Maintenance of statistics regarding insurance and records regarding creditors.
1. Each insurer who writes credit insurance shall maintain statistics separately for each calendar year or policy year for group policies, for each calendar year for individual policies and with respect to each creditor on whose debtors credit insurance is provided. The statistics must reflect separately for each type of credit insurance issued, and for direct insurance and reinsurance assumed, the following:
(a) Gross premiums received.
(b) Refunds of premiums on terminated insurance.
(c) The increase or decrease in reserves for unearned premiums.
(d) Earned premiums.
(e) The amount of claims paid.
(f) The increase or decrease in the reserves for claims.
(g) The amount of claims incurred.
(h) The increase or decrease in reserves, except for reserves for unearned premiums and claims.
(i) The amount of commissions allowed.
(j) Fees and all other allowances.
(k) The amount of dividends and refunds paid based on experience ratings.
(l) The average number of individual policies in force during the calendar year.
2. In addition to the statistics required to be maintained pursuant to subsection 1, each insurer writing credit disability insurance shall maintain a record separately with respect to each creditor showing the nature of the benefits payable, the period from the date the claim is filed until benefits are paid, and the rates at which premiums are charged.
Last modified: February 27, 2006