69O-149.004. Experience Records

(1) The level of detail and the degree of integrity incorporated in the experience records of the insurer are vital factors in the presentation and review of rate filings. Benefits to policyholders and insurer viability and profitability are significantly impaired with less than excellent record-keeping. The detail necessary to complete the experience on the form, as defined in subparagraph 69O-149.006(3)(b)23., F.A.C., is sufficient for rate filing and review purposes. Any requests for additional information shall be only for such information as is required by sound actuarial principles.

(2) The data required shall be available on a nationwide and on a Florida-only basis.

(3)(a) If an insurer does not have all necessary data, and is unable to reconstruct the data at a reasonable expense, the insurer shall consult with the Office to address the issue of determining compliance with the required loss ratio standards.

(b) If the insurer is able to demonstrate that the missing data will not materially affect the analysis, the missing data shall not be required.

(c) If the missing data would affect the analysis, the missing data shall either be reconstructed, or a conservative estimate that minimizes the current rate increase request shall be used.

Specific Authority 624.308(1), 627.410(6)(b) FS. Law Implemented 627.410(6), 627.411(1)(e), (2) FS. History–New 7-1-85, Formerly 4-58.04, 4-58.004, Amended 4-18-94, Formerly 4-149.004, Amended 5-18-04.