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Vol. 25 | February 2017
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Early Data Filings – The Importance of Due Dates
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At the beginning of each year, NISS sends a personalized filing schedule to each member company. The schedule contains a list of due dates for each line of business that company will be submitting. Receiving company data submissions by those due dates allows the NISS staff adequate time to process and review the data, and make any necessary corrections so the data is ready to be included in compliance reports. The compliance reports are sent to state insurance departments and other organizations to fulfill regulatory requirements.
Several of the compliance reports are due to regulators not long after the NISS due date, which makes it essential that we receive the data in a timely manner. Below is a list of reports with early due dates, along with a brief explanation.
- Massachusetts Homeowners – Data is submitted to meet requirements set forth under the Massachusetts General Laws, Chapter 175, Section 4A.
- New York Voluntary Private Passenger Automobile – Full Detail Ratemaking Experience is reported to AIPSO.
- Voluntary Automobile – Data is submitted to AIPSO by each individual insurer for their use in determining and setting AIP quotas and apportioning state AIP expenses.
- Illinois Cost Containment Report Part 4203.A – NISS furnishes individual insurer (Auto, Homeowners, General Liability, Medical Professional Liability, Businessowners, Excess Insurance) data at the company's request.
- North Carolina Homeowners – Homeowners, Dwelling, and Mobilehome data is consolidated for all statistical agents, then sent to the North Carolina Rate Bureau.
Although NISS does not penalize companies for late data submissions, it is important to submit data by the due dates listed on your filing schedule. We appreciate on-time submissions!
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NISS Workshop
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The NISS Statistical Workshop will be held in downtown Indianapolis on Tuesday, May 9, 2017. The workshop covers a range of topics, including:
- a brief history of statistical reporting
- terms and concepts
- an overview of the NISS internal flow of data
- annual statement reconciliation
- excess loss reporting option (New for 2017!)
- resources and reporting tips
- edit tools (including Edit Software)
- enhanced data quality reports (New for 2017!)
- explanation of reports sent on behalf of member companies
- frequently found errors
It also includes a thorough walkthrough of the NISS website, including tutorials on the member-interactive features. The workshop is fairly technical in nature, and primarily directed to staff members that are involved in the details of data management and statistical reporting. It is also a wonderful opportunity to meet the NISS staff. Registration information will be coming soon. We hope to see you there!
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Where We're Going and Where We've Been
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- In April, NISS will attend the Insurance Data Management Association (IDMA) Annual Conference in Chicago, Illinois
- In June, NISS will host booth #1231 at the Insurance Accounting & Systems Association (IASA) Annual Conference in Orlando, Florida
- In September, NISS will host a booth at the NAMIC Convention in Denver, Colorado
- In October, NISS will attend the InsureTech Connect Conference in Las Vegas, Nevada
- NISS attends the NAIC meetings throughout the year
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About Us
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NISS is a unique resource for the property/casualty insurance industry. We collect and report timely, quality insurance data and perform other related functions at a reasonable cost.
For more information, please visit www.niss-stat.org.
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2017 Upcoming Due Dates
For a list of upcoming due dates, please click here.
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2017 Upcoming Meetings
Executive Committee Meeting
Teleconference
March 28, 2017
Board Meeting
La Jolla, CA
April 28 - May 1, 2017
Technical Advisory Committee Meeting
Indianapolis, IN
June 22, 2017
Executive Committee Meeting
Teleconference
August 15, 2017
Board Meeting
Indianapolis, IN
September 11, 2017
Technical Advisory Committee Meeting
Indianapolis, IN
October 17, 2017
Executive Committee Meeting
Teleconference
November 28, 2017
Board Meeting
Teleconference
December 18, 2017
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Stat Brain Teaser
A woman gave birth to twin boys, Matt and Ryan. Matt was born first and Ryan was born a half hour later, but Ryan is considered the older twin. How is this possible?
Please email your answers to NISSNews@niss-stat.org. A person will be randomly drawn from the first ten correct answers, and that person will win a $25 gift card from Amazon.com!
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Congratulations to Janet Rhinehart who won the $25 Amazon Gift Card in the last drawing for answering the Brain Teaser correctly!
For the question and answer from the last brain teaser, please view the NISS News section here.
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