31A-19a-309 - Recording and reporting of experience.
31A-19a-309. Recording and reporting of experience.
(1) (a) The commissioner may adopt rules for the development of statistical plans, for useby all insurers in recording and reporting their loss and expense experience, in order that theexperience of those insurers may be made available to the commissioner.
(b) The rules provided for in Subsection (1) may include:
(i) the data that must be reported by an insurer;
(ii) definitions of data elements;
(iii) the timing and frequency of data reporting by an insurer;
(iv) data quality standards;
(v) data edit and audit requirements;
(vi) data retention requirements;
(vii) reports to be generated; and
(viii) the timing of reports to be generated.
(c) Except for workers' compensation insurance under Section 31A-19a-404, an insurermay not be required to record or report its experience on a classification basis that is inconsistentwith its own rating system.
(2) (a) The commissioner may designate one or more rate service organizations to assistthe commissioner in gathering that experience and making compilations of the experience.
(b) The compilations developed under Subsection (2)(a) shall be made available to thepublic.
(3) The commissioner may make rules and plans for the interchange of data necessary forthe application of rating plans.
(4) To further uniform administration of rate regulatory laws, the commissioner and everyinsurer and rate service organization may:
(a) exchange information and experience data with insurance supervisory officials,insurers, and rate service organizations in other states; and
(b) consult with the persons described in Subsection (4)(a) with respect to the applicationof rating systems and the reporting of statistical data.
Renumbered and Amended by Chapter 130, 1999 General Session