PRINTER'S NO. 1269
No. 960 Session of 2003
INTRODUCED BY SCHWARTZ, KUKOVICH, TARTAGLIONE, COSTA, STOUT, WAGNER, O'PAKE, BOSCOLA, RAFFERTY, STACK, LAVALLE, WOZNIAK, MUSTO, M. WHITE AND C. WILLIAMS, NOVEMBER 12, 2003
REFERRED TO BANKING AND INSURANCE, NOVEMBER 12, 2003
AN ACT 1 Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An 2 act relating to insurance; amending, revising, and 3 consolidating the law providing for the incorporation of 4 insurance companies, and the regulation, supervision, and 5 protection of home and foreign insurance companies, Lloyds 6 associations, reciprocal and inter-insurance exchanges, and 7 fire insurance rating bureaus, and the regulation and 8 supervision of insurance carried by such companies, 9 associations, and exchanges, including insurance carried by 10 the State Workmen's Insurance Fund; providing penalties; and 11 repealing existing laws," providing for automobile insurance 12 claim information reports and public disclosure. 13 The General Assembly of the Commonwealth of Pennsylvania 14 hereby enacts as follows: 15 Section 1. The act of May 17, 1921 (P.L.682, No.284), known 16 as The Insurance Company Law of 1921, is amended by adding a 17 section to read: 18 Section 2012.1. Claim Information Reports and Public 19 Disclosure.--(a) By October 15 of each year, an insurer shall 20 report to the commissioner information regarding claims made by 21 consumers on policies as follows: 22 (1) Name and address of the insured which gave rise to the
1 claim being made. 2 (2) Age of the insured. 3 (3) Insured's policy number. 4 (4) Nature and substance of the accident or incident that 5 gave rise to the claim. 6 (5) Date when and place where the accident or incident that 7 gave rise to the claim occurred. 8 (6) Name, age and address of the claimant. 9 (7) Amount, manner and date of final disposition of the 10 claim on the policy, by judgment, settlement or otherwise. 11 (8) Any litigation expenses incurred, if applicable. 12 (9) Any additional information that may be required by the 13 commissioner. 14 (b) By March 1 of each year, the commissioner shall prepare 15 a report, which shall include the following for the preceding 16 calendar year: 17 (1) The total and average amount of claims made on 18 automobile insurance policies. 19 (2) Severity of claims, organized by age of insured and 20 amount paid per claim. 21 (3) Market share and experience data for all insurers 22 writing automobile insurance. This shall include: 23 (i) Premiums written. 24 (ii) Premiums earned. 25 (iii) Losses paid. 26 (iv) Losses incurred. 27 (v) Loss ratio. 28 (c) A statistical summary of the information in the report 29 shall be made available to the public and posted on the World 30 Wide Web site of the Insurance Department. 20030S0960B1269 - 2 -
1 Section 2. This act shall take effect in 60 days. J17L40DMS/20030S0960B1269 - 3 -