January 8, 2009
To: Chief Executive Officers and Chief Agents of insurance companies required to submit data to the Automobile Statistical Plan
Re: Results of Questionnaire on GISA Automobile Statistical Plan (ASP) Reporting
In the spring of 2008, your company provided responses to the Questionnaire on ASP Reporting to GISA. The aggregate results from the questionnaire are now available at GISA Questionnaire – Summary of Findings.
Overall, GISA found that numerous companies need to improve their procedures to ensure compliance with ASP reporting requirements and that:
- a substantial proportion of companies have paid or are continuing to pay deficiency fees for errors in reporting or late submissions;
- many companies do not maintain documented policies and procedures related to ASP reporting requirements; and,
- the use of compliance reports and audits related to ASP reporting requirements is not widespread.
By reviewing the aggregate results, you will be able to identify areas where your company should further improve reporting practices.
Best Practices
Based on the results of the questionnaire, GISA has developed a list of best practices that companies should adopt to improve the quality of data. The best practices can be found at GISA Questionnaire – Best Practices.
I take this opportunity to underscore the importance of companies to report high quality data, and to implement and monitor processes and procedures that will ensure the submitted data is accurate. The quality of data received by GISA impacts all companies involved.
Each insurer is required under legislation of the respective jurisdictions to submit data to the ASP. The fundamental responsibility rests with each insurer to ensure that it has appropriate procedures in place to ensure timely and quality data is submitted in accordance with requirements established by regulators and coordinated through GISA.
Thank you again for your continued cooperation.
Sincerely,
Bob Christie
Chair, General Insurance Statistical Agency