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340

Valuation of Policy Liabilities

LPS
340
LRS
340.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard establishes a set of principles and practices for the consistent measurement and reporting of policy liabilities for life insurance contracts. The policy liabilities must provide for both a best estimate value of the liabilities and the timely release of profit over the life of the business.
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s retained profits. It includes Form LRF 340.1 Retained Profits (SF & SF Eliminations) and Form LRF 340.2 Retained Profits (SF Total, GF, GF Elim, Entity), associated specific instructions and must be read in conjunction with the general instruction guide.