637 - Penalty Program Missing Late Accrual Information
January 28, 1999
BULLETIN NO. 637
Penalty Program – Missing/Late Accrual Information
At its November 18, 1998 meeting, the Governing Committee the Operations Committee recommendation to include language in the Manual of Administrative Procedures Chapter VI – Participation, to stipulate a penalty program for missing/late accrual data. If a portion of a Servicing Carrier’s submission is unacceptable or missing at the close of the quarter, CAR will only use the timely and acceptable data for participation purposes. However, the Servicing Carrier must now provide to CAR, accrual information for the unacceptable or missing portion of the submission. Accrual information is defined as written premium, written exposure, paid losses, and outstanding losses, broken down by line of business (bodily injury, property damage, no fault, collision, and other-than-collision). Failure to provide this information within 4 business days of the approved and published due date will result in assessment of a $50 per business day late accrual payment fee.
To discourage companies from submitting erroneous accrual data to avoid a penalty, CAR will verify the accuracy of the accrual information once the data has been statistically reported to CAR, and if necessary, assess the same $50 per business day late accrual payment fee for erroneous accrual data. If CAR discovers that a submission is incomplete or incorrect after the due date, CAR will work with the Servicing Carrier to determine the extent of the problem. CAR will then document a description of the reporting problem, the deadline for responding to its request for an explanation, if needed the deadline for reporting corrections (generally the subsequent quarter), and the potential penalty for failure to comply with the request.
Questions regarding the accrual process and penalty program should be directed to Wendy Browne or Sharon Schorge at (617) 338 – 4000.
WENDY BROWNE
Operations Services Manager
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