Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2008 - GRS 210.0 (2008) - Outstanding Claims Provision - Insurance Risk Charge
Specific instructionsSpecific instructions
Start here
Get a plain-English read of Specific instructions
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2008 - GRS 210.0 (2008) - Outstanding Claims Provision - Insurance Risk Charge.
Specific instructions
Classes of Insurance Business
- Direct Business
The classes of business for companies that are not specialist reinsurers are as follows:
(I). Houseowners/Householders (H & H)
This class covers the common H & H policies inclusive of:
- Contents;
- Personal property;
- Arson; and
- Burglary.
Public liability normally attaching to these products are to be separated and included in Public and Product Liability class of business – item (XIII).
(II). Commercial Motor Vehicle
Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor Vehicle. It includes long and medium haul trucks, cranes and special vehicles and policies covering fleets.
(III). Domestic Motor Vehicle
Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers and other vehicles not normally covered by business or commercial policies.
(IV). Travel
Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
(V). Fire and Industrial Special Risks (ISR)