PET - Plain English Taxonomy

Name: ClassOfBusinessDimension
Label: Class Of Business Dimension
TREF ID: DM412
Type: Predefined
Description:
This dimension is used to categorise information according to business activity.
Usage:

Dimension Members
Name Label TREF ID Description
DirectBusiness Direct Business DV4917
Report where the class of business relates to direct insurance contracts.Insurance contracts are classified as 'direct' when the reporting party has a contract directly with a policyholder that is not an insurer or reinsurer. Policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs.
MedicalIndemnity Medical Indemnity DV5396
Report where the class of business is defined as Medical Indemnity. This includes cover provided on a discretionary basis, prior to the commencement of the Medical Indemnity (Prudential Supervision and Product Standards) Act, that indemnifies a person for claims arising from that person's practice as medical professional.
NonDiscretionaryBusiness Non Discretionary Business DV5489
The information reported is in relation to business activity which is not discretionary, or in other words, is not considered as ordinary business undertaken in accordance with the Discretionary Mutual Fund (DMF) Act.
NonMedicalIndemnity Non Medical Indemnity DV5397
Report any business provided on a discretionary basis that indemnifies a person for claims arising from a specified event, other than those associated with the person's practice as a medical professional.
NonReinsuranceBusiness Non Reinsurance Business DV6130
The information reported relates to business classified as non-reinsurance or relates to non-reinsurance contracts. Non-reinsurance contracts are insurance contracts where the policyholder is not a reinsurer. Policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs.
OtherBusiness Other Business DV5082
Report where the class of business has not been categorised elsewhere
ReinsuranceBusiness Reinsurance Business DV4977
Report where the class of business relates to reinsurance contracts.Reinsurance contracts are insurance contracts where the policyholder is an insurer or reinsurer. Policyholder means a party that has a right to compensation under an insurance contract if an insured event occurs.
SuperannuationBusiness Superannuation Business DV5081
Report where the class of business is defined as Superannuation.Superannuation business, as defined by the Life Insurance Act 1995, means business that consists of: (a)  the issuing of superannuation policies or the undertaking of liability under superannuation policies; or (b)  any business that relates to business referred to in paragraph (a).