Governing Committee Meeting - February 10, 2021

The Governing Committee approved the recommendation of the Commercial Program Oversight Committee to combine the ceded taxi, limousine and car service program and the ceded full commercial automobile program into a single program to service all classes of commercial automobile residual market business beginning with policies effective January 1, 2022.

The Governing Committee approved the recommendation of the Financial Audit Committee to approve CAR’s financial statements for the fiscal year ending September 30, 2020.

The Governing Committee approved the recommendation of the Actuarial Committee to modify Rule 29 – Assignment Process of the Rules of Operation. The approved modifications were made to assure that on April 1, 2021, voluntary exposures for specialty and classic cars and specialty and classic motorcycles will be adjusted by a factor of 0.33 in the determination of Quota Share, regardless of policy effective date. Refer to Bulletin No. 1116 for further information.