24.29.971 FAILURE OF INSURER TO TIMELY REPORT PAID LOSSES--DEPARTMENT ESTIMATE OF PAID LOSSES--RECALCULATION OF ASSESSMENT AND PREMIUM SURCHARGE--PENALTY
(1) In the event an insurer fails to timely and accurately report its paid losses for the previous year by the following March 1, the department may base the insurers' paid losses using the quarterly information submitted by the insurer pursuant to 39-71-306, MCA. If the insurer has not filed all of the quarterly reports as required by 39-71-306, MCA, the department may consult with the advisory organization or other sources regarding the appropriate amount to estimate as those paid losses. The department may also use that estimate as the basis for the SIF, SAW/RTW, and safety fund assessment as well.
(2) The estimate will be used to calculate the administration fund assessments for those insurers who must pay their assessment directly to the department. For those insurers who are responsible to collect the administration fund assessment surcharge from its policyholders, the estimate will be used in the computation of the percentage rate of premium surcharge.
(3) An annual paid loss report received after March 1, but received by or before March 31, may be considered pursuant to ARM 24.29.954 for assessment calculation purposes.
(4) The department may, in its sole discretion, recalculate the assessment and surcharge rates if the insurer makes a late report as provided by (3).
(5) Pursuant to 39-71-306, MCA, a penalty of up to $1,000 may be assessed against the insurer for an annual report received after March 1.
History: 39-71-203, 39-71-306, 50-71-114, MCA; IMP, 39-71-201, 39-71-306, 39-71-915, 50-71-128, MCA; NEW, 2000 MAR p. 844, Eff. 3/30/00; AMD, 2004 MAR p. 645, Eff. 3/26/04; AMD, 2018 MAR p. 2527, Eff. 1/1/19.