The New York Department of Financial Services published a bulletin announcing an amendment to 11 NYCRR 140—Private Passenger Automobile and Commercial Automobile Statistical Plans.
The regulation establishes procedures for reporting private passenger automobile and commercial automobile statistical experience to designated statistical agents from the Department. It applies to insurers that write direct private passenger automobile and commercial automobile insurance in the state.
The amendment requires that insurers and statistical agents monitor the statistical data according to the standards outlined in NAIC's 2012 Statistical Handbook of Data Available to Insurance Regulators.
In addition, 11 NYCRR 145—Implementation of Private Passenger Automobile Insurance Statistical Data Monitoring System has been repealed.
The bulletin can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.