Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2021
Appendix B: APRA Occupation Codes for PrAppendix B: APRA Occupation Codes for Professional
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Facility Business Data: Public and Product Liability and Professional Indemnity Insurance
Instruction Guide
These instructions 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 at each reporting period. The data validation to be performed is outlined in Appendix A.
Record Layouts and Field Specifications
Facility Business Data Specifications
FacilityData
Data Item
Facility Business
Field type
1*
Insurer Code
M
6a
2*
Month of end of Reporting periods
M
8n
3*
Facility Identifier
M
30a/n
4
Industry/Occupation Code
O
6a or 4n
5
Class of Business
O
2a
6*
Run-off Indicator
O
1a
7
Insurer’s Percentage of Facility
M
6n
8
Number of Policies
O
6n
9
Premium Received for Reporting periods
M
12n
10
Number of Claims
O
6n
11
Gross Payments Made for Reporting periods
M
12n
Date must be DDMMYYYY, no delimiter.
Key:
M – mandatory field on all records from 1 July 2004.
O – optionl field.
a – alpha.
n – numeric.
* Fields so indicated, as a combination, must be unique for each reporting period.
Facility Business Record Data Field Definitions
Where there is a mid-term market change, the facility reference may be repeated showing a changed insurer percentage.
1. Insurer Code
This will be provided by APRA when advised of the method of delivery of the data.
2. Month of end of Reporting periods
The data will relate to a six month period. Code the last day of this period in this field as DDMMYYYY, e.g. insert code 30062003 for data relating to the six months ending 30 June 2003.
3. Facility Identifier
A unique identifier for each facility where the insurer has received in excess of $100,000 in premium or made gross payments in excess of $100,000, for each respective six month period.
Provide a separate record for claims data and policies data for each facility.
Facilities where the insurer has received less than $100,000 in premium or made gross payments of less than $100,000 in the six month period are to be included “Other”.
4. Industry/Occupation Code
For Public and Products Liability, EPL and D&O risks, use the principal classification of the business from the latest edition of Catalogue Number 1292.0 Australian and New Zealand Standard Industrial Classification (ANZSIC), published by the Australian Bureau of Statistics and available on their web site. Provide data at the 4digit ANZSIC code level. Any reports or publications will be aggregated to the 2 digit level ANZSIC.
Residential strata owners’ liability is collected under ANZSIC classification 7711 - Residential Property Operators, whereas for Commercial Property Operators it is either 7712 or the occupation code that is most closely aligned with the tenancy of the strata.
For Professional Risks, use the codes provided in Attachment B.
Occupation code “OMULTI” should only be used for Facility Business data where a facility covers multiple occupation codes, no single code can be regarded as the principal occupation code and hence it is not possible or appropriate to use one of the more specific occupation codes.
Occupation code “OMULTI” and code “000000” (for ANZIIC codes) should only be used for Facility Business data where a facility covers multiple industry or occupation codes, no single code can be regarded as the principal industry or occupation code and hence it is not possible or appropriate to use one of the more specific codes.
Where this information is not available, enter a hyphen (“-“).
5. Class of Business
• PL = Public & Product
• PI = Professional Risk
Where this information is not available, enter a hyphen (“-“).
6. Runoff Indicator
• Y = Yes
• N = No
Where this information is not available, enter a hyphen (“-“).
7. Insurer’s Percentage of Facility
Lloyd’s proportion of the facility, to 2 decimal places (e.g. 66.66 for 66.66%).
Blank on “Other” facilities records.
8. Number of Policies
The total numbers of policies covered by this facility, if available or else provide a “blank”.
9. Premium Received for Reporting periods
Lloyd’s share of the gross premium from this facility during the half year net of GST in whole dollars, no decimal point and converted to A$ using end of processing month rates of exchange. Exclude all statutory charges (FSL, GST & SD) but include others costs (commissions).
10. Number of Claims
The total numbers of claims covered by this facility for which payments have been reported in item 9 below, if available or else provide a “blank”.
11. Gross Payments Made in Reporting periods
Lloyd’s share of payments made for this facility since the last reporting period, net of GST in whole dollars, no decimal point and converted to A$ using end of processing month rates of exchange. Includes payments made to claimant and to third-party service providers (medical, legal, investigation) that are attributed to the claim.
Appendix A: Data Validation
The facility business data submitted by Lloyd’s will be validated by APRA as follows.
For facility business data, the total of all premiums received and the total of gross payments made will be deducted from earned premium and gross payment data submitted in GRF 440 (see below).
a) 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.
b) Gross claim payments submitted in information provided by Lloyd’s under Lloyd’s Security Trust Fund Determination No 1, less the gross payments received for all facilities, is expected to reconcile to within 5% of the gross payments for each accident year calculated from the individual claim records submitted. Discrepancies in the most recent accident years will be compared with the amount of payments made for all facilities.
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 where 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, Lloyd’s will share such additional reports with APRA as required.
Appendix B: APRA Occupation Codes for Professional