Ala. Admin. Code r. 482-1-009-.06

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-009-.06 - Annual Statistical Reports

(1) Every industrial fire insurer shall file annually on or before July 1 with this Department a statistical report showing a classification schedule of its premiums and losses covering the preceding year's industrial fire business in Alabama

(2) Written premiums and paid losses, by protection classification and by policy items shown separately for dwellings and for contents as follows

Sub-Code Written Premiums Paid Losses Amount of Policy Item

1 Up to $2,500

2 $2,501 to $5,000

3 $5,001 to $10,000

4 $10,001 to $15,000

5 $15,001 to $20,000

6 $20,001 to $40,000

(3) Separate statistics are to be reported for (a) fire and lightning, (b) extended coverage, and (c) all additional coverages the company may be authorized to write under an approved industrial fire rating system. Each insurer is urged to maintain adequate statistics in additional form to be used in the future to support a continuation of its rating plan or such modification as experience might indicate to be necessary.

(4) An insurer may apply to the Department for exceptions to the statistical plan provided it can show that its method of operation is not compatible to the policy item amounts and such exceptions will not reduce the credibility of such company's statistical data.

Author: John Davis, Associate Counsel

Ala. Admin. Code r. 482-1-009-.06

New Rule: August 1, 1957; effective August 1, 1957. Amended: December 31, 1971; effective January 10, 1972. Amended: February 18, 1977. Amended: February 18, 1977; effective February 28, 1977. Amended: March 10, 1982; effective May 1, 1982. Amended: December 4, 1985; effective December 16, 1985. Amended: January 16, 2003; effective January 26, 2003. Filed with LRS January 16, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-13-28.