1. Every insurance company doing commercial casualty business in this state shall annually on or before March first report its closed claims experience for the previous calendar year to the director on a form prescribed by the director. The form shall include data as required by the director for profitability by line and such other data as the director may prescribe. The information to be included on such report shall also include the following:

(1) Number and dollar amount of claims closed with payment by year incurred for each commercial liability class or line, and the dollar amount reserved for such claims:

Terms Used In Missouri Laws 379.895

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Director: the director of the department of commerce and insurance. See Missouri Laws 379.005
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • Verdict: The decision of a petit jury or a judge.

(a) In the event a claim is paid pursuant to a verdict being rendered by a court, the insurer shall report the number of claims in which the insurer paid:

a. More than three hundred thousand dollars in noneconomic damages to one person or entity; and

b. More than five hundred thousand dollars in noneconomic damages to a person or entity;

(b) In the event a claim is being paid pursuant to a verdict being rendered by a court assessing punitive damages the insurer shall report the number of claims in which the insured paid:

a. More than three hundred thousand dollars; and

b. More than five hundred thousand dollars;

(2) Number and dollar amount of claims closed without payment by year incurred for each commercial liability class or line, and the dollar amount reserved for such claims.

2. The annual report required by this section shall not include information which is reported to the director pursuant to section 374.415 or pursuant to a report required by any provision of chapter 383.

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