Section 374.415

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 374

Effective - 26 Jun 1991, see footnote   

  374.415.  Product liability insurance reports required — when — contents. — 1.  As used in sections 374.400 to 374.425, "product liability insurance" or "product liability policy" means:

  (1)  Any policy of insurance insuring only the insured's legal obligation arising from the product liability exposure of the insured;

  (2)  Any other policy of liability insurance in which the premium computation includes a specific premium charge for product liability exposures of the insured; and

  (3)  Any other insurance policy designated by the director of the department of commerce and insurance as providing product liability insurance.

  2.  Every insurer authorized to transact business in this state and providing product liability insurance shall, if asked by the department of commerce and insurance, on the first day of January of each year in which said insurer actually provides product liability insurance in Missouri or within sixty days thereafter, file with the director of the department of commerce and insurance a report containing the information hereinafter specified; provided, however, insurers are not required to report product liability information pursuant to sections 374.400 to 374.425 for business incidental to the operation of affiliated companies or organizations.  Such report may be made upon forms provided by the director of the department of commerce and insurance and shall request the following information

  (1)  The name of the insurance company;

  (2)  The name of all other companies associated with the company submitting the report, as either a holding company, parent, wholly owned subsidiary, division, or through interlocking directorates;

  (3)  All the lines of insurance a company offers in all states;

  (4)  The states in which the company has been admitted for product liability insurance;

  (5)  The total premium dollar amount collected for all lines of insurance in Missouri and in all states in each of the five calendar years next preceding the initial report or in the year next preceding the filing of each annual report thereafter;

  (6)  The dollar amount collected each year in product liability premiums in Missouri and in all states beginning with calendar year 1978;

  (7)  The amount in dollars of product liability premiums for primary coverage and for excess coverage in Missouri and in all states;

  (8)  The amounts shown in answer to subdivision (6) which include premises and operations insurance or any other insurance delivered as part of a package which cannot be considered exclusively product liability insurance and the amounts which are nonproduct liability insurance.  Such amounts shall be listed separately for amounts relating to experience in all states and amount relating to experience in Missouri only;

  (9)  Whether or not the company sets reserves for product liability claims filed;

  (10)  Whether or not the company sets reserves for product liability claims for losses which have been incurred but not reported;

  (11)  All reserves established in connection with the company's product liability line;

  (12)  How dollars reserved are treated in each of the categories listed in subdivisions (9), (10), and (11) for federal income tax purposes;

  (13)  The value of the securities held in the company's investment portfolio as of December thirty-first of the year next preceding the filing of each annual report.

  3.  In addition, each company may be required to report to the director of the department of commerce and insurance for the year next preceding the filing of each annual report, beginning with the annual report for 1978, any claim or action for damages for personal injury, death or property damage claimed to have been by reason of a defect in such insured's product, if the claim resulted in:

  (1)  A final judgment in any amount;

  (2)  A settlement in any amount; or

  (3)  A final disposition not resulting in payment on behalf of the insured.

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Every insurer authorized to transact business in this state shall be subject to the provisions of this section in regard to claims against policies issued to Missouri insureds, regardless of the jurisdiction under which these claims were adjudicated, settled or otherwise disposed of.  Every insurer authorized to transact business in this state shall be subject to the provisions of this section in regard to claims adjudicated, settled or disposition made pursuant to the laws of this state regardless of the domicile of the insured.

  4.  The reports required by subsection 3 of this section may contain:

  (1)  The city and state of the insured;

  (2)  Type of product;

  (3)  Rating classification code of product liability coverage;

  (4)  Date of occurrence which created the claim, including the state or other jurisdiction under whose jurisdiction the claim was adjudicated, settled, or disposition made;

  (5)  Date of suit if filed;

  (6)  Date and amount of judgment or settlement, if any, and the parties involved in the distributions of such judgment or settlement and the amount received by any such party;

  (7)  Date and reason for final disposition if no judgment or settlement;

  (8)  A summary of the occurrence which created the claim;

  (9)  Total number of claims;

  (10)  Total claims closed without payment;

  (11)  Total claims closed with payment;

  (12)  Total amount of payments;

  (13)  Total number of suits filed;

  (14)  Total number of verdicts or judgments for defendants;

  (15)  Total number of verdicts or judgments for plaintiffs;

  (16)  Total amount for plaintiffs; and

  (17)  Such other information as the director may require.

  5.  With respect to amounts paid in claims for the year next preceding the filing of each annual report, each company may be required to provide the following information:

  (1)  Total amounts reserved with respect to those claims;

  (2)  The year in which the reserves were set; and

  (3)  The amounts set in each year.

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(L. 1978 H.B. 1302 § 4, A.L. 1991 H.B. 575)

Effective 6-26-91