31A-19a-309. Recording and reporting of experience.

275 words·~1 min read·/ut/title-31a/chapter-19a/31a-19a-309·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The commissioner may adopt rules for the development of statistical plans, for use by all insurers in recording and reporting their loss and expense experience, in order that the experience of those insurers may be made available to the commissioner.

(b)The rules provided for in Subsection

(1)may include:

(i)the data that shall 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 insurer may not be required to record or report its experience on a classification basis that is inconsistent with its own rating system.

(a)The commissioner may designate one or more rate service organizations to assist the commissioner in gathering that experience and making compilations of the experience.

(b)The compilations developed under Subsection (2)(a) shall be made available to the public.

(3)The commissioner may make rules and plans for the interchange of data necessary for the application of rating plans.

(4)To further uniform administration of rate regulatory laws, the commissioner and every insurer 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 application of rating systems and the reporting of statistical data.

Amended by Chapter 297 , 2011 General Session