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(a) An insurer writing consumer credit insurance in this state shall file an annual report of consumer credit insurance with the director and the National Association of Insurance Commissioners Support and Services Office. The insurer shall use the Credit Insurance Experience Exhibit of the Annual Statement supplements as approved by the National Association of Insurance Commissioners, and shall report data separately for each state. The filing must be made according to, and no later than the due date in, the appropriate Annual Statement Instructions.
(b) Every three years beginning in 2003, an insurer writing consumer credit insurance in this state shall file with the director on or before May 1 a report of consumer credit insurance in this state for the three previous years, on a form prescribed by the director. Data reported under this subsection must
(1) be consistent with the data reported under (a) of this section;
(2) be reported by term of loan, actual earned premiums, earned premiums at prima facia, incurred claims, commissions, other expenses, and claim cost, and must be separated by
(A) whether evidence of individual insurability is required;
(B) nationwide business and business specific to this state;
(C) open-end and closed-end business;
(D) type of creditor or type of credit;
(E) premium payment mode;
(F) type of insurance benefit;
(3) include any other information requested by the director that the director considers necessary for the director to fulfill the obligations of (c) of this section.
(c) Every three years beginning in 2003, the director will analyze and compare statewide expected claims experience and actual statewide claims experience determined from the incurred claims and earned premiums reported in the Annual Statement supplement submitted under (a) of this section, the data reported under (b) of this section, or other available sources.
(d) An insurer's failure to file the information required in (a) or (b) of this section in an accurate and timely manner constitutes a violation subject to penalties under AS 21.57.150 .
History: Eff. 3/29/81, Register 77; am 6/6/93, Register 126; am 7/2/2001, Register 158; am 4/4/2002, Register 162
Authority: AS 21.06.090
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Last modified 7/05/2006