UK Lloyds TPD, GQD Currencies
On Oct. 9, UK Lloyds issued guidance on TPD and GQD currency reports.
- Bulletin is to inform managing agents of the change to the RI currency reporting rules.
- Before 2017, currency segmentation required reports in the inward business currency.
- From 2017 TPD, this is no longer required and RI currency is the currency of RI policy.
- In TPD 199, syndicates should only report paid claims as they are settled, not cashflow.
- GQD should only report paid claims by their settlement due date, rather than cashflow.
- 2017 TPD return must be submitted by 2pm on Mar. 20, 2018. GQD is due 2pm Jan. 9.
||Y5122, Bul, 10/9/2017
||Financial; Operations; Reporting; Risk
Last substantive update on 10/09/2017