Read our policy and business FAQs to help your product sales data submission.
General product guidance
Q: PSD only relates to new sales transactions. So the following transactions are not within the scope of PSD and do not currently need to be reported:
- mortgage further advances
- top-up premiums (on existing policies), increments or policy renewals
- re-investments to an existing contract
- future policy alterations such as converting a critical illness contract to a long-term care insurance contract in the future
If your company only writes general insurance contracts, or is only involved in writing top-up business, effecting policy renewals, altering policies or providing further advances to existing mortgages, you will not need to report PSD.
In addition, firms closed to new business are also excluded from PSD reporting.
Q: Where can I find further guidance on the products covered by PSD, their definitions and the data fields to be reported?
The required reporting fields can be found in the relevant PSD001 to PSD005 data reference guides.