W. Va. Code R. § 114-23-7

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-23-7 - Severability

7.1. Severability. If any provision of this legislative rule is held invalid, the remainder of the rule shall not be affected thereby.

Exhibit A

Annual Loss Experience and Loss Expense Reporting Form

(Note: Attach Additional Sheets For Answers When Necessary)

1. Company Name:________________________________________________

If part of a group, specify group name:

__________________

2. Coverage Classification::__________________________________________

3. Provide, on a West Virginia basis and on a countrywide basis, the following information by twelve-month accident year for the preceding ninety-six months:

a. paid losses;

b. accumulated paid losses;

c. paid loss adjustment expenses; and,

d. incurred but not reported losses.

4. Provide, on a West Virginia basis and on a countrywide basis, the calculation of loss development factors by twelve-month accident year for the preceding ninety-six months for the following:

a. paid losses;

b. accumulated paid losses;

c. paid loss adjustment expenses; and,

d. incurred but not reported losses.

5. Provide, on a West Virginia basis and a countrywide basis, the ratio of accumulated paid losses to earned premiums by twelve-month accident year for the preceding ninety-six months.

6. Provide, on a West Virginia basis and a countrywide basis, the number of policies in force and the paid losses per policy by twelve-month accident year for the preceding ninety-six months.

7. Provide a comparison of allocated West Virginia operating expenses and actual West Virginia operating expenses by twelve-month accident year for the preceding ninety-six months.

8. Provide, on a West Virginia basis and on a countrywide basis, a linear trend analysis which shows the indicated projected trended development factors for paid losses, accumulated paid loss, paid loss adjustment expenses and incurred but not reported losses. Provide the R squared results of the linear models.

9. Provide the methodology by which the credibility of West Virginia data in relationship to countrywide data is weighted in calculating an indicated percentage of premium rate increase by twelve-month accident year for the preceding ninety-six months. Provide formulas used in the methodology and a narrative explanation and justification of use of the particular methodology.

10. Provide the following information with regard to actual expenses:

a. Actual paid claims by policy type by year (please separate underlying tort payments from bad faith, unfair claims practices and other extra contractual payments).

b. Actual legal fees by policy type by year.

c. Actual administrative costs paid by policy type by year.

11. Provide audited financial statements inclusive of income statements and balance sheets, statements of cash flow and footnotes to financials.

The above information is correct to the best of my knowledge and belief.

________

Name (type or print)

________

Title

____________________________

Address

________

Telephone Number

________

Signature

W. Va. Code R. § 114-23-7