374.415. Product liability insurance reports required--when--contents.

MISSOURI STATUTES AND CODES

374.415. Product liability insurance reports required--when--contents.

Product liability insurance reports required--when--contents.

374.415. 1. As used in sections 374.400 to 374.425, "product liabilityinsurance" or "product liability policy" means:

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

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

(3) Any other insurance policy designated by the director of thedepartment of insurance, financial institutions and professional registrationas providing product liability insurance.

2. Every insurer authorized to transact business in this state andproviding product liability insurance shall, if asked by the department ofinsurance, financial institutions and professional registration, on the firstday of January of each year in which said insurer actually provides productliability insurance in Missouri or within sixty days thereafter, file with thedirector of the department of insurance, financial institutions andprofessional registration a report containing the information hereinafterspecified; provided, however, insurers are not required to report productliability information pursuant to sections 374.400 to 374.425 for businessincidental to the operation of affiliated companies or organizations. Suchreport may be made upon forms provided by the director of the department ofinsurance, financial institutions and professional registration and shallrequest the following information:

(1) The name of the insurance company;

(2) The name of all other companies associated with the companysubmitting the report, as either a holding company, parent, wholly ownedsubsidiary, 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 productliability insurance;

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

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

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

(8) The amounts shown in answer to subdivision (6) which includepremises and operations insurance or any other insurance delivered as part ofa package which cannot be considered exclusively product liability insuranceand the amounts which are nonproduct liability insurance. Such amounts shallbe listed separately for amounts relating to experience in all states andamount relating to experience in Missouri only;

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

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

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

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

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

3. In addition, each company may be required to report to the directorof the department of insurance, financial institutions and professionalregistration for the year next preceding the filing of each annual report,beginning with the annual report for 1978, any claim or action for damages forpersonal injury, death or property damage claimed to have been by reason of adefect 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 theinsured.

Every insurer authorized to transact business in this state shall be subjectto the provisions of this section in regard to claims against policies issuedto Missouri insureds, regardless of the jurisdiction under which these claimswere adjudicated, settled or otherwise disposed of. Every insurer authorizedto transact business in this state shall be subject to the provisions of thissection in regard to claims adjudicated, settled or disposition made pursuantto 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 orother 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 partiesinvolved in the distributions of such judgment or settlement and the amountreceived 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 precedingthe filing of each annual report, each company may be required to provide thefollowing 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.