|TO:||Statistical Agents for Massachusetts Homeowners Insurance|
|FROM:||Linda Ruthardt, Commissioner of Insurance|
|DATE:||July 24, 1996|
|RE:||Massachusetts Homeowners Written Premium Report for Calendar Years 1993 through 1995|
|Pursuant to Chapter 93 of the Acts of 1996, the twenty-five admitted insurers with the largest Massachusetts homeowners market share, as well as the Massachusetts Property Insurance Underwriting Association ("FAIR Plan") must submit to the Massachusetts Division of Insurance ("the Division") data regarding cancellations and nonrenewals of homeowners policies in certain areas of the Commonwealth. One of the types of areas for which such reporting is required is defined by Chapter 93 as "each postal zip code within credit-eligible territories." Thus, the Division must determine which territories within the Commonwealth are credit-eligible, so that the companies can be advised of the zip codes applicable to credit-eligible territories.|
Credit-eligible territories are defined by Chapter 93 as those in which "at least twenty percent of the homeowners premium averaged over the three most recent calendar years" was written by the FAIR Plan. As such, it is necessary for the Division to obtain data from the statistical agents which will show the voluntary market and FAIR Plan written premiums in Massachusetts by territory for the calendar years 1993 through 1995. With this information, the Division will be able to give appropriate instructions to the aforementioned twenty-five company groups for their reports on cancellations and nonrenewals.
The instructions for the data reporting required of statistical agents by this bulletin are stated below. This reporting of data is the first such reporting that the Division is requiring as a result of Chapter 93. Requirements applicable to the additional reports that statistical agents and companies are mandated by Chapter 93 to submit will be set forth in subsequent bulletins or other communications from the Division, which will be issued soon.
On or before August 7, 1996 all statistical agents as described above are required to submit the data elements listed below:
The data elements in (l) above should be submitted on a 3.5" diskette in an Excel or Lotus spreadsheet file, and should include the following fields in the order listed below:
ISO Territory: report the appropriate two digit standard statistical territory code (see Exhibit I). If the statistical agent has any territories which are different from the ISO territories, then those territories should be reported using the statistical territory code as described in l.(c) above.
Calendar Year 1993 Written Premium--Report the premium for policies written during the year 1993.
Calendar Year 1994 Written Premium--Report the premium for policies written during the year 1994.
Calendar Year 1995 Written Premium--Report the premium for policies written during the year 1995.
Inquiries to the Massachusetts Division of Insurance
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