Document ID: chunk:federal_register_of_legislation:F2021L00345:reg:23:p3
Version: federal_register_of_legislation:F2021L00345
Segment Type: reg
Provision Reference: reg 23 (pt 3/11)
Character Range: 23017–25660

to create a single record that contains the latest statistical data relative to the policy. Where there is an endorsement that covers the entire policy term, the endorsement record should be aggregated with the new business or renewal record to represent the endorsed policy details.

13. Term Expiry Date

Enter as DDMMYYYY the end date of the reported policy term. This date is to remain unchanged for a cancellation to enable the correct calculation of GEP.

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

Enter as DDMMYYYY the date on which the period of exposure is due to cease for the set of rating factors reported with this record. If the record is an endorsement, the 'effective end date' will be the date on which the endorsement concludes. If the record is a cancellation, both the 'effective start date' and 'effective end date' will be the date that the policy was cancelled. Where the record is not an endorsement or cancellation, the 'effective end date' should equal the 'term expiry date'

    15.    Premium (This field is not used)

You can choose to submit data for either 15a (Gross Annualised Premium) or 15b (Gross Earned Premium). However, you can submit data for both items if you have it available.

If you only provide GAP, the NCPD will calculate the GEP based on this amount. The system will not prevent you from reporting both. Where only one field is populated, the alternative field should be reported with a blank or a hyphen ("-") but not a zero.

15a. Gross Annualised Premium

In this field insert (your co-insured share of) the gross annualised premium in force based on the rating factors represented by this record (in whole $, no decimal points).  Exclude all statutory charges (Stamp Duty, GST, and also exclude Fire Service Levies) but include others costs (such as commissions and instalment charges). If the policy is for a term other than twelve (12) months, pro-rate the premium to a 12month period.

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.

Where a number of risks are reported separately, only the premium associated with that risk should be reported.

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).

For the principle policy, the GAP must be reported in each and every reporting period, i.e.