Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-11-19

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Notes to the Financial Statements - 30 June 2015 Page 46 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 33 5. Revenue 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Premium revenue Direct (note 9) 142,892 64,554 78,338 203,778 127,298 76,480 Total premium revenue 142,892 64,554 78,338 203,778 127,298 76,480 Reinsurance and other recoveries 42,930 8,684 34,246 13,046 13,192 (146) Revenue from the rendering of services Revenue from financial assets and liabilities not at fair value through profit and loss 2,617 2,617 - 6,092 6,092 - Other Revenue from the rendering of services 85 - 85 175 43 132 Total Revenue from the rendering of services 2,702 2,617 85 6,267 6,135 132 Finance revenue Interest revenue Banking 19,874 19,874 - 34,394 34,394 - Interest revenue Non Banking 13,227 2,321 10,906 13,018 4,831 8,187 33,101 22,195 10,906 47,412 39,225 8,187 Financial assets at fair value through profit and loss: Trust distributions 21,687 1,403 20,284 18,301 5,611 12,690 Change in the fair value of investments held for trading (1,031) 5,642 (6,673) 48,903 5,182 43,721 Net gain on the disposal of investments held for trading 21,146 2,025 19,121 9,248 997 8,251 Change in fair value of derivatives ineffective cash flow hedges - - - (109) (109) - Total finance revenue 74,903 31,265 43,638 123,755 50,906 72,849 Revenue from properties Rental revenue 3,832 - 4,864 2,558 639 3,436 Change in the fair value of investment property (618) - (618) - - - Total property revenue 3,214 - 4,246 2,558 639 3,436 Other income Bad debts recovered 38 38 - 63 63 - Operating expenses recovered from related party - 5,659 - - 11,643 - Other miscellaneous income 718 354 364 714 352 362 Total other revenue 756 6,051 364 777 12,058 362 Total revenue 267,397 113,171 160,917 350,181 210,228 153,113 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 32 4. Insurance contracts risk management policies and procedures continued g) Reinsurance counterparty risk MACC reinsures a portion of risks underwritten to control exposure to insurance losses, reduce volatility and protect capital. MACCs strategy in respect of the selection, approval and monitoring of reinsurance arrangements is addressed by the following protocols, which are overseen by the MAC Commissioner: ! Treaty or facultative reinsurance is placed in accordance with the requirements of MACCs reinsurance management strategy. ! Reinsurance arrangements are regularly reassessed to determine their effectiveness based on current exposures, historical losses and potential future losses based on Realistic Disaster Scenarios and MACCs Maximum Event Retention. ! Exposure to reinsurance counterparties and the credit quality of those counterparties is actively monitored. Strict controls are maintained over reinsurance counterparty exposures. Reinsurance is placed with counterparties that have a strong credit rating and concentration of risk is managed by adherence to counterparty limits. Counterparty limits are reviewed by management on a regular basis. Credit risk exposures are calculated regularly and compared with authorised credit limits. The following table provides information about the quality of MACCs credit risk exposure in respect of reinsurance and other recoveries on outstanding claims at the reporting date. The analysis classifies the assets according to Standard & Poors counterparty credit ratings. AAA is the highest possible rating. Credit Ratings AAA AA A Unrated Total $000 $000 $000 $000 $000 Reinsurance and other recoveries on outstanding claims 2015 - - - - - 2014 - 34,392 16,294 6,384 57,070 Reinsurance and other recoveries on paid claims 2015 - - - - - 2014 - - 239 1,805 2,044 The following table provides further information regarding the ageing of reinsurance and other recoveries on paid claims as at 30 June. 0 to 3 months 3 to 6 months Greater than 6 months Impaired Total $000 $000 $000 $000 $000 Reinsurance and recoveries on paid claims 2015 Insurance - - - - - MAC Fund - - - - - Total TIO - - - - - 2014 Insurance 2,025 8 11 - 2,044 MAC Fund - - - - - Total TIO 2,025 8 11 - 2,044


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