Sec. 38a-696. (Formerly Sec. 38-201ii). Annual report of commercial risk insurance writings and experience. Required financial data. Compilation by commissioner.
Sec. 38a-696. (Formerly Sec. 38-201ii). Annual report of commercial risk insurance writings and experience. Required financial data. Compilation by commissioner. (a) For purposes of this section:
(1) "Company" means an individual company, not part of a company group, licensed to write property or casualty insurance in the state of Connecticut. It does not
include surplus lines companies; and
(2) "Company group" means a group of commonly owned companies, or companies
under common management and control, that are licensed to write property or casualty
insurance in the state of Connecticut. It does not include surplus lines companies.
(b) Annually, on or before June first, each company or company group writing
commercial risk insurance in this state shall submit to the Insurance Commissioner, in
a form required by the commissioner, a report showing its commercial risk insurance
writings and experience for the preceding calendar year in this state and country-wide.
Such report shall be based on the coding of business to line and class in accordance with
currently filed and approved accounting rules and statistical plans. Such report shall
consist of the information required by subsection (c) of this section for the following lines
and classes of insurance written by such company or company group: (1) Commercial
automobile insurance, personal injury protection; (2) other commercial automobile insurance liability; (3) product liability insurance; (4) medical malpractice insurance; (5)
other liability insurance as follows: (A) Municipal liability, (B) liquor liability, and (C)
day care center liability; and (6) any other commercial liability line described as such
in the annual statement or any other class of insurance designated by the commissioner.
(c) Reports filed pursuant to subsection (b) of this section shall include the following
data, both specific to the state and country-wide, on a calendar year basis by the type
of insurance for the previous calendar year ending on the thirty-first day of December
next preceding. Such data includes: (1) Direct premiums written; (2) direct premiums
earned; (3) incurred loss and loss adjustment expense; (4) incurred expenses; and (5)
policyholder dividends. For purposes of this subsection, estimates may be used where
credible data are unavailable.
(d) The report may be submitted to the commissioner by a licensed rating or advisory
organization on behalf of the insurer or insurer group.
(e) The Insurance Commissioner shall annually compile and summarize all reports
submitted to the commissioner pursuant to subsection (b) of this section. The commissioner's compilation shall be published and made available to any interested resident
of this state upon written request to the commissioner.
(P.A. 87-515, S. 2, 4; P.A. 93-297, S. 17, 29; P.A. 01-174, S. 2.)
History: Sec. 38-201ii transferred to Sec. 38a-696 in 1991; P.A. 93-297 amended Subsec. (b)(1) to delete the term "no-fault" in description of commercial automobile insurance, effective January 1, 1994, and applicable to acts or omissions
occurring on or after said date; P.A. 01-174 amended Subsec. (b)(6) to reference any other class of insurance designated
by the commissioner and delete "after notice and hearing", amended Subsec. (c)(3) to substitute "loss adjustment expense"
for "loss expense" and to delete Subparas. (A) to (H) re calculation of incurred loss and loss adjustment expense, deleted
multiple criteria in Subsec. (c)(4), deleted Subdivs. (c)(6) to (10), inserted new Subsec. (d) re reports submitted by a licensed
rating or advisory organization, redesignated existing Subsec. (d) as Subsec. (e) and made technical changes, including
changes for purposes of gender neutrality, in Subsecs. (b) and (e).