Insurance, superannuation and standardised guarantee schemes (TALC 54)

A1A.351.

Insurance, superannuation and standardised guarantee schemes (TALC 54) is further classified into:

• non-life insurance technical reserves (TALC 541);
• life insurance and annuities entitlements (TALC 542);
• provisions for defined benefit superannuation (TALC 543);
• claims of superannuation funds on superannuation manager (TALC 544); and
• provisions for calls under standardised guarantee schemes (TALC 545).

A1A.352.

Non-life insurance technical reserves (TALC 541) 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.353.

Life insurance and annuities entitlements (TALC 542) 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.354.

Provisions for defined benefit superannuation (TALC 543) 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

Includes: Liabilities of unfunded superannuation schemes.

Excludes: Liabilities for the payment of social security benefits that were due to be paid but have not yet been paid (classified to accounts payable (TALC 552)).

A1A.355.

Claims of superannuation funds on superannuation manager (TALC 544) 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.356.

Provisions for calls under standardised guarantee schemes (TALC 545) 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.