Insurance Trend Forecasting Act of 1986

Summary

Insurance Trend Forecasting Act of 1986 - Requires commercial property and casualty insurance companies to report specified information annually to the Secretary of Commerce. Details the reporting requirements, which include data on premiums, claims, legal costs, overhead, reserves, and cancellations. Requires the Secretary to: (1) issue a report summarizing such information by September 30 of each year; and (2) send copies of such report to specified Federal and State officials. States that copies of such report shall be available to the public upon request. Imposes a maximum penalty of $300,000 upon any person who: (1) fails to file such a report as prescribed; or (2) knowingly makes any false statement or omission of fact in such a report. Requires the Secretary to: (1) issue regulations to implement this Act; and (2) require each insurance company reporting under this Act to verify the validity and accuracy of its report by an accredited independent actuary.

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1 official file

• Introduced in Senate

  summary · EN · 21 May 1986

  Open at official source

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