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 2011 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 2011
New ISOnet Annual Verification Web Application
Starting with the 2011 Countrywide Annual Verification, companies reporting statistical data to ISO must complete and submit their Annual Verification response online using a new ISOnet application. The Verisk Customer Support Center will contact each company by e-mail with registration instructions for the new Annual Verification web application.
Your Annual Verification online report
Your Annual Verification online report notes all differences that exceed the 1% and $5,000 tolerance level. You must account for all differences shown on the report.
Use the new online application to:
- review the report
- complete the reconciliation
- submit your reconciliation response
Submit your response via the ISOnet Annual Verification application on or before December 15, 2012.
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.