760 IAC 1-75-8 Filings

Sec. 8. (a) A risk pool shall file an annual report with the commissioner by March 1 of the year following the end of the risk pool's fiscal year. The report shall be verified by the oath of the chair of the board of trustees. The report must summarize the business activities of the trust for the immediately preceding year and must contain all of the following items: (1) Management discussion and analysis. (2) Financial statements. (3) A rate and reserve analysis prepared and certified by a qualified actuary, or other professional approved by the commissioner, that states the following: (A) The risk pool is being operated in accordance with sound actuarial principles. (B) A description and explanation of actuarial: (i) assumptions; and (ii) methods. (C) The risk pool maintains a stop loss, reinsurance, or excess insurance policy with an aggregate retention of not more than one hundred twenty-five percent (125%) of the amount of expected claims for the following year. (4) If the risk pool has been examined by a regulatory authority, the report shall: (A) identify the entity that conducted the examination; and (B) include a copy of the examination report. (5) The risk pool's contribution and rating plan, as required by section 6 of this rule. (6) The names and addresses of all risk pool participants. (7) Any material changes to the initial application for the certificate of registration. (b) For purposes of this rule, expected claims shall be expressed by the actuary at a confidence level of at least seventy-five percent (75%). (c) Each filing made with the department shall be accompanied by the filing fee required by section 15 of this rule.