Insurance - PricewaterhouseCoopers

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Insurance Brokers 4 Introduction - Billy Bennett 162 4.1 Key developments 164 4.2 Regulators of insurance brokers 165 4.3 Supervision and compliance 166 4.4 Solvency and capital adequacy requirements 169 4.5 Insurance brokers financial reporting 171 4.6 Insurance brokers taxation 173
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Insurance facts and figures 2009
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Insurance facts and figures 2009
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4 Insurance Brokers 161 Introductio
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IFRS International Financial Report
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It is with great pleasure that we w
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10 | Insurance facts and figures 20
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1.1 Statistics Top 15 general insur
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Top 10 government insurers Entity S
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Direct insurers 25% 20% 15% 10% 5%
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Reinsurers 25% 20% 15% 10% 5% 0% -5
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Total private sector 25.0% 20.0% 15
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Major Australian catastrophes Origi
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1.2 Key developments Refinements to
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1.3 Regulators of general insurance
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Regulatory framework In September 2
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Restructure of operations The Insur
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Ongoing notification obligations Li
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Table 1.3 - Summary of current GI p
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Risk management GPS 220 Risk Manage
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Risk Management Declaration (RMD) T
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Key requirements of the prudential
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The key requirements of GPS 410 are
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1.5 Solvency and capital adequacy r
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The MCR represents an allowance for
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Capital adequacy: internal model-ba
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Table 1.6 - Counterparty grades Gra
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Capital adequacy: concentration ris
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The list of assets that cannot be i
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Reinsurance Management GPS 230 aims
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The “two-month” and “six-mont
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1.7 General insurance financial rep
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In contrast, stamp duty and the Goo
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The July 2004 version of AASB 1023
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1. Income statement The income stat
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Basis for financial reporting In ge
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• The financial information lodge
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When an insurer does not adopt the
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• • • • Controls - Consider
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1.8 General insurance taxation Gene
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Liability adequacy testing Under th
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Reinsurance recoveries are assessab
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Special rules also exist for a rang
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Other levies and taxes Fire Service
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Life Insurance 2 Introduction - Ton
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This is a very difficult and challe
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Performance Financial Position: Res
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Determination of the risk free disc
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Since its establishment in 1998, AP
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• Register of representatives, i.
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Table 2.1 - Life insurance prudenti
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Risk management The key requirement
Page 111 and 112: Audit and actuarial requirements Th
Page 113 and 114: 2.5 Solvency and capital adequacy r
Page 115 and 116: Management capital LPS6.03 Manageme
Page 117 and 118: 2.7 Life insurance financial report
Page 119 and 120: Changes in the assumptions underlyi
Page 121 and 122: A MSE arises when the sum of consid
Page 123 and 124: Disclosure requirements AASB 1038 r
Page 125 and 126: In addition, a life insurer which h
Page 127 and 128: 2.8 Life insurance taxation General
Page 129 and 130: Assessable income also specifically
Page 131 and 132: Capital losses from VPST assets can
Page 133 and 134: The meaning of life insurance from
Page 135: characterised as a separate policy
Page 138 and 139: 136 | Insurance facts and figures 2
Page 140 and 141: 3.1 Statistics Top 15 health insure
Page 142 and 143: Health insurance 60.0% 50.0% 40.0%
Page 144 and 145: 3.2 Key developments Industry devel
Page 146 and 147: 3.3 Regulators of health insurance
Page 148 and 149: 3.4 Supervision and compliance In a
Page 150 and 151: Capital adequacy The Capital Adequa
Page 152 and 153: Other risks In addition, the standa
Page 154 and 155: 3.7 Health insurance financial repo
Page 156 and 157: Deferred acquisition costs When acq
Page 158 and 159: Key dates Private Health Insurance
Page 160 and 161: 3.8 Health insurance taxation Gener
Page 164 and 165: 162 | Insurance facts and figures 2
Page 166 and 167: 4.1 Key developments From 1 July 20
Page 168 and 169: 4.3 Supervision and compliance In a
Page 170 and 171: Ongoing notification obligations Li
Page 172 and 173: Lodgement requirements As AFSL hold
Page 174 and 175: Key dates The following are the lod
Page 176 and 177: Taxation of insurance brokers Tax l
Page 179 and 180: 5 5.1 Key developments 178 Policyho
Page 181 and 182: 5.2 Framework In the insurance indu
Page 183 and 184: Table 5.1 - Policyholder protection
Page 185 and 186: 5.3 Product disclosure, insurance b
Page 187 and 188: 5.4 Pricing and competition Trade P
Page 189 and 190: Health insurers are responsible for
Page 191 and 192: Conduct and disclosure standards FS
Page 193 and 194: 5.7 Use of personal information All
Page 195: Notes PricewaterhouseCoopers | 193
Page 198 and 199: 6.1 Government authorities Governme
Page 200 and 201: Private Health Insurance Administra
Page 202 and 203: 6.2 Industry associations Associati
Page 204 and 205: Australian Health Service Alliance
Page 206 and 207: Financial Services Accountants Asso
Page 208 and 209: Institute of Public Insurance Asses
Page 210 and 211: Insurance Premium Finance Associati
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National Insurance Brokers Associat
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6.4 General insurers authorised to
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General insurers authorised to cond
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6.5 Registered life insurers Allian
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6.6 Registered health insurers ACA
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6.7 Government insurers ACT Insuran
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PwC in the Insurance Industry 7 7.1
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Insurance and financial services pu
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Illustrative consolidated financial
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Notes PwC in the insurance industry
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pwc.com/au
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Insurance - PricewaterhouseCoopers

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