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 s. 12 of the SIS Act.

Reinsurance cover
Represents the value of reinsurance coverage which applies to the RSE licensee.

Cover limit
Represents the amount at which the reinsurance cover provided is capped.

Stop loss cover
Represents reinsurance which indemnifies the reinsured against the amount, subject to a specified limit, by which the reinsured's losses incurred during a specific period exceed either an agreed amount or an agreed percentage.

Catastrophe cover
Represents reinsurance which, subject to a specified limit, indemnifies the reinsured for the amount of loss in excess of a specified retention with respect to an accumulation of losses resulting from a catastrophic event or series of events.

Reinsurance premium
Represents an amount paid for the provision of reinsurance under a reinsurance policy.

Reinsurance premium rebate
Represents a rebate received from the reinsurer, in respect of reinsurance premiums paid to that reinsurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE.

Reinsurance claims paid
Represents payment of reinsurance claims where the claim event date may be during the reporting period or in prior reporting periods.

Previous reinsurers
Item 5 collects reinsurers with which the RSE licensee held previous reinsurance policies for members of an RSE, over a rolling 5 year period.
Reporting basis: report column 1 to column 3 as at the end of the reporting period. Include reinsurers who provided a contract that became a previous reinsurance policy during the reporting period in item 5. Information about these reinsurance policies is also to be reported in item 4.
Item 5
Report reinsurers who provided a previous reinsurance policy within the last 5 years in item 5. Report each reinsurer on a separate line.
For each reinsurer, report the name and ABN of the reinsurer in column 1 and column 2, and the type of previous reinsurance policies provided by that reinsurer in column 3.
The reinsurance policy types are: group insurance policy, individual insurance policy and both group insurance policy and individual insurance policy.

Previous reinsurance policy
Represents an reinsurance policy that is no longer available to the RSE licensee and for which premiums are no longer being collected, but for which the reinsurer may still be liable to pay claims.

Group insurance policy
Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a group of members.

Individual insurance policy
Represents a contract between an RSE licensee and an insurance company to provide insured benefits in respect of a single member.

Interpretation
For the purposes of these instructions:
·                acquired insurance means insured benefits provided to beneficiaries where the RSE licensee acquires the insurance from in insurer (refer to Prudential Standard SPS 250 Insurance in Superannuation);
·                cluster means an aggregation of policies issued by a single reinsurance provider;
·                defined benefit member has the meaning given in SPS 160;
·                defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;
·                insurer has the meaning given in Prudential Standard SPS 250 Insurance in Superannuation;
·                reinsurer means an insurance provider that provides reinsurance cover;
·                RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, eligible rollover fund, small APRA fund or single member approved deposit fund[5];
·                RSE actuary means an actuary appointed by the RSE licensee to perform functions in relation to its business operations;
·                RSE licensee has the meaning given in section 10(1) of the SIS Act;
·                self-insurance arrangement has the meaning given in the SIS Regulations and Prudential Standard SPS 250 Insurance in Superannuation;
·                SIS Act means Superannuation Industry (Supervision) Act 1993;
·                SIS Regulations means Superannuation Industry (Supervision) Regulations 1994; and
·                SPS 160 means Prudential Standard SPS 160 Defined Benefit Matters.
 
 

[1]           For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE or defined benefit RSE, the RSE licensee must separately provide the information required by the form for each RSE or defined benefit RSE within its business operations. An RSE licensee that does not have any RSEs or defined benefit RSEs within its business operations is not required to provide information under this Reporting Standard.
[2]           Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
[3]           Refer to Prudential Standard SPS 510 Governance.
[4]           For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘eligible rollover fund’ has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.
[5]           For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘eligible rollover fund’ has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.
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