Prudential Standards (1)
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)
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.