Governing Committee Meeting - November 22, 2017

President’s Report

The Governing Committee approved The Cincinnati Insurance Company as an Assigned Risk Company. The company’s initial private passenger rate filing has been placed on file by the Division of Insurance.

Actuarial Committee

The Governing Committee unanimously approved modifications to Rule 21 – General Provisions of CAR’s Rules of Operation to ratify the March 31, 2018 end date of the Clean-in-Three non-renewal provision. Further, to provide assistance to the remaining former ERPs that are unable to obtain a voluntary contract, policy processing provisions for transitioning Clean-In-Three business to the MAIP have also been added to Rule 21. The Committee recommended that the amended Rule be filed with the Division of Insurance. For further information, reference Bulletin No. 1041.

The Governing Committee completed its annual review of MAIP Quota Share credits and voted to notify the Commissioner of Insurance that no changes to credits are recommended for policies effective April 1, 2018 and subsequent. For further information, reference Bulletin No. 1042.

Compliance and Operations Committee

The Governing Committee unanimously approved modifications to the Private Passenger Statistical Plan to add additional coding to improve the reporting of the Continuous Coverage and Low Frequency discounts. Additionally, several clarifications to the Commercial Statistical Plan were unanimously approved. The Committee directed staff to file the proposed modifications with the Division of Insurance. For further information, refer to Accounting and Statistical Notice No. 607.

The Governing Committee unanimously approved the final close-out of policy effective year 2006 for financial purposes as of the 3rd Quarter 2017 and for reporting purposes as of the January 2018 accounting/statistical submission. For further information, reference Bulletin No. 1043 and Accounting and Statistical Notice No. 608.

 
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