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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
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Turn the raw legal text into a practical explanation grounded in 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.
These specifications have been prepared for the purpose of defining the facility business information required to be submitted by Lloyd’s in respect of public and product liability and professional indemnity insurance. This information will contribute to a National Claims and Policy Database (NCPD) in respect of these classes of insurance. The intention is to create a database that holds information in respect of claims and policies for public and product liability and professional indemnity on a national basis.
Details of requirements in relation to reporting periods, method of submission and authorisation are set out in the reporting standard. The data submitted by Lloyd’s will be validated by APRA each reporting period. The data validation to be performed is outlined in Appendix A.