§ 155.25 — Reports by certain property and casualty insurers

Illinois § 155.25

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article IX - Provisions Applicable To All Companies

Text

(A) The Director shall promulgate rules and regulations which shall require, at the request of the Director, any insurer licensed to write medical liability insurance in this State to file a report on a form furnished by the Director showing its direct experience in this State. All experience shall be on a direct basis, prior to reinsurance, and shall be required only in the aggregate. Individual claim reports shall not be required. (B) The reports required under subsection (A) shall include the following data for the previous year ending on the 31st of December: (1) Direct premium written for the prior 12 months. (2) Direct premium earned for the prior 12 months. (3) (a) Incurred claims by accident year, showing the most recent 8 accident years, and a subtotal combining all accident years prior to the most recent 8, valued as of the most recent December 31, valued as of the prior December 31, each developed as the sum of, and with figures provided for under division (b) of this paragraph (3). (b) Show for each such item, the difference between 2 valuations: (i) dollar amount of claim payments, cumulated from the beginning of each accident year, where the dollar amount of claim payments shall be separately reported for closed claims under paragraph (3) (a) and for open and reopened claims under paragraph (3) (a), plus (ii) reserves for reported claims as of the valuation dates, open or reopened, plus (iii) reserves for claims incurred but not reported as the valuation dates, plus (iv) any other loss reserves carried by the company as of the valuation dates and not reported in (3) (ii) or (3) (iii). (v) number of claims, cumulated from the beginning of each accident year, showing the most recent 8 accident years, and a subtotal combining all accident years prior to the most recent 8 valued as of the most recent December 31, land valued as of the prior December 31, with figures provided for the number of closed claims under paragraph (3) (a) and the number of open and unopened claims under paragraph (3) (a). Show for each such item, the difference between the 2 valuations. (4) Actual incurred expenses allocated separately to loss adjustment, commissions, or other acquisition costs, general office expenses, taxes, licenses and fees, and all other expenses. (5) Net underwriting gain or loss.

Legislative History

(Source: P.A. 87-1090.)