MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO AMEND SECTION 83-2-19, MISSISSIPPI CODE OF 1972, TO REMOVE THE DUTY OF THE COMMISSIONER OF INSURANCE TO COMPILE AND PUBLISH CERTAIN LOSS EXPERIENCE DATA REPORTS SUBMITTED BY INSURERS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 83-2-19, Mississippi Code of 1972, is amended as follows:

83-2-19. (1) The commissioner shall require each insurer licensed to write property or casualty insurance in this state to record and report its loss and expense experience and other data and to submit a report, on a form furnished by the commissioner, showing its direct writings in this state and the United States, unless an insurer, for good causes submitted in writing to the commissioner and approved by the commissioner, shall be exempted for any given year.

(2) Such report required by subsection (1) of this section shall include, but not be limited to, the following types of insurance written by such insurer:

(a) Motor vehicle bodily injury liability insurance;

(b) Products liability insurance;

(c) Medical malpractice insurance;

(d) Attorneys' malpractice insurance;

(e) Architects and engineers malpractice insurance;

(f) Motor vehicle property liability insurance;

(g) Motor vehicle medical payment insurance;

(h) Uninsured motorist insurance; and

(i) Underinsured motorist insurance.

(3) Such report shall include the following data by the type of insurance for the previous year ending on December 31:

(a) Direct premiums written;

(b) Direct premiums earned;

(c) Net investment income, including net realized capital gains and losses, using appropriate estimates where necessary;

(d) Incurred claims, developed as the sum of the following:

(i) Dollar amount of claims closed with payment; plus

(ii) Reserves for reported claims at the end of the current year; minus

(iii) Reserves for reported claims at the end of the previous year; plus

(iv) Reserves for incurred but not reported claims at the end of the current year; minus

(v) Reserves for incurred but not reported claims at the end of the previous year; plus

(vi) Reserves for loss adjustment expense at the end of the current year; minus

(vii) Reserves for loss adjustment expense at the end of the previous year;

(e) Actual incurred expenses allocated separately to loss adjustment, commissions, other acquisition costs, advertising, general office expenses, taxes, licenses and fees, and all other expenses;

(f) Net underwriting gain or loss;

(g) Net operation gain or loss, including net investment income;

(h) The number and dollar amount of claims closed with payment, by year incurred, and the amount reserved for them;

(i) The number of claims closed without payment and the dollar amount reserved for those claims; and

(j) Any other information requested by the commissioner.

(4) The first year only in which the insurer is required to file this supplemental report, the data required by subsection (3)(a) through (g) of this section shall include the previous calendar year.

(5) An insurer shall not be required to record or report its experience on a classification basis inconsistent with its own rating system; provided, however, that for Workers' Compensation Insurance, all insurers shall use the classification system, rates, rules, forms and statistical plan of the rate service organization designated by the commissioner.

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.