January 15, 1970
SUBJECT: INSURANCE
Circular Letter No. 3 (1970)
WITHDRAWN
TO ALL INSURERS AUTHORIZED TO TRANSACT FIRE, MARINE AND CASUALTY INSURANCE BUSINESS IN THIS STATE AND RATING ORGANIZATIONS
RE: PROCEDURES FOR FURNISHING RATING INFORMATION UNDER ARTICLE VII-A
Under Section 178(2) it is required that:
"Every insurer and rating organization shall monthly furnish the Superintendent all changes in the rating rules and schedules of rates such insurer or rating organization is then using in this state, and shall quarterly furnish the Superintendent statistical, rating and other information in support of changes in rating rules, schedules of rates and rating classifications and territories. Such rules, schedules and information shall be available for public inspection at the Department."
In accordance with the new law, every insurer and rating organization is required to furnish the Superintendent, no later than the end of each month all changes in its rating rules and schedules of rates. These changes are to be furnished in manual page form. A copy of the form to be completed is attached.
FOR USE BY RATING ORGANIZATIONS
NEW YORK INSURANCE LAW SEC. 178(2) REPORT OF CHANGES IN RATING RULES AND SCHEDULES OF RATES
FOR THE CALENDAR MONTH ENDING __________, 19__ OF THE_________________________(RATING ORGANIZATION).
NOTE: A SEPARATE REPORT MUST BE FILLED OUT FOR EACH SUBDIVISION OF A KIND OF INSURANCE AFFECTED
The (see Note 1) _____ manual pages enclosed clearly identify all changes and present a full and complete disclosure of every change in rating rules and schedules of rates effective on an advisory basis during the month of _______________, 19__, according to the authorized officer's best knowledge, information and belief.
The average effect of these changes is estimated to be _______% on $ _______of premium annually for (see Note 2) _____ insurance coverage in the state of New York.
Date___________, 19___
_________________________
Authorized Officer
_________________________
Title
Notes:
1. Give the number of pages enclosed.
2. Give the appropriate subdivision of the kind of insurance affected.
FORM TO BE SUBMITTED NOT LATER THAN THE LAST DAY OF THE MONTH INDICATED ABOVE
CAB 70-01 CL 1 Mo.-R.O.
________________________________________
Name of Insurer or rating organization
QUARTERLY INTERROGATORY FOR CALENDAR QUARTER ENDING _____________, 19__
PART A
IS YOUR SUPPORT FOR THE CHANGES IN RATING RULES AND SCHEDULES OF RATES BASED ON THE FOLLOWING?
(Sec. 178(2) - ATTACH STATISTICAL, RATING AND OTHER INFORMATION IN SUPPORT THEREFOR)
If Yes, Indicate |
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Whose Experience |
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(a) Your own |
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(b) *Other Insurers" |
Where Found |
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(c) *Rating |
In The |
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Organizations" |
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or No |
(d) *Any Other |
Attached Support |
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Loss Experience |
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A. Within |
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1. Past |
_____ |
________________ |
_______________ |
2. Prospective |
_____ |
________________ |
_______________ |
3. Conflagration |
_____ |
________________ |
_____________ |
4. Catastrophe |
_____ |
________________ |
_______________ |
B. Outside N.Y.S. |
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1. Past |
_____ |
________________ |
______________ |
2. Prospective |
_____ |
_______________ |
______________ |
3. Conflagration |
_____ |
________________ |
______________ |
4. Catastrophe |
_____ |
________________ |
_______________ |
Reasonable Profit |
_____ |
____XXXXXXXX____ |
______________ |
Expenses |
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A. Within this State |
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1. Past |
_____ |
________________ |
_____________ |
2. Prospective |
_____ |
________________ |
______________ |
B. Countrywide |
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1. Past |
_____ |
________________ |
______________ |
2. Prospective |
_____ |
_______________ |
______________ |
Any Other Relevant |
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Factors |
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1._________ |
_____ |
__________________________________ |
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2._________ |
_____ |
__________________________________ |
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3._________ |
_____ |
__________________________________ |
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A. Policy-holders" |
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Dividends______________________________________ |
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B. Savings or Unabsorbed |
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Premium Deposits |
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NOTE: A SEPARATE REPORT MUST BE FILLED OUT FOR EACH |
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SUBDIVISION OF A KIND OF INSURANCE AFFECTED |
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* Identify |
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THE ANSWERS TO THE WITHIN EXHIBITS ARE FULL AND |
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TRUE STATEMENTS ACCORDING TO THE AUTHORIZED |
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OFFICER'S BEST KNOWLEDGE, INFORMATION AND BELIEF |
Date________, 19__
CAB 70-01 CL 1 Q-A1
_________________________
(Authorized Officer, Title)
_________________________
Name of Insurer
QUARTERLY INTERROGATORY FOR CALENDAR QUARTER ENDING__________, 19__
PART B
To the extent that an insurer uses schedules of rates or rules that are identical to the advisory rules or rates of a rating organization, the insurer may use Part B in lieu of Part A and furnish the following:
Name of Rating Organization |
__________ |
Effective Date of Rating Organization's change in |
|
rating rules or schedules of rates |
__________ |
NOTE: A SEPARATE REPORT MUST BE FILLED OUT FOR EACH SUBDIVISION OF A KIND OF INSURANCE AFFECTED
THE ABOVE INFORMATION ARE FULL AND TRUE STATEMENTS ACCORDING TO THE AUTHORIZED OFFICER'S BEST KNOWLEDGE, INFORMATION AND BELIEF.
Date _______________, 19__
_________________________
Authorized Officer
_________________________
Title
CAB 70-01 CL 1 Q-B-Co.