Insurance, superannuation and standardised guarantee schemes (TALC 44)

A1A.326.

Insurance, superannuation and standardised guarantee schemes (TALC 44) is further classified into;

• non-life insurance technical reserves (TALC 441);
• life insurance and annuities entitlements (TALC 442);
• provisions for defined benefit superannuation (TALC 443);
• claims of superannuation funds on superannuation fund manager (TALC 444); and
• provisions for calls under standardised guarantee (TALC 445).       

A1A.327.

Non-life insurance technical reserves (TALC 441) consists of prepayments of net non-life insurance premiums and reserves to meet outstanding non-life insurance claims.

Includes: Reserves for unexpired risks; equalisation reserves when there is an event that gives rise to a liability.

A1A.328.

Life insurance and annuities entitlements (TALC 442) consists of financial claims policy holders have against an enterprise offering life insurance or providing annuities.

Includes: Liabilities of life insurance companies and annuity providers for prepaid premiums and accrued liabilities to life insurance policy holders and beneficiaries of annuities

A1A.329.

Provisions for defined benefit superannuation (TALC 443) consists of provisions for financial claims that past and current employees hold against either their employer, or a fund designated by the employer, to pay defined benefit superannuation as part of a compensation agreement between the employer and employee. In Australian GFS, only the net liability position for provisions for defined benefit superannuation (TALC 543) is currently shown as any related financial assets have been netted off. This asset category is maintained to align with the international standards and will report a zero balance until specifically earmarked assets can be reported by data providers.

A1A.330.

Claims of superannuation funds on superannuation manager (TALC 444) consists of claims a superannuation fund may have on the superannuation manager to fund a deficit that is the responsibility of the superannuation manager.

A1A.331.

Provisions for calls under standardised guarantee schemes (TALC 445) consists of the expected calls under outstanding guarantees net of any recoveries the guarantor expects to receive from defaulting borrowers.

Includes: Export credit guarantees, deposit guarantees; student loan guarantees.