How do I obtain reimbursement for an older year loss that can no longer be statistically reported?
If a company settles a claim for an older policy effective year for which claims can no longer be statistically reported, the company should contact CAR’s Data Operations Department to request reimbursement through a manual bulk adjustment. CAR will verify that the policy was validly ceded and that the loss should be reimbursed by CAR prior to processing the bulk adjustment. In order for CAR to verify proper cession and coverage, the company will need to provide either the S040 – Rejected Records Report with the specific loss record or other documentation containing the policy number, effective year, class code, type of loss, policy limits, accident date, and loss amount. In some cases, CAR may request the claims file for review prior to authorizing any payment.
