Heading into the new year, our top priority remains the same - to make the reporting process as simple...

Vol. 49 | February 2023

Filing Preparation Checklist and VE Email Confirmations

Heading into the new year, our top priority remains the same – to make the reporting process as simple and painless as possible for our member companies. With that goal in mind, we have created many tools and resources to help our members. One of those resources is the Filing Preparation Checklist. This is a checklist which details the sequence of general tasks a company should follow each year to ensure all regulatory statistical reporting requirements are met.

Another resource is the VE Confirmation Email. Each year, the first Call due to NISS is the Verification of Experience to be Reported (VE) Call. The purpose of the VE Call is to identify which states and Calls will be filed with NISS during the 2023 Call Year. This is the first step for NISS in the process of establishing controls and ensuring quality data.

A notification is prepared during January and emailed to all member companies containing information and instructions on how to submit the VE. Each company should review the information and submit the VE through the NISS website no later than March 1, 2023.

After we receive your company’s VE, a confirmation email is sent which lists the Calls we expect to receive from your company for the 2023 Call Year. The confirmation email provides a direct link to the webpage where you submit each particular Call during the 2023 Call Year. Since the Calls are listed by due date, many companies use this email as a checklist throughout the year as they submit data to NISS. The confirmation email also lists your company’s NISS Contact for each Call, so if you have any questions or issues, you can easily contact NISS staff to assist you. Your VE confirmation email can also be viewed on the NISS website under the View Correspondence menu item by anyone with an account for your company.

Annual Statement Reconciliation

As many companies are busy preparing their 2023 Annual Statement yellow books, we would like to remind you of the importance of reconciling your NISS data submissions to your Statutory Page 14. Each year, NISS prepares an Annual Statement Balancing Report for each member company and highlights any differences in which the reconciliation tolerance is exceeded. This is critical to ensure we have received all necessary data.

In many cases, differences can simply be explained by sending Reconciliation Worksheets along with your data submissions to let us know in advance of any differences. Your company can also explain Annual Statement differences after receiving the Annual Statement Balancing Report. Whichever way you choose, the balancing process helps make sure data quality standards are met and is an important step in the statistical reporting process.

2023 Upcoming Meetings

Executive Committee Meeting
Video Conference | March 28, 2023

Board Meeting
Indianapolis, IN | April 17-18, 2023

Technical Advisory Committee
Indianapolis, IN | June 13, 2023

Executive Committee Meeting
Video Conference | August 29, 2023

Board Meeting
Indianapolis, IN | September 25, 2023

Technical Advisory Committee
Indianapolis, IN | October 17, 2023

Executive Committee Meeting
Video Conference | November 28, 2023

Board Meeting
Video Conference | December 11, 2023

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.

2023 Upcoming Due Dates

For a list of upcoming due dates, please click here.

Stat Brain Teaser

What number comes next in this sequence?
9 25 49 81, ____

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 $25 gift card from Amazon.com!

Winner of $25 Amazon gift card last quarter: Rose Greig

For the question and answer from the last brain teaser, please view the NISS News section here.

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