West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-31 - Guaranteed Loss Ratios as Applied To Individual Sickness And Accident Insurance Policies
Section 114-31-4 - Annual Audit
Universal Citation: 114 WV Code of State Rules 114-31-4
Current through Register Vol. XLI, No. 38, September 20, 2024
4.1. An independent audit of the actual West Virginia, or, if applicable, national, loss ratio results for the experience period at issue shall be conducted and filed with the Commissioner on an annual basis. The audit must be conducted during the second quarter of the year following the end of the experience period and be filed with the Commissioner no later than June 30 of that year.
4.2. The audit must include at minimum:
a. A statement of the durational and lifetime loss
ratio guarantees;
b. A statement of the
earned premium and incurred claims for the audited experience period;
c. A statement of the experience by duration of
the most recent calendar year;
d. A
statement of claim reserves included in incurred claims;
e. A statement that no active life reserves are
included in the calculation of the actual loss ratio;
f. A statement that no reinsurance premiums are
included in the calculation of the actual loss ratio;
g. A statement of refunds paid during any previous
years; and
h. A statement of any
refunds due for the current experience period and the calculation of the refunds
due.
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