What does the FCA say should be captured and supplied?
The FCA's regulations require insurers capture the following information, within three months of policies incepting or renewing:
How are insurers collecting and publishing the EL policy data?
Insurers are collecting EL policy data in different ways. Some insurers are happy for intermediaries to adapt existing borderaux, whereas others are requesting information to be supplied in an Excel template.
The FCA's regulations require insurers to publish EL policy data in an easily accessible electronic database. ELD fulfills this requirement.
What information is available for intermediaries?
BIBA has helped to produce a guide specifically for brokers, MGAs and DAs which is available to download. You can also talk to your usual AXA contact and we can give guidance on to make sure that EL policy data is captured and supplied in a consistent way.
Why is there a requirement for the ERN (Employer Reference Number)?
ELTO has adopted the Employer Reference Number (ERN) as the most effective unique identifier available. This is also commonly referred to as 'Employer PAYE Reference'. Insurers will be required to supply the ERN to the ELD, and for policies transacted by a broker or DA, will need them to obtain this information.
Do all companies have an ERN (Employer PAYE reference), if not who is exempt?
UK businesses are required to have the ERN, which is the reference number for their employees' income tax and national insurance contributions. A minority of employers do not have an ERN. The only exemption is where the employer pays all their employees below the PAYE threshold.
What are the timescales for getting the ERN loaded onto ELD?
Since April 2012, insurers are required to supply the EL policy data, including ERNs, for the policyholder and all subsidiaries within 3 months of policy covering incepting or renewing.
Will brokers be able to use ELTO to trace policies for their insurers?
The purpose of ELTO is to provide claimants and or their representatives with information to help them trace an EL insurer. However, brokers will also be able to use the service where their insurer is facing a specific claim and they need to identify their former insurer.