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Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2016 - Reporting Standard GRS 800.1 - Policy Data: Public and Product Liability and Professional Indemnity Insurance
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2016 - Reporting Standard GRS 800.1 - Policy Data: Public and Product Liability and Professional Indemnity Insurance.
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.
17. 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.