Vol. 19 | August 2015 |
New Excess Reporting Option |
|
NISS is very excited to announce a new option for reporting loss data which will eliminate the need for a separate Excess submission. An Excess Loss is any Bodily Injury, Property Damage, Uninsured Motorist, or Underinsured Motorist Paid and/or Outstanding Loss where the total amount of the Loss is greater than the individual state financial responsibility limits. When this occurs, the Total Limits Incurred Losses and Expenses must be reported separately, for each claimant.
The alternative reporting option will be available for all lines in which an Excess submission is currently required, including Voluntary Auto, Assigned Risk Auto, General Liability, and Medical Professional Liability. In order to take advantage of this opportunity, you will need to:
- Submit a one-time Final Submission of Excess
- Begin including claim and claimant numbers in your data submission
More information will be forthcoming in a Bulletin in the coming weeks. If you are interested in helping NISS test this new option, please let us know. As we continue to make the reporting process as simple as possible for our member companies, we know your company will benefit from this new option!
|
Financial Reconciliation Call |
|
Certain companies are required to send NISS the Financial Reconciliation Call because the Statistical Data Monitoring System requires the reconciliation of private passenger written premiums, paid losses, and unpaid losses between Statutory Page 14 of the Annual Statement and statistically reported data. A separate reconciliation is required for each of the states for which private passenger automobile data is reported to a statistical agent.
In the past, companies have been required to send a reconciliation sheet for each state. In order to simplify this process, next year we will offer our member companies the option to send one file of data records instead of sending in each state separately. We will then process the Financial Reconciliation data records and produce the reports here at NISS.
We hope our member companies that currently send the Financial Reconciliation Call will find this new option easier, as we strive to keep reporting as easy as possible.
|
|
Where We’re Going and Where We’ve Been |
- In April, NISS attended the Insurance Data Management Association (IDMA) annual conference in Philadelphia, Pennsylvania
- In June, NISS attended the Insurance Accounting & Systems Association’s (IASA) Annual Conference in Las Vegas, Nevada
- In September, NISS will host booth #335 at the NAMIC Convention in San Diego, California
- In October, NISS will attend the Association of Insurance Compliance Professionals (AICP) Annual Conference in New Orleans, Louisiana
- NISS will be attending the NAIC meetings throughout the year
|
|
Did You Know? |
|
 NISS sends 8,884 annual compliance reports on behalf of our member companies.
|
|
|
About Us |
|
NISS is a unique resource for the property/casualty insurance industry. We collect and report timely, quality insurance data and perform other related functions at a reasonable cost.
For more information, please visit www.niss-stat.org.
|
|
2015 Upcoming Due Dates
For a list of upcoming due dates, please click here.
|
|
2015 Upcoming Meetings
Board Meeting & NISS Annual Meeting
Indianapolis, IN
September 21, 2015
Technical Advisory Committee Meeting
Indianapolis, IN
October 27, 2015
Executive Committee Meeting
Atlanta, GA
November 16, 2015
Board Meeting
Teleconference
December 14, 2015
|
|
Stat Brain Teaser
A man is pushing his car when he comes to a hotel. He shouts, "I'm bankrupt!" Why?
Please email your answers to NISSNews@niss-stat.org. A person will be randomly drawn from the first ten correct answers, and that person will win a $10 gift card from Amazon.com!
|
|
Congratulations to Cheryl Luidhardt who won the $10 Amazon Gift Card in the last drawing for answering the Brain Teaser correctly!
For the question and answer from the last brain teaser, please view the NISS News section here.
|
|
