Section 1303.745 - Actuarial data(a) Initial study.--The following shall apply: (1) No later than April 1, 2005, each insurer providing medical professional liability insurance in this Commonwealth shall file loss data as required by the commissioner. For failure to comply, the commissioner shall impose an administrative penalty of $1,000 for every day that this data is not provided in accordance with this paragraph.(2) By July 1, 2005, the commissioner shall conduct a study regarding the availability of additional basic insurance coverage capacity. The study shall include an estimate of the total change in medical professional liability insurance loss-cost resulting from implementation of this act prepared by an independent actuary. The fee for the independent actuary shall be borne by the fund. In developing the estimate, the independent actuary shall consider all of the following: (i) The most recent accident year and ratemaking data available.(ii) Any other relevant factors within or outside this Commonwealth in accordance with sound actuarial principles.(b) Additional study.--The following shall apply:(1) Three years following the increase of the basic insurance coverage requirement in accordance with section 711(d)(3) , each insurer providing medical professional liability insurance in this Commonwealth shall file loss data with the commissioner upon request. For failure to comply, the commissioner shall impose an administrative penalty of $1,000 for every day that this data is not provided in accordance with this paragraph.(2) Three months following the request made under paragraph (1), the commissioner shall conduct a study regarding the availability of additional basic insurance coverage capacity. The study shall include an estimate of the total change in medical professional liability insurance loss-cost resulting from implementation of this act prepared by an independent actuary. The fee for the independent actuary shall be borne by the fund. In developing the estimate, the independent actuary shall consider all of the following:(i) The most recent accident year and ratemaking data available.(ii) Any other relevant factors within or outside this Commonwealth in accordance with sound actuarial principles. 2002, March 20, P.L. 154, No. 13, § 745, imd. effective.