Document ID: chunk:federal_register_of_legislation:F2021L00344:reg:23:p3
Version: federal_register_of_legislation:F2021L00344
Segment Type: reg
Provision Reference: reg 23 (pt 3/9)
Character Range: 23125–25886

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 (field 14).  Include the same components as for gross annualised premium.

For endorsements and cancellations, the gross earned premium should still be the earned amount of gross annual premium for the exposure of this policy during the reporting period (in whole $, no decimal points) between the effective start date of the endorsement or cancellation (field 12) and effective end date of the endorsement or cancellation (field 14).

16. Gross Written Premium

In this field insert Lloyd's proportion of the gross written premium for the exposure of this policy. Exclude all statutory charges (FSL, GST & SD) but include others costs (commissions) converted to A$ using end of processing month rates of exchange.

For endorsements and cancellations, the updated gross written premium should be stated.

This field should be completed for every reporting period.

17. Risk Factor (This field is not used)

Risk factor is a measure of the relative exposure that the policy represents. Where the information for fields 17a to 17f is not available, enter a hyphen ("-").

17a. Turnover

Most recently declared annual turnover of the risk represented by this risk record (in whole dollars) converted to A$ using end of processing month rates of exchange.  If you collect turnover in bands, show the range of the band in whole dollars e.g. if turnover is up to $5 million, enter "1-5000000", if between $20 million and $50 million, "20000001-50000000".  Commas must be excluded from all numbers. This should be the total turnover of the organisation, not the insurer's share of risk (but see note on policy field item 23 below).

17b. Total Assets

Most recent prior year business turnover represented by this risk record (in whole dollars) converted to A$ using end of processing month rates of exchange.

17c. Professional Fees

Most recent prior year annual professional fees represented by this risk record (in whole dollars) converted to A$ using end of processing month rates of exchange.

17d. Total number of staff

Most recent prior year number of full-time equivalent staff members employed in the insured business or practice, whether or not members of a profession.

17e. Other

If any of 17a, 17b, 17c or 17d contains a value, then leave this blank. However if none is applicable then this field should contain a value with a brief description of the risk factor provided in field 17f.

17f. Other Description

If 17e contains a value, this field should contain a brief description of the risk factor of