Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2016 - LOLRS 800.1 Policy Data: Public and Product Liability and Professional Indemnity Insurance
15a. Gross Annualised Premium15a. Gross Annualised Premium
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15a. Gross Annualised Premium
In this field insert the Lloyd’s proportion of the gross annualised premium in force based on the rating factors represented by this record (in whole $, no decimal points) converted to A$ using end of processing month rates of exchange. Exclude all statutory charges (FSL, GST & SD) but include others costs (commissions). If the policy is for a term other than twelve (12) months, pro-rate the premium to a 12month period.
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).
Also 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.