South Carolina Issues Data Call for Insurers Dealing with Storm Claims

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The South Carolina Department of Insurance (SCDOI) has issued a catastrophe claims data call relating to the flood event that hit the state beginning Oct. 1 and its aftermath.

In accordance with South Carolina Code of Laws Section 38-13-160, all authorized property and casualty insurance companies, including licensed insurers, eligible surplus lines insurers, and companies that write private and/or excess flood insurance coverage must respond to this data call with their first report by Oct. 19, 2015 for claims that have come in by Oct. 14, 2015. Deadlines for additional reports are listed on the SCDOI’s website.

This data call does not apply to life or health insurers, monoline financial guaranty, mortgage guaranty, title, fidelity and surety, workers’ compensation, medical malpractice insurers, professional liability insurers, or reinsurers.

The data required must be submitted in Excel format. The bulletin states if a company has multiple insurers within a holding group company, it is not necessary to complete an Excel spreadsheet for each insurer. Instead, the holding company group should aggregate the information into one Excel spreadsheet and provide a list of those insurers within the group for which information is being aggregated.

Surplus lines insurers should submit the information on an individual company basis. If there is a surplus lines insurer within a group, the group should exclude the surplus lines insurer from the aggregated report as surplus lines insurers will be required to report their data separately from the group, according to the bulletin.

Company responses will be treated as strictly confidential but will be aggregated for purposes of public disclosure.

SCDOI is requesting the data by zip code. Respondents should include a breakdown of claims data by zip code and provide the name of the corresponding city or town for each zip code provided.

A copy of the data call spreadsheet and instructions are available on the SCDOI website.

Source: South Carolina Department of Insurance