Oklahoma Commissioner of Insurance Kim Holland has designated ISO Data Inc. (ISO) as the statistical agent for medical malpractice insurance in her state, according to the commissioner’s amended Bulletin No. PC 2007-02.
ISO will assist the commissioner in gathering and making compilations of medical malpractice insurance experience data in Oklahoma.
Effective Jan. 1, 2008, all companies that write $100,000 or more in calendar year 2008 and afterward are required to report in sufficient detail so as to be included by ISO in its loss cost filings.
Upon written request to Greg Lawson, mathematician, Oklahoma Insurance Department, companies that write less than $100,000 may request to delay the start of reporting until policies effective Jan. 1, 2009.
ISO has two statistical plans for medical malpractice, both of which capture sufficient detail for use in calculating loss costs. Insurer eligibility for the two plans is determined by premium volume.
Since ISO collects data on a quarterly basis, all insurers subject to reporting should already be set up with ISO. The first report from the insurers to ISO is the first quarter 2008 premiums and paid and outstanding losses, which are due to be reported by May 15, 2008.
Any company that is not set up to report to ISO should contact ISO immediately.
All existing “Company Program Exceptions” (formerly called “nonbureau” statistical reporting designations) for medical malpractice are hereby revoked. Insurers may work with ISO to prepare an analysis for consideration by the department of any necessary grants of new “Company Program Exceptions”.
ISO has been instructed to make coding exemption recommendations to the department conservatively, i.e., in favor of getting all possible useful information into the filed loss costs.
Note that while all claims (including closed claims) will be reported under the ISO statistical plan, this appointment will not affect the reporting of Medical Malpractice Closed Claims under OID Bulletin No. PC 2007-01.
The closed claims information will continue to be collected by the Oklahoma Insurance Department. Subject to rules promulgated by the commissioner, compilations of the data will be made available to insurers and advisory organizations.
Source: Oklahoma Insurance Department, www.insurance.state.ok.us