1. The director shall establish statistical bases for the reporting of premium and loss data under policies of automobile insurance.

2. Each insurer shall annually report to the director or a statistical agency designated by the director all premium and loss data under policies of automobile insurance in such a manner as the director may require.

3. The director shall have the authority to review and verify the accuracy of the data reported.

4. The director of the department of commerce and insurance shall make reports of data acquired hereunder and such reports shall be made available to the public.