Insurance facts and figures 2007 - PwC

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NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA The National Insurance Brokers Association of Australia (NIBA) is an independent organisation of about 500 brokers representing the interests of members to the community, government and industry. Its services include technical and educational support for brokers. Initiatives for improvement of the industry include the Qualified Practising Insurance Broker (QPIB) program. QPIBs must meet rigid requirements in addition to those required for government registration. NIBA brokers abide by the general insurance brokers’ code of practice and subscribe to the Insurance Brokers Dispute Facility. Level 18 111 Pacific Hwy North Sydney New South Wales 2060 www.niba.com.au President Chief Executive Officer Tel: (02) 9964 9400 Fax: (02) 9964 9332 Email: niba@niba.com.au Mr P Goddard Mr N Pettersen RISK MANAGEMENT INSTITUTE OF AUSTRALAISIA The Risk Management Institution of Australasia Ltd is a company limited by guarantee dedicated to advancing the discipline and practice of risk management. It was incorporated in 2003, following decisions by members of the Australasian Institute of Risk Management Limited (AIRM) and ARIMA Limited to merge to form a new organisation. Po Box 97 Carlton South Victoria 3053 www.rmia.org.au President Tel: (03) 8341 1000 Fax: (03) 9347 5575 Email: admin@rmia.org.au Mr G Whitehorn 180
Insurance directory 7 7.3 Complaints review services The role and responsibilities of each complaints review service are discussed in the sources of redress section of Chapter 3. FINANCIAL INDUSTRY COMPLAINTS SERVICE LTD P.O. Box 579 Collins Street West Melbourne Victoria 8007 www.fics.asn.au Chairman Chair of the Panel Chief Executive Officer Tel: (03) 8623 2000 Toll free: 1300 780 808 Fax: (03) 9621 2291 Email: fics@fics.asn.au Mr M Arnold Mr M Croyle Ms A Maynard INSURANCE BROKERS DISPUTES LTD Level 5 31 Queen Street Melbourne Victoria 3000 www.ibdltd.com.au Tel: (03) 9613 7366 Toll free: 1300 780 808 Fax: (03) 9620 0166 Email: info@ibdltd.com.au Chairman Referee Compliance Manager Mr R Smith Mr D Letcher Mr D Kirchlinde INSURANCE OMBUDSMAN SERVICE PO Box 561 Collins St West Melbourne Victoria 8007 www.iecltd.com.au Chairman Insurance Ombudsman Tel: (03) 9613 6300 Toll free: 1300 780 808 Fax: (03) 9621 2060 Email: ios@insuranceombudsman.com.au Mr P E Daly Mr S Parrino 181
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Insurance facts and figures 2007
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Insurance facts and figures 2007
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4 Financial reporting 85 Developmen
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HIC HPPA IAA IASB IBD IBNER IBNR IC
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Introduction
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Industry information 1 Top 15 gener
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Industry information 1 Financial Po
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Industry information 1 Net Insuranc
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Industry information 1 Debt securit
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Industry information 1 General insu
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Industry information 1 Total privat
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Industry information 1 World catast
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Industry information 1 New annual p
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Industry information 1 Loss and exp
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2.1 Developments Developments over
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The requirements of these prudentia
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2.2 Framework Under the regulatory
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Although APRA is responsible for th
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2.3 Authorisation GENERAL INSURANCE
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authorisation, APRA can stipulate t
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AUTHORISED REPRESENTATIVES AND INSU
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Section 989B of the Corporations Ac
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• submits a Financial Information
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• A general insurer must develop,
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• The fitness and propriety of a
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LPS 232 - Business Continuity Manag
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Figure 2.2 summarises the calculati
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Insurance risk capital factors Tabl
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Table 2.6 - Counterparty grades Gra
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General insurers in run-off This ap
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The key requirements of the new sta
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The solvency requirement broadly co
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AS3.04 Capital Adequacy Standard is
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The resilience reserve is intended
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Funds held in a trust account can b
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If the reinsurance program has a co
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The Life Act also provides that cer
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3.1 Framework The insurance industr
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Table 3.1 - Policyholder protection
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• given a PDS before becoming bou
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With effect from 1 July 2003, only
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As AFSL holders, insurers are requi
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Since 2001, there has been a marked
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INSURANCE BROKERS Insurance Brokers
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4.1 Developments AASB 7 FINANCIAL I
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Australia had one of the leading-ed
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• it eliminates or significantly
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4.2 Framework Insurers’ financial
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Figure 4.1 - Overview of relevant f
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10 core principles that the Council
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4.3 Accounting standards GENERAL IN
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• Non-insurance contracts; and
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value unless the claims are to be s
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Outstanding claims should have rega
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Interaction with regulatory reporti
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Life investment contract A life inv
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The income statement includes all p
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Incremental costs that are directly
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• The process used to determine t
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Premium revenue Under the revised A
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AUTHORISED REPRESENTATIVES AND INSU
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APRA prudential standards stipulate
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4.5 Other returns GENERAL INSURANCE
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- A description of the probability
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In March 2006, the IAA released Pro
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• An annual FCR; • An appointed
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Page 150 and 151: Classes of income The income of a l
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Page 158 and 159: Table 5.4 - Stamp duty rates - Gene
Page 160 and 161: However, life insurers may be entit
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Page 168 and 169: etail financial products is more st
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Page 186 and 187: INSURANCE PREMIUM FINANCE ASSOCIATI
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Page 192 and 193: Registered general insurers Chubb I
Page 194 and 195: Registered general insurers Poseido
Page 196 and 197: 7.5 Registered life insurers Americ
Page 198 and 199: 7.6 Registered health insurers ACA
Page 200 and 201: 7.7 Government insurers ACT Insuran
Page 202: PERTH 250 St George’s Terrace Tel
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