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
With each half-yearly data submissionWith each half-yearly data submission
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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.
With each half-yearly data submission
Various comparisons between the current reporting period and the previous period will be carried out in order to monitor data reasonability and consistency. These may include:
• Change in the aggregate Gross Earned Premium, split by two digit ANZSIC code or single character occupation code;
• Changes in the total numbers of policies and claims;
• Counts of claims by various measures; causes of loss, severity or litigation status; and
• Changes in the average and total claims paid.
As well, various reasonability checks will be carried out within each period submission, including;
• Overuse of the various ‘Other’ categories and codes; and
• Comparison of the various premium fields against each other.
Other reasonability checks may be carried out on an ad hoc basis.