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Circular No 06/06

General PHIAC Circulars

ISSUE OF REVISED PHIAC 2 TEMPLATE & ASSOCIATED GUIDANCE

From 2005, AASB 1023 applies to the treatment of insurance contracts issued by Registered Organisations. To accommodate these changes, revised Prudential Standards were implemented with effect from 1 July 2005.

The revised accounting and prudential regimes required PHIAC to change the financial data collection and the template issued to Registered Organisations to determine and report their prudential capital positions.

The revised template is required to be used for all PHIAC 2 Returns for reporting periods ending on or after 31 March 2006 and until further notice. The template will be distributed by email to all Public Officers, nominated PHIAC 2 contacts and Appointed Actuaries on 24 March 2006.

Distributed with the revised PHIAC 2 are Guidance Notes that provide information and guidance in regard to those areas of the return that have changed.

Registered Organisations seeking information about the application of AASB 1023 or the revised accounting regime applicable to them should seek expert accounting and/or actuarial advice.