11 NCAC 16 .0106             CREDIT PROPERTY INSURANCE

Each writer of North Carolina credit property insurance shall submit the data described in this Rule upon request to the Actuarial Services Division.

(1)           North Carolina premium, loss, and expense:

(a)           written premium;

(b)           earned premium;

(c)           paid losses and claims;

(d)           incurred losses and claims;

(e)           paid loss adjustment expense;

(f)            incurred loss adjustment expense;

(g)           incurred commissions and brokerage expenses;

(h)           incurred other acquisition costs;

(i)            incurred premium taxes;

(j)            other incurred expenses;

(k)           incurred loss and loss adjustment expense ratio;

(l)            incurred loss, loss adjustment expense, and other underwriting expense ratio;

(m)          dividends paid;

(n)           retrospective rate credits paid; and

(o)           commissions paid.

(2)           Investment income on loss, loss expense, and unearned premium reserves:

(a)           loss reserve at the beginning of the year;

(b)           loss reserve at the end of the year;

(c)           loss expense reserve at the beginning of the year;

(d)           loss expense reserve at the end of the year;

(e)           unearned premium reserve at the beginning of the year;

(f)            unearned premium reserve at the end of the year; and

(g)           investment income earned on loss, loss expense, and unearned premium reserves.

(3)           Nonrefundable fees collected.

(a)           total number of transactions;

(b)           transactions involving insured values less than two hundred fifty dollars ($250.00);

(c)           transactions involving insured values of two hundred fifty dollars ($250.00) or more but less than five hundred dollars ($500.00); and

(d)           transactions involving insured values of five hundred dollars ($500.00) or more.

(4)           Insured values:

(a)           insured values for single interest insurance at the beginning of the year;

(b)           insured values for single interest insurance at the end of the year;

(c)           insured values for dual interest insurance at the beginning of the year; and

(d)           insured values for dual interest insurance at the end of the year.

(5)           Supplementary information:

(a)           identification of the Page 14 Annual Statement line under which the experience is reported; and

(b)           explanations of any change in the amounts reported in Subparagraphs (1)(a), (1)(k) and (1)(l) of this Rule that is greater than 50 percent of the previous calendar year's value.

History Note:        Authority G.S. 58‑2‑40; 58‑57‑90(b);

Eff. December 1, 1990;

Amended Eff. September 1, 1991;

Readopted Eff. March 21, 2019.