• All insurance companies must report certain data to the state and federal governments.business report image by Christopher Hall from Fotolia.com
  
  Though it may sometimes seem that insurance companies can do whatever they want, the insurance industry is one of the most regulated industries in America. Among these regulations are certain data reporting requirements set by each state. Each state has its own set of requirements, and each type of insurance has different reporting standards, so there is no one specific list of requirements that applies to all insurance companies in the nation. If you are familiar with a few key examples, you will understand the nature of these requirements in general.
  
  

New Jersey

• New Jersey requires its property and casualty insurers to file quarterly and annual financial statements regarding their solvency. These reports include details about investments, expenses, state guaranty fund participation and many others. From March 2003 until January 2006, auto insurers in the state were required to provide data about the total number of automobiles with in-force coverage, the primary classifications used to underwrite those policies and the personal injury protection deductibles and selected tort legal thresholds for in-force policies. This demonstrates that the reporting requirements change from time to time and may not be permanent.
  
  

Florida

• The Florida Office of Insurance Regulation requires that insurers that offer professional liability insurance, such as malpractice insurance, report all "occurrences" to the state within 30 days of the claim's filing date. All property and casualty insurers required to participate in the Florida Hurricane Catastrophe Fund and Citizens Emergency Assessments must report their contributions to these funds within 45 days of the end of each calendar quarter. Accident and health insurers must report their gross annual premiums and individual insurance policies issued and renewed in the state each year by April 1.
  
  

Texas

• The Texas department of insurance requires, among other things, all Health Maintenance Organizations (HMOs) to report information regarding complaints, financial solvency, clean claim processing and utilization review to the state on at least an annual basis.
  
  

Kentucky

• The state of Kentucky requires health insurers to report certain information each year by July 31. This information includes total premium by product type and market segment, total enrollment by product type and market segment, total cost of medical claims filed by product type and market segment, total amount of medical claims paid by the insurer and insured by product type and market segment and total policies canceled by type, along with the corresponding reasons for cancellation. The state permits exemption from this reporting requirement for insurers with fewer than 500 insured customers.