760 IAC 1-75-8 - Filings
Authority: IC 20-42.5-2-1
Affected: IC 27-1-3-13
Sec. 8.
(a) A risk
pool shall file an annual report with the commissioner by March 1 of the year
following the end of the risk pool's fiscal year. The report shall be verified
by the oath of the chair of the board of trustees. The report must summarize
the business activities of the trust for the immediately preceding year and
must contain all of the following items:
(1)
Management discussion and analysis.
(2) Financial statements.
(3) A rate and reserve analysis prepared and
certified by a qualified actuary, or other professional approved by the
commissioner, that states the following:
(A)
The risk pool is being operated in accordance with sound actuarial
principles.
(B) A description and
explanation of actuarial:
(i) assumptions;
and
(ii) methods.
(C) The risk pool maintains a stop
loss, reinsurance, or excess insurance policy with an aggregate retention of
not more than one hundred twenty-five percent (125%) of the amount of expected
claims for the following year.
(4) If the risk pool has been examined by a
regulatory authority, the report shall:
(A)
identify the entity that conducted the examination; and
(B) include a copy of the examination
report.
(5) The risk
pool's contribution and rating plan, as required by section 6 of this
rule.
(6) The names and addresses
of all risk pool participants.
(7)
Any material changes to the initial application for the certificate of
registration.
(b) For
purposes of this rule, expected claims shall be expressed by the actuary at a
confidence level of at least seventy-five percent (75%).
(c) Each filing made with the department
shall be accompanied by the filing fee required by section 15 of this rule.
Notes
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