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 Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 63 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 49 18. Deferred acquisition and reinsurance costs Deferred acquisition costs 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Deferred acquisition costs as at 1 July 5,898 5,898 - 4,851 4,757 94 Acquisition costs deferred 2,919 3,195 (276) 7,894 7,589 305 Amortisation charged to Statement of Profit or Loss and Other Comprehensive Income (3,698) (4,039) 341 (6,753) (6,448) (305) Deficiency adjustment (Note 20) - - - (94) - (94) Balance transferred to owner (Note 36) (5,054) (5,054) - - - - Deferred acquisition costs as at 30 June 65 - 65 5,898 5,898 - Deferred reinsurance expense 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Deferred reinsurance expense as at 1 July 18,854 18,854 - 23,497 23,497 - Reinsurance expenses deferred 30,298 19,466 10,832 50,331 45,067 5,264 Amortisation charged to Statement of Profit or Loss and Other Comprehensive Income (33,503) (22,671) (10,832) (54,974) (49,710) (5,264) Balance transferred to owner (Note 36) (15,649) (15,649) - - - - Deferred reinsurance expense as at 30 June - - - 18,854 18,854 - 19. Outstanding claims liability a)! Outstanding claims liability 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Central estimate undiscounted 744,253 - 744,253 677,540 128,874 548,666 Claims handling costs undiscounted 47,684 - 47,684 49,611 8,622 40,989 Risk margin undiscounted 100,576 - 100,576 95,100 16,676 78,424 Gross claims incurred undiscounted 892,513 - 892,513 822,251 154,172 668,079 Discount to present value (450,708) - (450,708) (328,758) (30,282) (298,476) Gross outstanding claims liability 441,805 - 441,805 493,493 123,890 369,603 Central estimate discounted 368,415 - 368,415 407,046 103,507 303,539 Current 55,631 - 55,631 71,535 31,311 40,224 Non-current 386,174 - 386,174 421,958 92,579 329,379 Gross outstanding claims liability 441,805 - 441,805 493,493 123,890 369,603


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