50.52—Initial Notice of Insured Loss.
Each insurer shall submit to Treasury an
Initial Notice of Insured Loss, on a form
prescribed by Treasury, whenever the insurer's
aggregate insured losses (including reserves for
“incurred but not reported” losses) within a
Program Year exceed an amount equal to 50 percent
of the insurer's deductible as specified in §
50.5(g). Insurers are advised the form for the
Initial Notice of Insured Loss will include an
initial estimate of aggregate losses for the
Program Year, the amount of the insurer deductible
and an estimate of the Federal share of
compensation for the insurer's aggregate insured
losses. In the case of an affiliated group of
insurers, the form for the Initial Notice of
Insured Loss will include the name and address of
a single designated insurer within the affiliated
group that will serve as the single point of
contact for the purpose of providing loss and
compliance certifications as required in § 50.53
and for receiving, disbursing, and distributing
payments of the Federal share of compensation in
accordance with § 50.54. An insurer, at its
option, may elect to include with its Initial
Notice of Insured Loss the certification of direct
earned premium required by § 50.53(b)(3).