Part Facility Business Data: Public and Produ - Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2016 - LOLRS 800.3 - Facility Business Data: Public and Product Liability and Professional Indemnity Insurance - Facility Business Data: Public and Product Liability and Professional Indemnity Insurance | Zoe
Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2016 - LOLRS 800.3 - Facility Business Data: Public and Product Liability and Professional Indemnity Insurance
Facility Business Data: Public and ProduFacility Business Data: Public and Product Liability and Professional Indemnity Insurance
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Facility Business Data: Public and Product Liability and Professional Indemnity Insurance
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires Lloyd’s to provide APRA with certain information in respect of facility business relating to public liability, product liability and professional indemnity insurance in force during a reporting period.
Reporting requirements
If, at any time during a reporting period covered by paragraph 2, a Lloyd’s underwriter is on risk in respect of reportable facility business, Lloyd’s must report on the business, in accordance with the Data Specifications, by the time in paragraph 3.
Note: reportable facility business is defined in paragraph 16.
For the purposes of the paragraph 1, the reporting periods are the six month period beginning on 1 January 2016 and ending on 30 June 2016 and each successive 6 month period (ending on 31 December or 30 June) after that.
A report required by paragraph 1 must be provided:
(a) if the reporting period ends on 30 June – by no later than the 31 October next following the end of the reporting period; or
(b) if the reporting period ends on 31 December – by no later than the 30 April next following the end of the reporting period,
or such later time as APRA may determine in writing. APRA may determine a later time in writing in relation to the whole of a report, or in relation to a report to the extent that it relates to a particular class of Lloyd’s underwriters, or in relation to a report to the extent that it relates to one or more Lloyd’s underwriters named in the determination (to the intent that APRA may permit the late submission of part of the report).
Variation of reporting periods
APRA may, by notice in writing, determine that to the extent that reports required under this reporting standard will relate to a Lloyd’s underwriter with an accounting financial year that does not end on 30 June, the part of each such report relating to that underwriter may be provided in respect of reporting periods based on the underwriter’s own accounting financial year.
APRA may, by notice in writing, change the reporting periods for Lloyd’s to require it to provide reports under this reporting standard:
(a) more frequently (APRA may require this when, having regard to the particular circumstances of the Lloyd’s underwriters, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the Lloyd’s underwriters); or
(b) less frequently (APRA may do so when, having regard to the particular circumstances of the Lloyd’s underwriters and the extent to which they requires prudential supervision, and other relevant considerations, it is unnecessary to require Lloyd’s to provide the information on a 6 monthly basis).
If APRA changes a reporting period under paragraph 4 or 5 in relation to a report or part of a report, the report (or, where applicable, the part of the report) required under this reporting standard in respect of the changed period must be provided by no later than the last day of the second month after the end of the changed period or such later time as APRA may determine in writing.
Method of submission
Reports required by this reporting standard must be rendered in comma separated values (CSV) format in accordance with the Data Specifications, and must be provided either electronically through the web site www.ncpd.apra.gov.au, by logging on using the relevant customer identification number and password provided by Fujitsu Australia (as agent of APRA), and following the instructions on that web site.
Despite paragraph 7, APRA may, in writing, make either or both of the following determinations:
(a) a determination that reports required by this reporting standard must be provided in accordance with alternative information technology requirements specified by APRA in the determination; and
(b) a determination that reports required by this reporting standard must be provided to APRA or an agent of APRA at an alternative address in accordance with requirements specified in the determination.
Authorisation
Reports provided by Lloyd’s in accordance with this reporting standard must be the product of processes and controls developed by Lloyd’s for the internal review and authorisation of the information contained in the reports.
Note: Lloyd’s General Representative in Australia must ensure that an appropriate set of policies and procedures is in place for the authorisation of data provided to APRA.
Fujitsu Australia (as agent of APRA) will provide Lloyd’s with a customer identification number. If Lloyd’s proposes to submit reports required by this reporting standard using the method in paragraph 7 (i.e. via the website), Lloyd’s must apply for a password by viewing the web page referred to in paragraph 7, quoting Lloyd’s customer identification number and following the instructions for applying for a password on that page. Fujitsu Australia will advise Lloyd’s General Representative in Australia of the password for Lloyd’s. When a report is provided using the method in paragraph 7, Lloyd’s will be required to quote its customer identification number and password. Upon successful validation of the customer identification and password a secure session will be created and the report will be encrypted before transmission.
Despite paragraph 10, or where APRA has made a determination under subparagraph 8(a) or (b) specifying an alternate method of submission, APRA may also determine in writing that:
(a) a specified person (who need not be Lloyd’s General Representative in Australia or agent); or
(b) a person holding a specified position (who need not be Lloyd’s General Representative in Australia or agent); or
(c) a person authorised by Lloyd’s to use Lloyd’s customer identification number and password,
may, or must, authorise (in a manner specified) information provided by Lloyd’s under this reporting standard.
Minor alterations to forms and instructions
APRA may:
(a) make minor variations to the Data Specifications (either generally, or in relation to a class of Lloyd’s underwriters, or in relation to one or more named Lloyd’s underwriters) to correct technical, programming or logical errors, inconsistencies or anomalies;
(b) vary, omit or substitute (either generally, or in relation to a class of Lloyd’s underwriters, or in relation to one or more named Lloyd’s underwriters) an occupation code or description in Appendix C to the Data Specifications, if APRA forms the view that the existing code or description is inappropriate having regard to the circumstances or business of Lloyd’s and any other relevant considerations; or
(c) vary, omit or substitute (either generally, or in relation to a class of Lloyd’s underwriters, or in relation to a one or more named Lloyd’s underwriters) a specification in a Table in the Data Specifications, if APRA forms the view that the specification is inappropriate having regard to the circumstances or business of Lloyd’s underwriters and any other relevant considerations.
If APRA makes such a variation it must notify Lloyd’s in writing.
Past reporting periods
Lloyd’s must provide APRA with reports in respect of a past reporting period under the old reporting standard, notwithstanding that it was repealed on 8 August 2013. For these purposes:
old reporting standard means the reporting standard Reporting standard LOLRS 800.3 (2005) made by Financial Sector (Collection of Data) determination No. 35 of 2005;
past reporting period means a reporting period ending on a date between 1 June 2013 and 1 June 2016.
Lloyd’s must provide reports to APRA under paragraph 14 of this reporting standard by 1 September 2016. For the avoidance of doubt, where a general insurer has provided a report to APRA prior to 1 September 2016 in relation to a past reporting period, the general insurer has complied with paragraph 14.
Interpretation
In this reporting standard:
agent of APRA means a person appointed under s 47 of the Australian Prudential Regulation Authority Act 1998 to receive data on behalf of APRA.
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
Data Specifications means the Data Specifications in the Schedule.
facility business means business that is closed by bordereau and for which the relevant Lloyd’s underwriter does not receive individual policy or claims data from the facility manager, and includes business undertaken through an underwriting pool or joint venture arrangement.
Fujitsu Australia means Fujitsu Australia Limited ABN 19 001 011 427.
Lloyd’s has the meaning in the Insurance Act 1973.
Lloyd’s General Representative in Australia means the employee of Lloyd’s or Lloyd’s Australia Ltd who holds the position of Lloyd’s General Representative in Australia, or performs the functions and duties described by that title.
Lloyd’s underwriter has the meaning in the Insurance Act 1973.
product liability insurance includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods.
professional indemnity insurance includes:
(a) insurance that provides cover for a professional for actions taken against that professional in tort, contract or under statute law in respect of advice or services provided as part of their professional practice, including cover in respect of damages and legal expenses;
(b) directors’ and officers’ liability insurance and legal expense insurance; and
(c) medical indemnity insurance.
public liability insurance includes:
(a) insurance covering legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured’s business; and
(b) insurance in respect of environmental clean-up costs resulting from pollution where not covered by Fire and Industrial Special Risk policies.
reportable facility business means facility business underwritten by a Lloyd’s underwriter on or after 1 January 2003 under which the risk, or a risk, assumed by the Lloyd’s underwriter relates to product liability, professional indemnity or public liability insurance, not being a risk that relates to:
(a) reinsurance or retrocession cover;
(b) marine insurance; or
(c) domestic householder’s or owner’s insurance, or tenant’s liability insurance, sold in conjunction with a building or contents policy; or
(d) an event that could neither occur in Australia nor in relation to an insured resident of Australia.
For the purposes of paragraphs 3 and 6, where a report must be provided no later than a particular date, Lloyd’s is required to ensure that the report is received by the person to whom it must be provided (whether APRA or an agent of APRA) no later than that date.