Document ID: chunk:federal_register_of_legislation:F2021L00348:reg:11:p2
Version: federal_register_of_legislation:F2021L00348
Segment Type: reg
Provision Reference: reg 11 (pt 2/6)
Character Range: 17429–20302

principal industry or occupation code and hence it is not possible or appropriate to use one of the more specific codes.

Where this information is not available, enter a hyphen ("-").

5. Class of Business

    •                 PL = Public & Product

    •                 PI = Professional Risk

Where this information is not available, enter a hyphen ("-").

6. Runoff Indicator

    •                 Y = Yes

    •                 N = No

Where this information is not available, enter a hyphen ("-").

7. Insurer's Percentage of Facility

Lloyd's proportion of the facility, to 2 decimal places (e.g. 66.66 for 66.66%).

Blank on "Other" facilities records.

8. Number of Policies

The total numbers of policies covered by this facility, if available or else provide a "blank".

9. Premium Received for Reporting periods

Lloyd's share of the gross premium from this facility during the half year net of GST in whole dollars, no decimal point and converted to A$ using end of processing month rates of exchange. Exclude all statutory charges (FSL, GST & SD) but include others costs (commissions).

10. Number of Claims

The total numbers of claims covered by this facility for which payments have been reported in item 9 below, if available or else provide a "blank".

11. Gross Payments Made in Reporting periods

Lloyd's share of payments made for this facility since the last reporting period, net of GST in whole dollars, no decimal point and converted to A$ using end of processing month rates of exchange. Includes payments made to claimant and to third-party service providers (medical, legal, investigation) that are attributed to the claim.

Appendix A: Data Validation

The facility business data submitted by Lloyd's will be validated by APRA as follows.

For facility business data, the total of all premiums received and the total of gross payments made will be deducted from earned premium and gross payment data submitted in GRF 440 (see below).

   a)            Earned premium submitted in information provided by Lloyd's under Lloyd's Security Trust Fund Determination No 1, less the premium received for all facilities, is expected to reconcile to within 5% of the total of the earned premium shown in field 15b on the individual policy records submitted by insurers or as calculated by APRA from the gross annualised premium (field 15a). APRA will expect Lloyd's to explain the source of any greater discrepancy.

   b)            Gross claim payments submitted in information provided by Lloyd's under Lloyd's Security Trust Fund Determination No 1, less the gross payments received for all facilities, is expected to reconcile to within 5% of the gross payments for each accident year calculated from the individual claim records submitted.  Discrepancies in the most recent accident years will be compared with the amount of