Filing Smart Financial and Data Services Filings Guide

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1 The Filing Smart web page is divided into nine sections Filing Smart General Information NAIC Checklists Company Licensing and Registration Holding Company Filings Filing Requirements by Company Type Audited Financial Statement Links Actuarial Office Filings Data Services Division Information Data Call Schedules Letter from Financial Regulation Letter from Financial Analysis for Filing Annual and Quarterly Statements Financial Regulation Division Organization Chart Financial Regulation Division Staff Listing P&C Filings Made Easy Premium Tax and Other Fee Information Discontinued Filings Glossary What s New in Filing Smart Checklists are for five NAIC Annual/Quarterly statement blanks: Fraternal societies Health entities Life, accident, and health insurers Property and casualty Insurers Title companies Each checklist is divided into five sections: Fraternal Checklist in PDF format Health Checklist in PDF format Life Checklist in PDF format Property and Casualty Checklist in PDF format Title Checklist in PDF format The Company Licensing and Registration Office s main goal is to incorporate and admit into the Texas insurance market insurers that have the management capability and financial wherewithal to successfully operate and meet the needs of the public. Filing Smart links to a listing of a variety of transactions with the following information Type of Transaction Who Must File Due Dates How to File Fee Direct Link to Company Licensing s web page Texas Department of Insurance 1

2 Monitors companies that are members of an insurance holding company system. Filing Smart links directly to the Holding Company web page which includes items such as: A Filing Requirements table General Guidelines Forms Regulatory Reference (TIC and TAC) Fees Filing requirements vary by company type. Filing Smart lists 17 company types: Accredited and trusteed reinsurers Continuing care retirement communities (CCRCs) Farm mutuals Fraternals HMOs Life, accident, and health insurers Mexican casualty companies Multiple employer welfare arrangements (MEWAS) Mutuals: local mutual burial, local mutual aid associations Nonprofit legal services corporations Premium finance companies Property/casualty insurers (including county mutuals) Purchasing groups Risk Retention groups Stipulated premium companies Surplus lines insurers Title insurers Key P&C Filing Due Dates for Financial Regulation March 1 NAIC Annual Statement and all Supplements, Actuarial Opinion, Advertising Certificate of Compliance, Supplemental Compensation Exhibit, Texas Overhead Assessment Form March 15 Actuarial Opinion Summary April 1 Management s Discussion and Analysis May 1 Combined Property/Casualty Annual Statement June 1 CPA Audited Financial Reports Instructions Exemption Affidavit Intent Form Texas Department of Insurance 2

3 The Actuarial Office is responsible for solvency analysis functions which include the review and examination of reserves for both life and property and casualty companies along with the review and examination of other related actuarial items. The Actuarial Office supports the mission of the Financial Regulation Division by providing actuarial expertise in the review of reserves and associated actuarial liabilities and assets. Required actuarial filings related to these functions include the following: Actuarial opinions, memorandums, and reports Regulatory asset adequacy issues summary and actuarial opinion summary Appointed actuary to domiciliary commissioner notification Actuarial opinion exemptions P&C insurers Reserve destrengthening and valuation reports Certificates of valuation domestic life insurers Collects and maintains statistical data. Produces statistical reports for the Legislature, the agency, the public, and the insurance industry. Data are obtained through scheduled data calls, special data calls, statistical plans, or are downloaded from the NAIC database. Data calls and resulting reports are posted on the TDI web site Oversees the TexasSure Program Data Collection Activities include Private Passenger Automobile Statistical Plan Quarterly Market Report data used for TAIPA quota calculations as well as market monitoring activities. Annual Aggregate, Annual Reconciliation, and Quarterly Detailed Experience are used for market analysis and rate hearings. Due to the Texas Insurance Checking Office, TDI bulletin is not issued. Statistical Plan for Residential Risks Monthly report premiums and paid losses for residential risks, including dwelling, homeowners, and tenants. Data is used to determine reasonable and appropriate rates as well as monitor the use of policies in the market place. Due to the Texas Insurance Checking Office, TDI bulletin is not issued. Commercial Lines Statistical Plan Quarterly Market Report data used for TAIPA quota calculations as well as market monitoring activities. Quarterly experience reports are used for market analysis/inquiries. Data is due to the Insurance Services Office; TDI bulletin is not issued. Monthly report of premiums and losses for farm & ranch and farm & ranch owners risk are used to determine reasonable and appropriate rates and monitor the use of policies in the market place. Data is due to the Texas Insurance Checking Office; TDI bulletin is not issued. Texas Department of Insurance 3

4 WC Financial Call and Statistical Plan Collects data from individual insurance companies licensed to write workers compensation for analyses of premium, loss trends, and market conditions. Insurers who have written workers compensation policies in one or more of the past 15 policy years are required to file. Data is automatically due April 1st of each year to TDI s designated statistical agent NCCI. Detailed claim information Collects data on workers compensation claims and is used for research. First report is due 6 months after injury is reported to insurer; report annually from 6 month valuation date until closed, no longer has indemnity or medical losses to report, or reaches 9th reporting level, whichever comes first. Unit Statistical Data Collected and maintained for every workers compensation policy written in Texas. The data is used in developing job classification relativities, expected loss rates, and discount rates for use by the industry. First report is due 18 months after the effective date of the policy. For policies with losses, subsequent reports must be filed through the 5th reporting level or until all claims are closed, whichever comes first. Title Insurance Agent Experience Report Submission Collects information on income and expenses in the title industry for title agents, including independent, affiliated, and direct operations. Published report Texas Title Insurance Agent Experience Report Compilation Title Insurance Company Call for Experience Collects information on income and expenses in the title industry for underwriters. Published report Texas Title Insurance Industry Experience Report Compilation Liability Insurance Closed Claim Annual Aggregate Closed Claim Report (previously known as Annual (Summary) Closed Claim Report) includes aggregate data on the final disposition of Texas closed claims $25,000 or less; commissioner s bulletin issued detailing reporting instructions and due date. Quarterly Closed Claim Report includes data on the final disposition of Texas claims more than $25,000; due no later than the 10th day after the last day of the calendar quarter in which the claim was closed. A commissioner s bulletin will not be issued. Closed Claim Reconciliation Form used to reconcile the Annual Aggregate Closed Claim Report and Quarterly Closed Claim Reports submitted with a company s direct losses on their annual statement; commissioner s bulletin issued detailing reporting instructions and due date. Published report - Texas Liability Insurance Closed Claim Annual Report Texas Department of Insurance 4

5 Quarterly Experience The call for Quarterly Experience is used to collect data for analyses of premium, loss trends, and market conditions. Companies licensed to write the following lines of business are required to report: General liability Commercial fire & allied lines Product liability Commercial multi-peril private passenger auto Homeowners multi-peril Workers compensation Boiler & machinery Commercial crime Commercial glass Medical professional liability Miscellaneous professional liability Data is due 45 days from the end of the calendar quarter, TDI will issue a commissioner s bulletin at the end of each calendar quarter detailing reporting instructions. Published report Quarterly Legislative Report on Market Conditions Disallowed Expense Call Collects data on insurer expenses that, by statute, may not be considered in the determination of rates. Results of call are published on the General Expense Information webpage located: NAIC Data Downloads State of Texas Property and Casualty insurance Experience by Coverage and Carriers (Texas Statutory Page 14 Report) Insurance Expense Exhibit Special Data Call Commercial Property and Business owners Direct Written Premium in the Texas Catastrophe Area necessary to calculate participation shares in the event of assessments by TWIA. Created by SB 1670 (79th Legislature, 2005) Added Subchapter N to Chapter 601 of the Texas Transportation Code Implementing Agencies: Texas Department of Insurance Texas Department of Public Safety Texas Department of Motor Vehicles Texas Department of Information Resources Requires the agencies to establish a program for verification of whether owners of motor vehicles have established financial reasonability Primary goal is to reduce the number of uninsured motorists in Texas Texas Department of Insurance 5

6 Vendor matches policies reported by insurers to Texas registered passenger vehicles (TxDMV data) and driver licenses (DPS data). DL matching is currently in development. Data is reported, matched, and updated weekly. Personal auto policies required for vehicles subject to Texas registration and driven on Texas roads; commercial auto policies optional. Query system is available 24/7 to all Texas law enforcement and vehicle registration personnel. Notices sent for 1) vehicles not matched to insurance (uninsured), and 2) policies not matched to vehicles (unmatched). Call center available to process responses, includes customer services representatives, integrated voice recognition, and website. Require companies to report commercial automobile policies; currently working on process to allow for fleet policy reporting. Coverage validation process. Revise TexasSure notices. Reporting guide can be found at: Policy count exhibit used to calculate complaint ratios and indices Disaster plan survey used to encourage thorough disaster planning; monitor degree of preparedness for spikes in claims and continuity of operations in the event of disasters. Helpinsure.com sample rates requires insurers in the top 25 national groups writing personal automobile and homeowners coverage to report; the purpose is to foster competition by facilitating comparison shopping. This information is up-to-date as of May 21, Always check for the most up-to-date information. Texas Department of Insurance 6