Monthly loss report and nil return
Every entity files a loss report for every month. A month with no losses is filed as a formal nil return, so silence is never mistaken for a clean month. The period freezes when the RMC accepts the report.
Who may do it: the Entity Risk Manager files the month; the RMC accepts it. See Roles and permissions.
Filing the month — Entity Risk Manager
Section titled “Filing the month — Entity Risk Manager”- Open the monthly loss report for the month.
- Check the loss events the system has gathered for the month: every event of the team reported by the month end, except rejected ones, each with its record status and its movement in the month.
- If there were no loss events, file a nil return.
- Submit the report to the RMC.
Accepting the month — RMC
Section titled “Accepting the month — RMC”- Open the submitted report.
- Accept it. The period freezes: its figures no longer change, and it enters the loss data set.
The loss report pack
Section titled “The loss report pack”The accepted months feed the loss report pack — the monthly or quarterly pack for the RMC in one export — and, through report-up, the group’s monthly report, which assembles every entity’s month on one shared template.
What the system does or refuses
Section titled “What the system does or refuses”- A nil return is a filing. A month with no report and no nil return shows as not filed.
- A frozen period does not change.
- Each entity files its own month. A parent reads what its subsidiaries have filed and cannot file for them. See Subsidiary-Independence and Report-Up-Only.
- Who filed and who accepted are stamped. See Who-filed is stamped.