Division Policy Record Data Field Definitions - Financial Sector (Collection of Data) determination No. 30 of 2005 - Policy Record Data Field Definitions | Zoe
A unique code assigned by APRA to each contributor
Class of Business
PL = Public & Product
PI = Professional Risk
Record type
P = Policy record
Policy Basis
C = Claims Made basis
L = Losses Incurred basis
Status
N = New
R = Renewal
Code R where the insurer made a renewal offer to the policyholder and the policy was renewed, whether or not adjustments were made to policy details or coverage on renewal, i.e. there is effective continuity with the insurer, even if the policy is not technically renewed, such as with claims made policies under the Insurance Contracts Act. Code all other policy records as N.
The Status on an endorsement or cancellation should match that of the base policy. That is, endorsements on a renewed policy would have a status of 'R', while an endorsement on a new policy would have a status of 'N'.
Month of End of Reporting Period
The data for each submission will relate to a six month period. Enter as DDMMYYYY the last day of the period being reported, e.g. insert 30062004 for data relating to the six months ending 30 June 2004.
Policy Number
A unique policy identifier (which may relate to several separate risk records) by which the exposure and premium information on each individual record can be identified. This information is only used for cross-referencing by APRA – it will not be published except in any individual data reports prepared for the insurer concerned.
Risk Number
A unique risk identifier (which may be the same as the policy number if the policy contains a single risk) by which the exposure and premium information on each individual record can be identified. This information is only used for cross-referencing by APRA – it will not be published except in any individual data reports prepared for the insurer concerned.
Professional indemnity (not medical malpractice) and errors & omissions
PII
Association Liability
ASN
Directors' and Officers' liability
D&O
Defamation Insurance
DFI
Employment Practices
EPL
Financial Institutions Policy
FIP
Information & Communication Technology Insurance
ICT
Medical Indemnity/Malpractice
MAL
Superannuation Trustees
STL
Other
PIO
Note: where business is written as part of a package policy, the “Product type” is to be based on the nature of the cover offered, as set out in the above table. The fact that cover is sold in conjunction with other types of insurance is not collected.
Original Inception Date
Enter as DDMMYYYY the date when cover under this policy was first issued to the client. Where this information is not available, enter a hyphen (“-”).
Date of Commencement/Inception (Term Inception Date)
Enter as DDMMYYYY the start date of the reported policy term. For new business this must be the same value as field 10.
Effective Start Date
Enter as DDMMYYYY the start date on which the period of exposure commenced for the set of rating factors reported with this record. If the record is an endorsement, the 'effective start date' is the date on which the endorsement commenced. 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 start date' should equal the 'term inception date'.
Where there are multiple endorsements in one reporting period, each endorsement must be reported.
Note: If there are transactions (e.g. multiple endorsements with the same effective start and end dates or an endorsement covering the entire policy term) that duplicates the unique record key, then these records must be aggregated 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.
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.
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'
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 12-month 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. the original GAP amount will be reported each time the record is reported.
For an endorsement, the incremental change in GAP should be reported. For example, if the original policy was an annualised $1,000, and an endorsement to the policy increased the total premium (from inception) by $100, to $1,100, then $100 should be reported as the GAP on the endorsement record.
For a cancellation, the reported GAP amount will be the annualised amount (if any) refunded to the policy holder, stated as a negative. Negative numbers should be reported with a minus sign '-'.
Where records are aggregated due to duplication of the unique record key, the GAP must be the combined value of the GAP for all of the aggregated records.
In some cases (particularly endorsements) it would not be unusual to have a zero annualised premium.
15b. Gross Earned Premium (GEP)
In this field, insert (your co-insured share of) 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 (field 12) and effective end date (field 14). Include the same components as for gross annualised premium.
Where a number of risks are reported separately, only the premium associated with that risk should be reported.
For endorsements and cancellations, the GEP should still be the earned amount of gross annual premium for the exposure of this endorsement or cancellation 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).
For an endorsement, the GEP will recognise the value of the premium earned on the endorsement for the relevant reporting period. For example, if the written premium on the endorsement was an incremental increase of $200, the GEP reported for the endorsement would represent the premium earned during the reporting period in respect of the incremental $200 written.
Negative numbers should be reported with a minus sign '-'.
Where records are aggregated due to duplication of the unique record key, the GEP must be the combined value of the GEP for all of the aggregated records.
Gross Written Premium (GWP)
In this field insert (your co-insured share of) the gross written premium for the exposure of this policy. Exclude all statutory charges (Stamp Duty, GST, and also exclude Fire Service Levies) but include others costs (such as commissions and instalment charges).
Where a number of risks are reported separately, only the premium associated with that risk should be reported.
For endorsements and cancellations, the incremental change in GWP should be stated.
For the principle policy, the GWP must be reported in each and every reporting period, i.e. the original GWP amount will be reported each time the record is reported.
For an endorsement, the incremental change in GWP should be reported. For example, if the original policy was for $1,000, and an endorsement to the policy increased the total premium by $200, to $1,200, then $200 should be reported as the GWP on the endorsement record.
For a cancellation, the reported GWP amount will be the amount (if any) refunded to the policy holder, stated as a negative amount. Negative numbers should be reported with a minus sign '-'.
Where records are aggregated due to duplication of the unique record key, the GWP must be the combined value of the GWP for all of the aggregated records.
Risk Factor (This field is not used)
Risk factor is a measure of the relative exposure that the policy represents. This should be the total value of the organisation, not the insurer’s share of risk (but see note on policy field item 23 below).
All fields from 17a to 17e must be provided with either a blank or a value based on the definitions below. At least one of the fields must be contain a value and if 17e contains a value then 17f must provide a brief description. Each field may be reported in whole dollars or as a band. If you report fields 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.
17a. Turnover
Most recently declared annual turnover represented by this risk record.
17b. Total Assets
Most recent prior year business assets represented by this risk record.
17c. Professional Fees
Most recent prior year annual professional fees represented by this risk record.
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 this field must be blank. However if none is applicable then this field must contain a value and a brief description of the risk factor must be provided in field 17f.
17f. Other Description
If 17e contains a value, this field must contain a brief description of the risk factor of the value provided in field 17e.
State [Required for professional risk]
For professional risks, this should be the state (ACT, NSW, NT, QLD, SA, TAS, VIC and WA) where work is done; if multi-state cover is provided, include the state where the majority of work is done. For EPL and D&O, provide the state where the head office is located. This would be expected to be sourced from data for stamp duty split purpose.
Where this information is not available for public and products liability, enter a hyphen (“-“).
Postcode [Required for public and products liability]
Enter the Postcode of the location of the principal risk. If not available, enter the postcode of the head office or the postal address of the policyholder.
Where this information is not available for professional risk, enter a hyphen (“-“).
Excess/Deductible/Attachment Point
How much of any claim that an insured must bear before the insurer becomes liable (in whole dollars). Where different levels exist for different causes of claim, enter the excess that is most commonly applied for such policies, or where that is not available, the minimum applied.
For Liability XOL policies, the attachment point should be reported.
Limit of Indemnity
Insert your (share of the) limit of indemnity in whole dollars disregarding any excess payments by the insured.
Nature of Insured Organisation/Occupation
For Public and Products Liability, EPL and D&O risks, use the principal classification of the business from the latest edition of Catalogue Number 1292.0 Australian and New Zealand Standard Industrial Classification (ANZSIC), published by the Australian Bureau of Statistics and available on their web site. Provide data at the 4-digit ANZSIC code level. Any reports or publications will be aggregated to the 2 digit level ANZSIC.
Residential strata owners’ liability is collected under ANZSIC classification 7711- Residential Property Operators, whereas for Commercial Property Operators it is either 7712 or the occupation code that is most closely aligned with the tenancy of the strata.
For Professional Risks (excl EPL and D&O), use the codes provided in Attachment B except for code “OMULTI” which is only for use for facility business. Where an appropriate code does not exist for the insured organisation, the first character of the appropriate industry may be used.
Coinsurance Proportion
Your proportion of a co-insured risk, to 2 decimal places (e.g. 66.66 for 66.66%, or 100.00 for 100%). Advise APRA of how you record (a) turnover (b) limit of indemnity (c) premium (d) losses – 100% of the risk or just your share. The preferred form of data submission is indicated under each individual data field in this specification.
The expected value in this field is 100.00 if no coinsurance applies to the policy.