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§ 1303.745. Actuarial data

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: March 20, 2002

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 5C. Medical Care Availability and Reduction of Error (Mcare) Act (Refs & Annos)
Chapter 7. Insurance (Refs & Annos)
Subchapter D. Regulation of Medical Professional Liability Insurance
Effective: March 20, 2002
40 P.S. § 1303.745
§ 1303.745. Actuarial data
Currentness
(a) Initial study.--The following shall apply:
(1) No later than April 1, 2005, each insurer providing medical professional liability insurance in this Commonwealth shall file loss data as required by the commissioner. For failure to comply, the commissioner shall impose an administrative penalty of $1,000 for every day that this data is not provided in accordance with this paragraph.
(2) By July 1, 2005, the commissioner shall conduct a study regarding the availability of additional basic insurance coverage capacity. The study shall include an estimate of the total change in medical professional liability insurance loss-cost resulting from implementation of this act prepared by an independent actuary. The fee for the independent actuary shall be borne by the fund. In developing the estimate, the independent actuary shall consider all of the following:
(i) The most recent accident year and ratemaking data available.
(ii) Any other relevant factors within or outside this Commonwealth in accordance with sound actuarial principles.
(b) Additional study.--The following shall apply:
(1) Three years following the increase of the basic insurance coverage requirement in accordance with section 711(d)(3),1 each insurer providing medical professional liability insurance in this Commonwealth shall file loss data with the commissioner upon request. For failure to comply, the commissioner shall impose an administrative penalty of $1,000 for every day that this data is not provided in accordance with this paragraph.
(2) Three months following the request made under paragraph (1), the commissioner shall conduct a study regarding the availability of additional basic insurance coverage capacity. The study shall include an estimate of the total change in medical professional liability insurance loss-cost resulting from implementation of this act prepared by an independent actuary. The fee for the independent actuary shall be borne by the fund. In developing the estimate, the independent actuary shall consider all of the following:
(i) The most recent accident year and ratemaking data available.
(ii) Any other relevant factors within or outside this Commonwealth in accordance with sound actuarial principles.

Credits

2002, March 20, P.L. 154, No. 13, § 745, imd. effective.

Footnotes

1
40 P.S. § 1303.711.
40 P.S. § 1303.745, PA ST 40 P.S. § 1303.745
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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