Private Passenger Motor Vehicle Liability Insurance Policies; Limited and Full Tort Data Reporting; Notice 2016-16
[46 Pa.B. 7604]
[Saturday, December 3, 2016]
To: All Insurers Writing Private Passenger Motor Vehicle Insurance Policies in Pennsylvania
From: Mark Lersch, Property and Casualty Bureau Director, Office of Insurance Product Regulation
The purpose of this notice is to alert private passenger motor vehicle insurers that the Insurance Department (Department) has revised its plans to collect certain ratemaking data by the tort selection of the policyholder and the tort selection of the claimant as described in Department Notice 2016-08.
Department Notice 2016-08 alerted private passenger motor vehicle insurers that the Department intended to begin collecting certain ratemaking data with its annual Act 6 of 1990 private passenger auto data call that will be due on October 15, 2017. As described in the notice, the Department intended to begin collecting the data necessary to study the savings associated with limited tort election under Pennsylvania's system of tort options established by 75 Pa.C.S.A. § 1705.
Included among the data reporting requirements listed in Notice 2016-08 was bodily injury ratemaking data to be reported separately by both the tort selection of the policyholder and the tort selection of the claimant.
Since the release of this notice, the Department has heard from a number of insurance carriers that have stated they do not currently have mechanisms in place that would allow for the accurate reporting of bodily injury ratemaking data by the tort selection of the claimant.
In recognition of the difficulties associated with recording and reporting third party claimant data in such a manner, the Department will instead initially collect historical ratemaking data for uninsured and underinsured motorists coverages only. The data collected will allow the Department to determine whether a more comprehensive study, one that would include bodily injury ratemaking data by both the tort selection of the policyholder and the tort selection of the claimant, is necessary.
Questions regarding this notice may be directed to Michael McKenney, Property and Casualty Actuarial Supervisor, (717) 705-0166, email@example.com.
TERESA D. MILLER,
[Pa.B. Doc. No. 16-2094. Filed for public inspection December 2, 2016, 9:00 a.m.]
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