Document ID: chunk:federal_register_of_legislation:F2024L00813:reg:1:p3
Version: federal_register_of_legislation:F2024L00813
Segment Type: reg
Provision Reference: reg 1 (pt 3/5)
Character Range: 20040–22635

30 June of the previous calendar year; and
 (ii) the policy file for the 6 months ending on 31 December of the previous calendar year;
  in the column headed "Gross Earned Premium" (and referred to as "field 15b"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Public & Product" ("PL"); and
 (b) for each record in either of those policy files for which the general insurance company has not completed the column headed "Gross Earned Premium"—the aggregate of each GEP amount for that record worked out in accordance with subsection (5).
 (5) For the purposes of subsection (4), a GEP amount for a record in a policy file is worked out using the formula:

where:
GAP is the gross annualised premium reported in the policy file in respect of the relevant policy in the column headed "Gross Annualised Premium" (and referred to as "field 15a"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Public & Product" ("PL").
F is the number of days during which the policy was in force in the 6 months covered by the policy file, expressed as a percentage of the number of days in the previous calendar year.
 (6) For the purposes of paragraph (3)(b), gross premium income from professional indemnity insurance during the previous calendar year is the sum of:
 (a) the aggregate of the amounts required to be reported in:
 (i) the policy file for the 6 months ending on 30 June of the previous calendar year; and
 (ii) the policy file for the 6 months ending on 31 December of the previous calendar year;
   in the column headed "Gross Earned Premium" (and referred to as "field 15b"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Professional Risk" ("PI"); and
 (b) for each record in either of those policy files for which the general insurance company has not completed the column headed "Gross Earned Premium"—the aggregate of each GEP amount for that record worked out in accordance with subsection (7).
 (7) For the purposes of subsection (6), a GEP amount for a record in a policy file is worked out using the formula:

where:
GAP is the gross annualised premium reported in the policy file in respect of the relevant policy in the column headed "Gross Annualised Premium" (and referred to as "field 15a"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Professional Risk" ("PI").
F is the number of days during which the policy