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
5. Status5. Status
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5. 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'.