State Codes and Statutes
Statutes > Wisconsin > 601 > 601.422601.422
601.422 Commercial liability insurance reports.601.422(1)
(1) Requirement. Each insurer authorized to write commercial liability insurance shall file an annual commercial liability insurance report complying with this section with the commissioner on or before May 1 of each year.601.422(2)
(2) Contents. The report filed under sub. (1) shall contain the name of the insurer and all of the following information, for each category or type of commercial liability insurance designated by the commissioner by rule and offered by the insurer, for policies covering insureds located in this state for each group of policies with effective dates within a particular calendar year:601.422(2)(a)
(a) The total dollar amount of premiums written and earned for primary coverage and for excess coverage.601.422(2)(b)
(b) The number of policies written.601.422(2)(c)
(c) The amount of reserves established for each of the following:601.422(2)(c)1.
1. Reported claims.601.422(2)(c)2.
2. Incurred but not reported claims.601.422(2)(c)3.
3. Loss adjustment expenses.601.422(2)(d)
(d) Reported paid losses.601.422(2)(e)
(e) Net investment gain or loss and other income gain or loss allocated to each category or type, computed by the formula used in the annual insurance expenses exhibit for allocation among lines of business.601.422(2)(f)
(f) The actual expenses attributable to each category or type, reported separately as loss adjustment expenses and all other expenses.601.422(2)(g)
(g) Total number of claims reported.601.422(2)(h)
(h) Total number of claims closed without payment.601.422(2)(i)
(i) Total number of claims paid.601.422(2)(j)
(j) Total number of legal actions filed.601.422(3)
(3) Other insurance excluded. If commercial liability insurance coverage includes any insurance other than commercial liability insurance delivered as a part of a package with commercial liability insurance, only information relating to the commercial liability insurance portion of the coverage shall be included in the report filed under sub. (1).601.422(4)
(4) Period of report. The report filed under sub. (1) shall provide all required information updated as of the last day of the calendar year preceding the year in which the report is filed. The report shall include required information for policies with effective dates within calendar years beginning with calendar year 1988 and ending with the calendar year preceding the year in which the report is filed. Effective with filings in 1999, the report shall exclude required information for policies with effective dates within any calendar year commencing more than 10 years prior to January 1 of the year in which the report is filed.601.422(5)
(5) Summary. The commissioner shall provide a summary of the information contained in the 2 most recent filings of reports under sub. (1) in the biennial report to the governor and the legislature under s. 15.04 (1) (d).601.422(6)
(6) Rules, adjustments and exclusions. The commissioner may, by rule, establish the form of the report filed under sub. (1), including the manner of reporting the elements of the report. The commissioner may, by rule, require reports to include information in addition to that specified in this section. The commissioner may adjust the reporting requirements for any insurer for which the requirements of this section are burdensome. The commissioner may determine that no report need be filed if the commercial liability insurance issued by an insurer is of such a small amount that its reporting would be burdensome to the insurer or would be of no statistical significance.601.422(7)
(7) No liability or cause of action. There shall be no liability on the part of and no cause of action shall arise against an insurer or an insurer's agents or employees for reporting in good faith under this section, or against the commissioner or employees of the office for any good faith act or omission under this section.601.422 - ANNOT.
History: 1987 a. 27.