Governing Committee Meeting - September 18, 2019

President's Report
The Governing Committee approved a Limited Assignment Distribution Agreement between Pilgrim Insurance Company and the Berkley Insurance Company

Compliance and Operations Committee
    The Governing Committee approved modifications to the Private Passenger Statistical Plan. The following modifications were submitted to the Commissioner of Insurance for approval:
  • Several data fields contained in the Plan are only required to be reported on policies assigned through the MAIP. A new Decision Table value has been added to the Plan which will indicate that for the classification codes identified, the field is only required to be reported on business assigned through the MAIP. As this modification is intended for clarification only, the proposed effective date for this update is for policies effective January 1, 2020 and subsequent.
  • The specific classification code representing electric cars has been eliminated from the Plan. As electric cars are now more common, the distinction of this type of vehicle is no longer relevant. The proposed effective date of this modification is for policies effective January 1, 2021 and subsequent.

Refer to Accounting and Statistical Notice No. 635 for further information.

The Governing Committee also approved the final close-out of policy effective years 2008 and 2009 for reporting and financial purposes as of the quarter ending June 30, 2020. Both a Bulletin and an Accounting and Statistical Notice announcing the close-out to the industry will be published at a future date.

MAIP Steering Committee
The Governing Committee approved proposed amendments to the Assigned Risk Company and Assigned Risk Producer Procedures Manuals to reflect current practices, eliminate obsolete language, provide a general clean-up of language and provide consistency with Rules 21-40 of CAR’s Rules of Operation. The updated Manuals may be found on the MAIP website under the Manuals link.

Joint Actuarial Commercial Lines Committee
The Governing Committee approved the distribution of the Request for Proposal (RFP) for a Commercial Automobile Residual Market Rate Study.

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