The following actions were taken by the Governing Committee relative to recommendations presented by the MAIP Steering Committee:
- Approval of an amendment to Rule 29.D to waive the pre-inspection requirement if the Eligible Risk is unable to obtain replacement coverage at the expiration of the three-year assignment period and is assigned to another Assigned Risk Company (ARC), in accordance with the procedures contained in Rule 29.D.2.
- The Committee approved an amendment to Rule 29.D. to provide ARCs with the ability to non-renew an assigned policy prior to the expiration of the three-year assignment period, in the event that the Assigned Risk Producer (ARP) servicing the policy has been decertified with language added to Rule 30.B. to address ARC responsibilities in the event that an ARP has been decertified.
- Enhancement of the MAIP Policy Application to provide ARPs with the ability to void a MAIP assignment if the policy is not accepted by the risk was approved.
- Modifications to the ARP Procedures Manual relative to producer violation reporting procedures were approved.
- Additionally, the Committee approved in concept, a proposal relative to the requirement for every ARC to provide ARPs with access to company voluntary rates at the time a MAIP assignment is made. The proposal will require future amendments to Rules 29, 30 and 31 and modifications to the ARP and ARC Performance Standards to monitor compliance.
The Governing Committee unanimously approved acceptance of PricewaterhouseCoopers’ actuarial opinion and unqualified financial opinion of CAR’s Financial Statements for the fiscal year ending September 30, 2011 as recommended by the Compliance Audit Committee. CAR’s Statement of Actuarial Opinion and Financial Statements are available to Member Companies upon request.