Document ID: chunk:federal_register_of_legislation:F2021L00344:front:0:p4
Version: federal_register_of_legislation:F2021L00344
Segment Type: other
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Character Range: 8644–11875

description in Appendix B to LOLRF 800.1, if APRA forms the view that the existing code or description is inappropriate having regard to the circumstances or business of Lloyd's and any other relevant considerations; or

       (c)          vary, omit or substitute (either generally, or in relation to a class of Lloyd's underwriters, or in relation to one or more named Lloyd's underwriters) a specification in a Table in LOLRF 800.1, if APRA forms the view that the specification is inappropriate having regard to the circumstances or business of Lloyd's underwriters and any other relevant considerations.

    15.         If APRA makes such a variation it must notify Lloyd's in writing.

Interpretation

    16.         In this Reporting Standard:

   agent of APRA means a person appointed under s 47 of the Australian Prudential Regulation Authority Act 1998 to receive data on behalf of APRA.

    APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.

    Fujitsu Australia means Fujitsu Australia Limited ABN 19 001 011 427.

    Lloyd's has the meaning in the Insurance Act 1973.

    Lloyd's General Representative in Australia means the employee of Lloyd's or Lloyd's Australia Ltd who holds the position of Lloyd's General Representative in Australia, or performs the functions and duties described by that title.

    Lloyd's underwriter has the meaning in the Insurance Act 1973.

    product liability insurance includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods.

    professional indemnity insurance includes:

       (a)          insurance that provides cover for a professional for actions taken against that professional in tort, contract or under statute law in respect of advice or services provided as part of their professional practice, including cover in respect of damages and legal expenses;

       (b)          directors' and officers' liability insurance and legal expense insurance; and

       (c)          medical indemnity insurance.

    public liability insurance includes:

       (a)          insurance covering legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business; and

       (b)          insurance in respect of environmental clean-up costs resulting from pollution where not covered by Fire and Industrial Special Risk policies.

    reportable policy means an insurance policy, entered into on or after 1 January 2003, of product liability insurance, professional indemnity insurance or public liability insurance, but does not include:

       (a)          reinsurance or retrocession cover;

       (b)          marine insurance;

       (c)          domestic householder's or owner's insurance, or tenant's liability insurance, sold in conjunction with a building or contents policy; or

       (d)          a policy of insurance solely in relation to an event that could neither occur in Australia nor in relation to an insured resident of Australia.

    17.         For the purposes of paragraph 8, where information must be