Document ID: chunk:federal_register_of_legislation:F2021L00344:reg:23:p5
Version: federal_register_of_legislation:F2021L00344
Segment Type: reg
Provision Reference: reg 23 (pt 5/9)
Character Range: 28243–31340

is Lloyd's overall percentage share of the risk to 2 decimal places (e.g. 66.66 for 66.66%).  Where there is a mid-term market change a policy may appear more than once on the file and the gross premium figures may change if the Lloyd's percentage changes.

Appendix A: Data Validation

The individual policy data submitted by Lloyd's will be validated by APRA as follows:

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.

While it is appreciated that more extensive reconciliation could be attempted, this could require significant changes to the existing reporting requirements to APRA or the submission of other information (such as management accounts) from insurers that would not be in standard formats.

APRA will expect that Lloyd's needs to demonstrate the reason for a discrepancy between the individual records submitted to the database and its aggregate data reported to APRA in the above forms, the insurer will share such additional information with APRA as required.

Appendix B: Example Treatment of Exposure Records

Lloyd's is to provide an initial record for each policy/risk at the start of each period with additional records each time that policy/risk changes in any way in terms of its exposure.  The following sets out the expected relationship between Gross Annualised Premium and Gross Earned Premium for your information.

Note:  Start date = Term Inception Date (field 11)

  Date exp from = Effective Start Date (field 12)

  End date = Term Expiry Date (field 13)

  Date exp to = Effective End Date (field 14)

      GAP = Gross Annualised Premium (field 15a), NOT written premium

  GEP = Earned Premium (field 15b)

Appendix C: APRA Occupation Codes for Professional Indemnity

CODE     Occupation Description
A        Financial Miscellaneous occupations
AABANK   Bank
AACCNT   Accountancy - Other
AACINS   Accountancy - Insolv & Aquis
AACMAN   Accountancy - Management Service
AACTAX   Accountancy - Taxation
AACTUA   Actuarial
AAUDIT   Accountancy - Audit
ABLDSO   Building Society
ABOOKP   Bookkeeping
ABSCON   IT Business Systems
ABUSBR   Business Brokers
ACHCON   Hardware Engineering/Sec/Sales
ACLHOU   Clearing House
ACMBRK   Commodity & Futures Broking
ACMBRK   Futures Broker/Dealer
ACMCON   Computer Consultants
ACOMAU   Computer Systems Auditor
ACOMPR   Computer Programmer
ACOMSB   Computer Service Bureau
ACRMAN   Credit Management Services
ACRUNI   Credit Union
ACTCON   IT Education & training
ACUSTO   Custodian
ACWCON   Web Design
ADBTCL   Debt Collection & Mercantile Agents
AFINCO   Financial Counsellors
AFNADV   Finance Adviser
AFNBRK   Finance Broking
AFNMGR   Financial Risk Management
AFPCON   Financial Planning