Section 2903.10  Authority

 

This Part is promulgated by the Director of Insurance under Section 401 of the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch. 73, par. 1013), which empowers the Director to make reasonable rules and regulations as may be necessary for making effective the insurance laws of this State.  This Part implements Section 466 of the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch. 73, Section 1065.13).

 

Section 2903.20  Purpose and Scope

 

The purpose of this Part is to implement Section 466 of the Illinois Insurance Code by requiring the recording and reporting of premium, loss and expense experience for companies that write workers' compensation and employers' liability insurance in order to aid the Director of Insurance in determining whether rating systems on file with the Department of Insurance for such companies comply with the standards set forth in Section 456 of the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch. 73 par. 1065.6).  This Part shall apply to all insurers licensed to write workers' compensation and employers' liability insurance in this State.

 

Section 2903.30  Statistical Agent

 

The Director of Insurance shall designate a statistical agent to assist in the recording and reporting of premium, loss and expense experience for workers' compensation and employers' liability insurance required pursuant to this Part.  The designated statistical agent shall, subject to the approval of the Director of Insurance, develop a statistical reporting plan.  The Director shall approve the statistical reporting plan if it meets the standards set out in Section 466(1) of the Illinois Insurance Code.

 

Section 2903.40  Reporting

 

Every insurer who is a member or subscriber of the designated statistical agent shall record and report its premium, loss and expense experience to the agent in accordance with the statistical reporting plan developed by the agent and approved by the Director of Insurance.  Insurance companies that are not a member or subscriber of the designated statistical agent must record and report their premium, loss and expense experience to the Director of Insurance in accordance with a filed statistical reporting plan.  On an annual basis, the designated statistical agent shall compile such statistics in a format approved by the Director of Insurance and submit such compilation to the Department of Insurance.  A format for the compilation of such statistics will be approved by the Director if it provides a complete summary (which includes but is not limited to direct premiums written, direct premiums earned, losses paid, losses incurred, loss reserves, and all expenses including loss adjustment – both allocated and unallocated) of all data collected under the statistical reporting plans and meets the confidentiality requirements of Sections 466(1) of the Illinois Insurance Code.

 

Section 2903.50  Statistical Plan

 

The statistical reporting plan approved by the Director of Insurance shall be maintained by the Director of Insurance and made available for public inspection.  In addition, a copy of this plan shall be filed with the State Library of the Secretary of State's Office.