Read our policy and business FAQs to help your product sales data submission.
General product guidance
Except for mortgages, 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:
- 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, or altering policies, you will not need to report PSD.
In addition, firms closed to new business are also excluded from PSD reporting, although for mortgages PSD007 will still need to be reported.
Where can I find further guidance on the products covered by PSD, their definitions and the data fields to be reported?
Further guidance on the products and their definitions can be found in the Handbook, SUP 16.11 Annex 20G and in the Handbook Glossary.
The required reporting fields can be found in the relevant data reference guides.