Document ID: chunk:federal_register_of_legislation:F2021L00347:front:0:p1
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Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2021

Reporting Standard LOLRS 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance

Financial Sector (Collection of Data) Act 2001

I, Alison Bliss, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

(a)   REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2016, including Reporting Standard LOLRS 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance made under that Determination; and

(b)   DETERMINE Reporting Standard LOLRS 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 31 December 2021.

This instrument commences on 31 December 2021.

Dated: 23 March 2021

[Signed]

Alison Bliss
General Manager
Data Analytics and Insights Division
Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given in section 5 of the Act.

Schedule

Reporting Standard LOLRS 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance comprises the document commencing on the following page.

Reporting Standard LOLRS 800.2

Claim Data: Public and Product Liability and Professional Indemnity Insurance

Objective of this reporting standard

This Reporting Standard sets out requirements for the provision of information to APRA relating to claims made on certain public liability, product liability and professional indemnity insurance policies of a Lloyd's underwriter, and facility business underwritten covering similar risks.

It includes Reporting Form LOLRF 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance and the associated instructions.

Authority

     1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

    2.             Information collected by Reporting Form LOLRF 800.2 Claim Data: Public and Product Liability and Professional Indemnity Insurance (LOLRF 800.2) is used by APRA for the purpose of prudential supervision and publication, including publication in the National Claims and Policies Database (NCPD).

Application

    3.             This Reporting Standard applies to Lloyd's.

Commencement

    4.             This Reporting Standard applies for reporting periods ending on or after 31 December 2021.

Information required

    5.             Lloyd's must provide APRA with the information required by LOLRF 800.2 for each reporting period, and each reportable claim made on a Lloyd's underwriter:

       (a)          made during the reporting period; and

       (b)          originally made before the start of the reporting period and that