Ill. Admin. Code tit. 50, § 2903.40 - Reporting

Current through Register Vol. 46, No. 15, April 8, 2022

Every insurer who is a member or subscriber of the designated statistical agent shall record and report its premium, loss and expense experience to the agent in accordance with the statistical reporting plan developed by the agent and approved by the Director of Insurance. Insurance companies that are not a member or subscriber of the designated statistical agent must record and report their premium, loss and expense experience to the Director of Insurance in accordance with a filed statistical reporting plan. On an annual basis, the designated statistical agent shall compile such statistics in a format approved by the Director of Insurance and submit such compilation to the Department of Insurance. A format for the compilation of such statistics will be approved by the Director if it provides a complete summary (which includes but is not limited to direct premiums written, direct premiums earned, losses paid, losses incurred, loss reserves, and all expenses including loss adjustment - both allocated and unallocated) of all data collected under the statistical reporting plans and meets the confidentiality requirements of Sections 466(1) of the Illinois Insurance Code.

Notes

Ill. Admin. Code tit. 50, § 2903.40

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