The Financial Conduct Authority (FCA) requires UK-based insurance firms to report on their general insurance pricing information for closed books of business through the REP021d form. The form aims to increase transparency in the insurance industry and ensure that consumers are treated fairly.

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What is REP021d?

REP021d is a regulatory reporting form that requires insurance firms to provide information on the pricing of their closed books of business. This includes information on the gross written premium, net-rated written premium, average premiums, and the number of policies incepted or renewed.

The form applies to UK-based insurance firms that act as price-setting intermediaries for closed books of business. Firms must submit the completed form on an annual basis, with the reporting period ending on the last day of June each year.

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Nil Return Declaration

If your firm is not acting as a price-setting intermediary for any closed book of business, you may declare a nil return by answering 'yes' to question 1 and leaving the Product Details and table blank.

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Product Details

If your firm is acting as a price-setting intermediary for closed books of business, complete this section to specify the product type against which you want to report.

Product types captured are pre-populated and users shall select the product type from the dropdown list, which includes the following options:

• Motor - cars

• Motor - motorcycles including tricycles

• Motor - other

• Home - buildings and contents

• Home - buildings only

• Home - contents only

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Closed Book

Here, firms should provide a description of the closed book of business in this field. You can use up to 400 characters of free text, or select from the following options in the dropdown list:

• Book with 10,000 policies or more

• Aggregated reporting for closed books with less than 10,000 policies each

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Complete this section for each closed book:

• Total gross written premium (£): Enter the total gross written premium for the closed book of business

• Total net-rated written premium (£): Enter the total net-rated written premium for the closed book of business

• Average gross premium (£): Enter the average gross premium for the closed book of business

• Average net-rated premium (£): Enter the average net-rated premium for the closed book of business

• Average prior year gross premium (£): Enter the average gross premium for the closed book of business in the prior year

• Average prior year net-rated premium (£): Enter the average net-rated premium for the closed book of business in the prior year

• Total number of policies incepted/renewed: Enter the total number of policies that were incepted or renewed during the reporting period for the closed book of business

• Total number of policies in force at the end of the reporting period: Enter the total number of policies that were in force at the end of the reporting period for the closed book of business

 

In summary, the REP021d form requires insurance firms to report on the pricing of their closed books of business, including information on gross written premium, net-rated written premium, and average premiums. Firms acting as price-setting intermediaries for closed books of business must complete the form on an annual basis.