379.895. Annual report by commercial casualty insurance companies--form--content of report--exceptions. - Missouri Statutes

Annual report by commercial casualty insurancecompanies--form--content of report--exceptions.

379.895. 1. Every insurance company doing commercialcasualty business in this state shall annually on or before Marchfirst report its closed claims experience for the previouscalendar year to the director on a form prescribed by thedirector. The form shall include data as required by thedirector for profitability by line and such other data as thedirector may prescribe. The information to be included on suchreport shall also include the following:

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

(a) In the event a claim is paid pursuant to a verdict beingrendered by a court, the insurer shall report the number ofclaims in which the insurer paid:

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

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

(b) In the event a claim is being paid pursuant to a verdictbeing rendered by a court assessing punitive damages the insurershall 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 withoutpayment by year incurred for each commercial liability class orline, and the dollar amount reserved for such claims.

2. The annual report required by this section shall notinclude information which is reported to the director pursuant tosection 374.415, RSMo, or pursuant to a report required by anyprovision of chapter 383, RSMo.

(L. 1987 H.B. 700 § 32)

Effective 7-1-87