Document ID: chunk:federal_register_of_legislation:F2021L00347:reg:24:p6
Version: federal_register_of_legislation:F2021L00347
Segment Type: reg
Provision Reference: reg 24 (pt 6/6)
Character Range: 32985–35316

field is not used)

A breakdown of Lloyd's share of the total settlement amount (converted to A$ using end of processing month rates of exchange) into the following heads of damage is required for finalised claims only. The total of items 25.1 to 25.11 must equal item 20 – Gross Payments to Date, with any rounding difference included in item 23.11 (Other).

A finalised claim is one where field 11 (date finalised) has been recorded and field 22 (gross case estimate at end of reporting period) is zero.

Where this information is not available, enter a hyphen ("-").

25.1 Past economic loss

25.2 Future economic loss

25.3 Past medical, hospital, caring and related services

25.4 Future medical, hospital and related services

25.5 Future caring services

25.6 General damages

25.7 Interest

25.8 Plaintiff legal costs

25.9 Defendant legal costs

25.10 Investigation costs

25.11 Other

Appendix A: Data Validation
The individual claim data submitted by Lloyd's will be validated by APRA as follows:

     1. Gross case estimate at the start of the current reporting period (claim field 19) will be compared with gross case estimate at the end of the previous reporting period (claim field 20) for each claim with a date of report prior to the start of the current reporting period.  Any discrepancy must be explained.

     2. Gross claim payments submitted in information provided by Lloyd's under Lloyd's Security Trust Fund Determination No 1, less the gross payments received for all facilities, is expected to reconcile to within 5% of the gross payments for each accident year calculated from the individual claim records submitted.  Discrepancies in the most recent accident years will be compared with the amount of payments made for all facilities.

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 where 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, Lloyd's will share such additional reports with APRA as required.