Annual Verification

Companies that report statistical data to ISO must reconcile their data annually. For each company, ISO has prepared an individualized Annual Verification report that compares the company's calendar-year 2010 statistically reported data with the Statutory Page 14 financial information of that company's Annual Statement. During this comparison, we have excluded:

  • Texas for all lines of insurance (We previously sent a separate annual verification for commercial lines.)
  • Connecticut, New York, and Rhode Island personal auto for SDMS companies/groups only (We previously sent a separate annual verification for SDMS states.)
  • All states and lines where ISO is not an appointed statistical agent for accounting/calendar year 2010

Electronic distribution
ISO will send each company a letter when its electronic report is ready for distribution. The letter will include instructions for requesting an e-mail copy of the report and the Calendar-Year 2010 Countrywide Annual Verification User Guide. You may also download a PDF copy of the user guide, which you can read with Adobe® Acrobat®. You can print additional copies of the user guide from the PDF file.

Your Annual Verification report
Your Annual Verification report notes all differences that exceed the 1% and $5,000 tolerance level. You must account for each difference shown on the report.

You need to:

  • review the file
  • reconcile the information
  • create your reconciliation response using ISO's Countrywide Annual Verification Response System software, revised for calendar-year 2010 data

ISO's Countrywide Annual Verification Response System
ISO's Countrywide Annual Verification Response System helps you create a complete and correctly formatted electronic response file based on the information ISO supplied in your Annual Verification file. You can download the response system from this site. Do not install the software until you have received an electronic copy of your report for 2010 data.

Downloading

  1. Follow the instructions in the Calendar-Year 2010 Countrywide Annual Verification User Guide.
  2. Download the Calendar-Year 2010 Countrywide Annual Verification Response System software.

Deadline
Send in your electronic response on or before December 15, 2011.

Contact

  • Leon Tang at (201) 469-2278 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

Please note:
ISO only requires companies to reconcile data annually. However, to maintain effective control of the data reported to ISO, ISO recommends that companies perform more periodic reconciliations of financial data to premium, paid loss, and outstanding loss amounts.