Document ID: chunk:federal_register_of_legislation:F2021L00344:reg:23:p2
Version: federal_register_of_legislation:F2021L00344
Segment Type: reg
Provision Reference: reg 23 (pt 2/9)
Character Range: 20734–23362

conjunction with other types of insurance is not collected.

10. Original Inception Date

Code the date when a policy providing this cover was first issued to the client in this field as DDMMYYYY.  Where this information is not available, enter a hyphen ("-").

11. Date of Commencement/Inception (Term Inception Date)

Code the inception date of the risk in this field as DDMMYYYY.

12. Effective Start Date (for the purpose of tracking effect of endorsements)

Code the start date of any endorsement which changes the risk in this field as DDMMYYYY. Can be equal to or later than field 11. This field can also be blank if the row reported is not an endorsement record.  Where this date is equal to the term expiry date, this signifies a premium adjustment at expiry of the contract.

Where there are multiple endorsements in one reporting period, each endorsement must be reported.

13. Term Expiry Date

Code the date on which the existing policy expires in this field as DDMMYYYY.

14. Effective End Date (for the purpose of tracking endorsements & cancellations)

Code the date on which any endorsement which changes the risk is due to cease in this field as DDMMYYYY.

15. Premium (This field is not used)

This field is to contain either a or b reflecting whether you are providing a value for "Gross Annualised Premium" in field 15a or "Earned Premium" in field 15b.

15a. Gross Annualised Premium

In this field insert the Lloyd's proportion of the gross annualised premium in force based on the rating factors represented by this record (in whole $, no decimal points) converted to A$ using end of processing month rates of exchange.  Exclude all statutory charges (FSL, GST & SD) but include others costs (commissions).  If the policy is for a term other than twelve (12) months, pro-rate the premium to a 12month period.

Note that this is NOT the gross written premium – it is the rate of premium for a full 12 months cover based on the rating factors that apply to the policy at the effective start date (field 12).

Also note that the premium for "short term events" cover should not be annualised. "Short Term Events" are defined as those that cover a specific period that is less than one month e.g. a sporting event over a long weekend or an annual festival.

15b. Gross Earned Premium

In this field, insert the Lloyd's proportion of the earned amount of gross annual premium for the exposure of this policy during the reporting period (in whole $, no decimal points) converted to A$ using end of processing month rates of exchange between the effective start date (field 12) and effective end date