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284-24D-250  <<  284-24D-260 >>   284-24D-270

PDFWAC 284-24D-260

Are claim payments reported on a gross or net basis?

Reporting entities must report claim payments on a gross basis and provide the total amount paid to the claimant to settle the claim. The reporting entity must not deduct the value of offsets or recoverables, such as:
(1) Reimbursement for a deductible by the insured;
(2) Reimbursement for claim payments by a reinsurer; or
(3) Anticipated subrogation recoveries.
[Statutory Authority: RCW 48.02.060, 48.140.060, and 7.70.140. WSR 07-12-057 (Matter No. R 2006-02), ยง 284-24D-260, filed 6/4/07, effective 7/22/07.]
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