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2018-19 Index

 

ACRONYMS AND ABBREVIATIONS

AASB

Australian Accounting Standards Board

AGA

Australian Government Actuary

AGD

Attorney General’s Department

ANAO

Australian National Audit Office

ANZIIF

Australian and New Zealand Institute of Insurance and Finance

AMB

A.M. BEST

APRA

Australia Prudential Regulation Authority

APSC

Australian Public Service Commission

ARPC

Australian Reinsurance Pool Corporation

ASX

Australian Stock Exchange

ATO

Australian Taxation Office

CAC Act

Commonwealth Authorities and Companies Act 1997

CAE

Chief Audit Executive

CBD

Central business district

CEO

Chief Executive Officer

CIPMA

Critical Infrastructure Protection Modelling and Analysis

COO

Chief Operating Officer

CY

Calendar year

DTI

Declared terrorist incident

FMO

Finance Minister’s Orders

FOI Act

Freedom of Information Act 1982

GA

Geoscience Australia

GST

Goods and services tax

GWP

Gross written premium

HR

Human resources

ILS

Integrated Leadership System

IPS

Information Publication Scheme

OECD

Organisation for Economic Co-operation and Development

PGPA

Public Governance, Performance and Accountability Act 2013

PID

Public Interest Disclosure Act 2013

PMS

Performance Management System

RBA

Reserve Bank of Australia

RISe

Reinsurance information system, ARPC’s client information management system

RMS

Risk management strategy

SBS

Special Broadcasting Service

S&P

Standard and Poor’s

SES

Senior executive staff

TI Act

Terrorism Insurance Act 2003

UBSW

Union Bank of Switzerland Warburg

WCAG 2.0

Web Content Accessibility Guidelines 2.0

WHS Act

Work Health and Safety Act 2011

WHS

Work Health and Safety

Source: Glossary of reinsurance terms, The Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

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Glossary

Aggregate sums insured

The total of all a cedant’s property sums in a reporting zone, such as ARPC’s tiers.

Calendar year

Refers to 1 January to 31 December of a particular year.

Capacity

The ability of an insurer, reinsurer, syndicate or market to absorb risk.

Captive insurer

An insurance company that is wholly owned by one or more entities (parent organisations) and whose main purpose is insuring the parent company’s risks.

Co-reinsurance

A ‘co-reinsurance’ warranty may be imposed on some catastrophe excess of loss and stop loss contracts. The effect is to require the reinsured to retain net and unprotected a specified percentage of a layer such that it maintains an interest in economical loss settlement once the deductible has been exceeded.

Deductible

The loss the reinsured assumes for its own account in non-proportional reinsurance.

Financial year

Refers to 1 July to 30 June of a particular year.

Insurer customer

An insurer that transfers all or part of a risk to a ceding reinsurer.

Reinsurance

Reinsurance is insurance that is purchased by an insurance company from one or other insurance companies (the reinsurer) directly or through a broker as a means of risk management.

Retention

The amount retained by a reinsured after placing reinsurance.

Retrocession

Reinsurance purchased by reinsurance companies as a means of risk management.

Retrocessoinaire

A reinsurer that accepts retrocession business, reinsuring reinsurers.

Triennial review

A review which examines the need for the TI Act to continue to operate and occurs every three years.

Underwriting year

An underwriting year includes all premiums for all policies commencing within the financial year.

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