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2020-21 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

CAE

Chief Audit Executive

CBD

Central business District

CEO

Chief Executive Officer

CFO

Chief Financial Officer

CIPMA

Critical Infrastructure Protection Modelling and Analysis

COO

Chief Operating Officer

CUO

Chief Underwriting 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

S&P

Standard and Poor’s

SES

Senior executive staff

TI Act

Terrorism Insurance Act 2003

WHS Act

Work Health and Safety Act 2011

WHS

Work Health and Safety

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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.

Retrocessionaire

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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List of requirements – corporate Commonwealth entities

Below is the table set out in Schedule 2A of the PGPA rule. Section 17BE (u) requires this table to be included in entities’ annual reports.

PGPA Rule Reference

Part of Annual Report

Description

Requirement

17BE

Contents

17BE(a)

Background

Details of the legislation establishing the body

Mandatory

17BE(b)(i)

Entity Functions

A summary of the objects and functions of the entity as set out in the legislation

Mandatory

17BE(b)(ii)

Background

The purposes of the entity as included in the entity’s corporate plan for the reporting period

Mandatory

17BE(c)

Governance Framework

The names of the persons holding the position of responsible Minister or responsible Ministers

during the reporting period and the titles of those Responsible Ministers

Mandatory

17BE(d)

Compensating the Government

Directions given to the entity by the Minister under an Act or instrument during the reporting period

If applicable, mandatory

Transactions with the Government as owners

17BE(e)

Governance Framework

Confirms no GPOs

Any government policy order (GPO) that applied in relation to the entity during the reporting period under section 22 of the Act

If applicable, mandatory

17BE(f)

NA

Particulars of non-compliance with:

a) a direction given to the entity by the Minister under an Act or instrument during the reporting period; or

b) a government policy order that applied in relation to the entity during the reporting period under section 22 of the Act

If applicable, mandatory

17BE(g)

Annual Performance Statement

Annual performance statements in accordance with 39(1)(b) of the Act and section 16F of the rule

Mandatory

17BE(h),

17BE(i)

NA

A statement of significant issues reported to the Minister under paragraph 19(1)(e) of the Act that relates to non- compliance with finance law and action taken to remedy non-compliance

If applicable, mandatory

17BE(j)

Board Members

Information on the accountable authority or each member of the accountable authority, of the entity during the reporting period

Mandatory

17BE(k)

Organisational Chart

Outline of the organisational structure of the entity (Including any subsidiaries of the entity)

Mandatory

17BE(ka)

ARPC’s People

Statistics on the entity’s employees on an ongoing and non-ongoing basis, including the following:

a) statistics on full-time employees;

b) statistics on part-time employees;

c) statistics on gender;

d) statistics on staff location

Mandatory

17BE(l)

The Terrorism Reinsurance Pool

Outline of the location (whether or not in Australia) of major activities or facilities of the entity

Mandatory

17BE(m)

Governance

Information relating to the main corporate governance practices used by the entity during the reporting period

Mandatory

17BE(n),

17BE(o)

Financial Statements

For transactions with a related Commonwealth entity or related company where the value of the transaction, or if there is more than one transaction, the aggregate of those transactions is more than

$10,000 (inclusive of GST):

a) the decision-making process undertaken by the accountable authority to approve the entity paying for a good or service from, or providing a grant to, the related Commonwealth entity or related company; and

b) the value of the transaction, or if there is more than one transaction, the number of transactions and the aggregate value of the transactions

If applicable, mandatory

17BE(p)

NA

Any significant activities and changes that affected the operation and structure of the entity during the reporting period

If applicable, mandatory

17BE(q)

Judicial and administrative decisions

Confirmed NA

Particulars of judicial decisions or decisions of administrative tribunals that may have a significant effect on the operations of an entity

If applicable, mandatory

17BE(r)

NA

Particulars of any reports on the entity given by:

a) the Auditor General (other than a report under section 43 of the Act); or

b) a Parliamentary Committee; or

c) the Commonwealth Ombudsman; or

d) the Office of the Australian Information Commissioner

If applicable, mandatory

17BE(s)

NA

An explanation of information not obtained from a subsidiary of the entity and the effect of not having the information on the annual report

If applicable, mandatory

17BE(t)

Board oversight of risk

Details of any indemnity that applied during the reporting period to the accountable authority, any member of the accountable authority or officer of the entity against a liability (including premiums paid, or agreed to be paid, for insurance against the authority, member or officer’s liability for legal costs)

If applicable, mandatory

17BE(taa)

Governance

The following information about the audit committee for the entity:

a) a direct electronic address of the charter determining the functions of the audit committee

b) the name of each member of the audit committee

c) the qualifications, knowledge, skills or experience of each member of the audit committee

d) information about each member’s attendance at meetings of the audit committee

e) the remuneration of each member of the audit committee

Mandatory

17BE(ta)

Key Management Personnel Remuneration

Information about executive remuneration

Mandatory

17BF

Disclosure requirements for government business enterprises

17BF(1)

(a)(i)

NA

An assessment of significant changes in the entity’s overall financial structure and financial conditions

If applicable, mandatory

17BF(1)

(a)(ii)

NA

An assessment of any events or risks that could cause financial information that is reported not to be indicative of future operations or financial conditions

If applicable, mandatory

17BF(1)(b)

NA

Information on dividends paid or recommended

If applicable, mandatory

17BF(1)(c)

NA

Details of any community service obligations the government business enterprise has including:

a) an outline of actions taken to fulfil those obligations; and

b) an assessment of the cost of fulfilling those obligations

If applicable, mandatory

17BF(2)

NA

A statement regarding the exclusion of information on the grounds that the information is commercially sensitive and would be likely to result in unreasonable commercial prejudice to the government business enterprise

If applicable, mandatory

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