627.915 Insurer experience reporting.
627.915 Insurer experience reporting.
(1) Each insurer transacting private passenger automobile insurance in this state shall report certain information annually to the office. The information will be due on or before July 1 of each year. The information shall be divided into the following categories: bodily injury liability; property damage liability; uninsured motorist; personal injury protection benefits; medical payments; comprehensive and collision. The information given shall be on direct insurance writings in the state alone and shall represent total limits data. The information set forth in paragraphs (a)-(f) is applicable to voluntary private passenger and Joint Underwriting Association private passenger writings and shall be reported for each of the latest 3 calendar-accident years, with an evaluation date of March 31 of the current year. The information set forth in paragraphs (g)-(j) is applicable to voluntary private passenger writings and shall be reported on a calendar-accident year basis ultimately seven times at seven different stages of development.
(a) Premiums earned for the latest 3 calendar-accident years.
(b) Loss development factors and the historic development of those factors.
(c) Policyholder dividends incurred.
(d) Expenses for other acquisition and general expense.
(e) Expenses for agents’ commissions and taxes, licenses, and fees.
(f) Profit and contingency factors as utilized in the insurer’s automobile rate filings for the applicable years.
(g) Losses paid.
(h) Losses unpaid.
(i) Loss adjustment expenses paid.
(j) Loss adjustment expenses unpaid.
(2) Each insurer transacting fire, homeowner’s multiple peril, commercial multiple peril, medical malpractice, products liability, workers’ compensation, private passenger automobile liability, commercial automobile liability, private passenger automobile physical damage, commercial automobile physical damage, officers’ and directors’ liability insurance, or other liability insurance shall report, for each such line of insurance, the information specified in this subsection to the office. The information shall be reported for direct Florida business only and shall be reported on a calendar-year basis annually by April 1 for the preceding calendar year:
(a) Direct premiums written.
(b) Direct premiums earned.
(c) Loss reserves for all known claims:
1. At beginning of the year.
2. At end of the year.
(d) Reserves for losses incurred but not reported:
1. At beginning of the year.
2. At end of the year.
(e) Allocated loss adjustment expense:
1. Reserve at beginning of the year.
2. Reserve at end of the year.
3. Paid during the year.
(f) Unallocated loss adjustment expense:
1. Reserve at beginning of the year.
2. Reserve at end of the year.
3. Paid during the year.
(g) Direct losses paid.
(h) Underwriting income or loss.
(i) Commissions and brokerage fees.
(j) Taxes, licenses, and fees.
(k) Other acquisition costs.
(l) General expenses.
(m) Policyholder dividends.
(n) Net investment gain or loss and other income gain or loss allocated pro rata by earned premium to Florida business utilizing the investment allocation formula contained in the National Association of Insurance Commissioner’s Profitability Report by line by state.
(3) There shall be no liability on the part of, and no cause of action of any nature shall arise against, any insurer reporting hereunder or its agents or employees or the office or its employees for any action taken by them pursuant to this section unless such action otherwise constitutes a violation of this code.
(4) The office shall provide a summary of information provided pursuant to subsections (1) and (2) in its annual report.
(5) Any insurer or insurer group which does not write at least 0.5 percent of the Florida market based on premiums written shall not have to file any report required by subsection (2) other than a report indicating its percentage of the market share. That percentage shall be calculated by dividing the current premiums written by the preceding year’s total premiums written in the state for that line of insurance.
History. ss. 622, 809(2nd), ch. 82-243; ss. 71, 79, ch. 82-386; s. 121, ch. 83-216; s. 18, ch. 85-245; s. 2, ch. 86-140; s. 10, ch. 87-245; s. 18, ch. 90-119; s. 114, ch. 92-318; s. 1231, ch. 2003-261.