Section 379.895

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 01 Jul 1987, see footnote   

  379.895.  Annual report by commercial casualty insurance companies — form — content of report — exceptions. — 1.  Every insurance company doing commercial casualty business in this state shall annually on or before March first report its closed claims experience for the previous calendar year to the director on a form prescribed by the director.  The form shall include data as required by the director for profitability by line and such other data as the director may prescribe.  The information to be included on such report shall also include the following:

  (1)  Number and dollar amount of claims closed with payment by year incurred for each commercial liability class or line, and the dollar amount reserved for such claims:

  (a)  In the event a claim is paid pursuant to a verdict being rendered by a court, the insurer shall report the number of claims in which the insurer paid:

  a.  More than three hundred thousand dollars in noneconomic damages to one person or entity; and

  b.  More than five hundred thousand dollars in noneconomic damages to a person or entity;

  (b)  In the event a claim is being paid pursuant to a verdict being rendered by a court assessing punitive damages the insurer shall report the number of claims in which the insured paid:

  a.  More than three hundred thousand dollars; and

  b.  More than five hundred thousand dollars;

  (2)  Number and dollar amount of claims closed without payment by year incurred for each commercial liability class or line, and the dollar amount reserved for such claims.

  2.  The annual report required by this section shall not include information which is reported to the director pursuant to section 374.415 or pursuant to a report required by any provision of chapter 383.

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(L. 1987 H.B. 700 § 32)

Effective 7-01-87