A. The commissioner of insurance shall promulgate rules and regulations which shall require each insurer licensed to write workers' compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner shall designate one or more rate service organizations to gather and compile such experience and data.
B. The commissioner of insurance shall also promulgate rules and regulations which require each insurer licensed to write longshoremen and harbor worker's compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner may designate one or more rate service organizations to gather and compile such experience and data.
C. The supplemental reports required by Subsections (A) and (B) of this Section shall include the following data for the previous year ending on the thirty-first day of December:
(1) Direct premiums written.
(2) Direct premiums earned.
(3) Net investment income, including net realized capital gains and losses, using appropriate estimates where necessary.
(4) Incurred claims developed as the sum of, and with figures provided for, the following:
(a) Dollar amount of claims closed with payment, plus
(b) Reserves for reported claims at the end of the current year, minus
(c) Reserves for reported claims at the end of the previous year, plus
(d) Reserves for incurred but not reported claims at the end of the current year, minus
(e) Reserves for incurred but not reported claims at the end of the previous year, plus
(f) Dollar amounts of payments for loss of adjustment expense, plus
(g) Reserves for loss adjustment expense at the end of the current year, minus
(h) Reserves for loss adjustment expense at the end of the previous year.
(5) Incurred expenses, actual when possible and estimated otherwise, allocated separately to commissions, other acquisition costs, general expenses, licenses and fees, and all other expenses.
(6) Net underwriting gain or loss.
(7) Net operation gain or loss, including net investment income.
(8) Any other related information requested by the commissioner.
D. For the first year only in which the insurer shall be required to file this supplemental report, the data required by Paragraphs (1) through (7) of Subsection (C) of this Section shall include the previous calendar year and each of the preceding four calendar years.
E. The commissioner of insurance shall annually compile and review all reports submitted by insurers pursuant to this Section for the purpose of facilitating the determination of the appropriateness of premium rates for worker's compensation insurance in this state and for longshoremen's and harbor worker's compensation insurance in this state. The commissioner's findings and the filings shall be published and made available to any interested insured or citizen and shall be retained by the commissioner for a period of not less than ten years.
F. All rules and regulations shall be promulgated in accordance with the Administrative Procedure Act.
Added by Acts 1983, 1st Ex. Sess., No. 1, §2, eff. July 1, 1983; Acts 2007, No. 459, §4, eff. Jan. 1, 2008; Redesignated from R.S. 22:1423 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
A. The commissioner of insurance shall promulgate rules and regulations which shall require each insurer licensed to write workers' compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner shall designate one or more rate service organizations to gather and compile such experience and data.
B. The commissioner of insurance shall also promulgate rules and regulations which require each insurer licensed to write longshoremen and harbor worker's compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner may designate one or more rate service organizations to gather and compile such experience and data.
C. The supplemental reports required by Subsections (A) and (B) of this Section shall include the following data for the previous year ending on the thirty-first day of December:
(1) Direct premiums written.
(2) Direct premiums earned.
(3) Net investment income, including net realized capital gains and losses, using appropriate estimates where necessary.
(4) Incurred claims developed as the sum of, and with figures provided for, the following:
(a) Dollar amount of claims closed with payment, plus
(b) Reserves for reported claims at the end of the current year, minus
(c) Reserves for reported claims at the end of the previous year, plus
(d) Reserves for incurred but not reported claims at the end of the current year, minus
(e) Reserves for incurred but not reported claims at the end of the previous year, plus
(f) Dollar amounts of payments for loss of adjustment expense, plus
(g) Reserves for loss adjustment expense at the end of the current year, minus
(h) Reserves for loss adjustment expense at the end of the previous year.
(5) Incurred expenses, actual when possible and estimated otherwise, allocated separately to commissions, other acquisition costs, general expenses, licenses and fees, and all other expenses.
(6) Net underwriting gain or loss.
(7) Net operation gain or loss, including net investment income.
(8) Any other related information requested by the commissioner.
D. For the first year only in which the insurer shall be required to file this supplemental report, the data required by Paragraphs (1) through (7) of Subsection (C) of this Section shall include the previous calendar year and each of the preceding four calendar years.
E. The commissioner of insurance shall annually compile and review all reports submitted by insurers pursuant to this Section for the purpose of facilitating the determination of the appropriateness of premium rates for worker's compensation insurance in this state and for longshoremen's and harbor worker's compensation insurance in this state. The commissioner's findings and the filings shall be published and made available to any interested insured or citizen and shall be retained by the commissioner for a period of not less than ten years.
F. All rules and regulations shall be promulgated in accordance with the Administrative Procedure Act.
Added by Acts 1983, 1st Ex. Sess., No. 1, §2, eff. July 1, 1983; Acts 2007, No. 459, §4, eff. Jan. 1, 2008; Redesignated from R.S. 22:1423 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
A. The commissioner of insurance shall promulgate rules and regulations which shall require each insurer licensed to write workers' compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner shall designate one or more rate service organizations to gather and compile such experience and data.
B. The commissioner of insurance shall also promulgate rules and regulations which require each insurer licensed to write longshoremen and harbor worker's compensation insurance in this state, as a supplement to Schedule T of its annual statement, to submit a report by May first of each year showing its direct writings in this state. The commissioner shall furnish the form. The commissioner may designate one or more rate service organizations to gather and compile such experience and data.
C. The supplemental reports required by Subsections (A) and (B) of this Section shall include the following data for the previous year ending on the thirty-first day of December:
(1) Direct premiums written.
(2) Direct premiums earned.
(3) Net investment income, including net realized capital gains and losses, using appropriate estimates where necessary.
(4) Incurred claims developed as the sum of, and with figures provided for, the following:
(a) Dollar amount of claims closed with payment, plus
(b) Reserves for reported claims at the end of the current year, minus
(c) Reserves for reported claims at the end of the previous year, plus
(d) Reserves for incurred but not reported claims at the end of the current year, minus
(e) Reserves for incurred but not reported claims at the end of the previous year, plus
(f) Dollar amounts of payments for loss of adjustment expense, plus
(g) Reserves for loss adjustment expense at the end of the current year, minus
(h) Reserves for loss adjustment expense at the end of the previous year.
(5) Incurred expenses, actual when possible and estimated otherwise, allocated separately to commissions, other acquisition costs, general expenses, licenses and fees, and all other expenses.
(6) Net underwriting gain or loss.
(7) Net operation gain or loss, including net investment income.
(8) Any other related information requested by the commissioner.
D. For the first year only in which the insurer shall be required to file this supplemental report, the data required by Paragraphs (1) through (7) of Subsection (C) of this Section shall include the previous calendar year and each of the preceding four calendar years.
E. The commissioner of insurance shall annually compile and review all reports submitted by insurers pursuant to this Section for the purpose of facilitating the determination of the appropriateness of premium rates for worker's compensation insurance in this state and for longshoremen's and harbor worker's compensation insurance in this state. The commissioner's findings and the filings shall be published and made available to any interested insured or citizen and shall be retained by the commissioner for a period of not less than ten years.
F. All rules and regulations shall be promulgated in accordance with the Administrative Procedure Act.
Added by Acts 1983, 1st Ex. Sess., No. 1, §2, eff. July 1, 1983; Acts 2007, No. 459, §4, eff. Jan. 1, 2008; Redesignated from R.S. 22:1423 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
