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
Appendix A: Data ValidationAppendix A: Data Validation
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Appendix A: Data Validation
The individual policy data submitted by Lloyd’s will be validated by APRA as follows:
Earned premium submitted in information provided by Lloyd’s under Lloyd’s Security Trust Fund Determination No 1, less the premium received for all facilities, is expected to reconcile to within 5% of the total of the earned premium shown in field 15b on the individual policy records submitted by insurers or as calculated by APRA from the gross annualised premium (field 15a). APRA will expect Lloyd’s to explain the source of any greater discrepancy.
While it is appreciated that more extensive reconciliation could be attempted, this could require significant changes to the existing reporting requirements to APRA or the submission of other information (such as management accounts) from insurers that would not be in standard formats.
APRA will expect that Lloyd’s needs to demonstrate the reason for a discrepancy between the individual records submitted to the database and its aggregate data reported to APRA in the above forms, the insurer will share such additional reports with APRA as required.