Current through Register Vol. 54, No. 45, November 9, 2024
Section 118.2 - Reporting and data collection requirementsFor loss reserves established by insurance companies under sections 312-316 of the act (40 P. S. §§ 111-115), a company is permitted to discount the medical malpractice reserves to their present value if the company complies with the following requirements. The insurance company shall:
(1) File an annual actuarial certification of its medical malpractice loss reserves and loss adjustment expense reserves with the Department simultaneously with the filing of the company's annual statement.(2) Provide a written notice to the Department stating its intent to maintain separate data regarding the company's loss payment patterns for allocated loss adjustment expenses and losses. This data shall be regularly compiled and submitted to the Department upon request.(3) Comply with existing annual statement instructions for reporting loss and loss adjustment expense reserves including completion of supplemental Schedule P, Part 4C of the annual statement.(4) File with its annual statement a description of the underlying assumptions for the calculation of the discount to present value of its loss reserves and allocated loss adjustment expense reserves.The provisions of this §118.2 amended June 15, 2001, effective 6/16/2001, 31 Pa.B. 3191.