Verisk Analytics, Inc. · NASDAQ:VRSK
Verisk Analytics — Technical Presentation (March 2009)
23 slides from Verisk Analytics's technical presentation, March 2009
Slide 1: ISO ClaimSearch NMVTIS Reporting Requirements
ISO ClaimSearch® NMVTIS Reporting Requirements 1
Slide 2: Agenda
NMVTIS Salvage Reporting • Agenda – NMVTIS Overview – ISO Involvement – Reporting Requirements – Timelines – Sample Reporting Screens – Q &A 2
Slide 3: NMVTIS Salvage Reporting: Background and DOJ Rule
NMVTIS Salvage Reporting • NMVTIS (National Motor Vehicle Title Information System) was developed pursuant to Anti-Car Theft Act of 1992. The Department of Justice assumed the responsibility for NMVTIS in 1996. The goal is to prevent introduction or reintroduction of stolen and salvaged vehicles int
Slide 4: NMVTIS Salvage Reporting: Salvage Auto Definition
NMVTIS Salvage Reporting • Salvage Auto is defined in the NMVTIS rule as “an automobile that is damaged by collision, fire, flood, accident, trespass, or other event, to the extent that its fair salvage value plus the cost of repairing the automobile for legal operation on public streets, t t roads,
Slide 5: ISO Involvement
NMVTIS Salvage Reporting • ISO involvement – ISO has worked with industry trade associations AIA and PCI, NICB and companies, and AAMVA and DOJ. – Working o g tthrough oug the t e Industry dust y for o interpretations te p etat o s o of controversial data elements – As a result of Industry discussio
Slide 6: Required Fields for Reporting by Insurers
NMVTIS Salvage Reporting • Required fields for reporting to NMVTIS by insurers: – VIN – The date on which the automobile was obtained or designated as a junk or salvage automobile (reporting trigger is Date of Loss or Date of Payment. Date Claim Closed in UF reporting. Reporting to AAMVA is 30 days
Slide 7: Insurer Total Loss Reporting: Model Years and Vehicle Types
NMVTIS Salvage Reporting • Insurers are to report total loss (salvage) automobiles – Current model year and four previous model years • For reporting to AAMVA ISO will use oldest model year (fifth year) based on current calendar year (2009) and include all newer years • Automobiles described as 4 wh
Slide 8: Required Fields for Insurer Reporting to AAMVA
NMVTIS Salvage Reporting • Required Fields for Insurer reporting to AAMVA through ISO ClaimSearch: – Policy type – Parties to loss • Insured • Claimant • Owner – D t off loss Date l – VIN – Coverage and loss type – Disposition; Total Loss – Payment date; field in ClaimSearch is date claim closed. •
Slide 9: Optional Fields and Vehicles
NMVTIS Salvage Reporting • Optional fields/ vehicles • Vehicle make • Vehicle model • Vehicle model year • Vehicle style • Odometer reading • Vehicles other than automobiles under 10 10,000 000 lbs licensed for road use 9
Slide 10: Salvage Reporting: Owner Retained Salvage
NMVTIS Salvage Reporting SALVAGE REPORTING • Owner retained salvage – Reported by insurers – Trigger: Total loss disposition as T – Owner Retained Salvage indicator as Yes on UF salvage record , or leave buyer information blank on the web Note: – Current salvage reporting procedure (pre NMVTIS repor
Slide 11: Salvage Reporting: Salvage Yards and Pools
NMVTIS Salvage Reporting SALVAGE REPORTING • Salvage company (Yards and Pools) Required Fields: - The name, address and contact information for the reporting entity – VIN – The date the automobile was obtained (defined as when vehicle enters inventory) – The name of the individual or entity from who
Slide 12: ISO ClaimSearch NMVTIS Reporting
NMVTIS Salvage Reporting • ISO ClaimSearch NMVTIS reporting: p g Reporting to NMVTIS is included in ISO ClaimSearch Auto participation agreements for insurers. Insurers must participate in ISO ClaimSearch for NMVTIS Salvage and Total loss reporting – Insurers and salvage companies are assigned an Op
Slide 13: Timelines
NMVTIS Salvage Reporting • NMVTIS Timelines – Comment period for rules expired November 21,2008 – Proposed rule issued September, 22, 2008 – Final Fi l rule l issued i d JJanuary 30 30, 2009 – Effective date as a result of lawsuit decision: March 31, 2009 13
Slide 14: ISO ClaimSearch NMVTIS Process
NMVTIS Salvage Reporting • ISO ClaimSearch NMVTIS Process Insurer APD APD Claim Claim Match Report Insurer Updates to Update To AAMVA Total Loss Total Loss Salvage Initial AAMVA Pool/ Report Yard 14 Final Report
Slide 15: ISO ClaimSearch NMVTIS Reporting
NMVTIS Salvage Reporting – ISO ClaimSearch NMVTIS reporting: – Insurers and salvage companies are assigned an Operator ID from a range of codes from AAMVA. – Companies continue to report APD to ISO ClaimSearch through the Auto service • All applicable vehicles will be reported to AAMVA daily, subjec
Slide 16: ISO ClaimSearch Screen: Basic Information
34 ISO ClaimSearch - The Integrated Solution - ISO fc ex) File Edit View Favorites Tools Help O«-O AAGD Pwo yom @ BS a WHMB Address ja https: //claimsearch.iso.com/UF/basic.asp?MagicNum=3/: 19/2009103731AM_ Basic Information Claim Number: 121212 Policy Number: 121212 Date Of Loss: 03/19/2009 Bl Next
Slide 17: ISO ClaimSearch Screen: Involved Party Information
34 ISO ClaimSearch - The Integrated Solution - ISO | File Edit View Favorites Tools Help O=«- O HAG P= tom @8- So OMe Address jai https: //claimsearch.iso.com/UF/party.asp Involved Party Information Claim Number: 121212 Policy Number: 121212 Date Of Loss: 03/19/2009 2| <<Previous | Next>> | Role: In
Slide 18: ISO ClaimSearch Screen: Coverage Information
he Integrated Solution - ISO File Edit View Favorites Tools Hep Ox: O- Baas Address @ https: //claimsearch.iso.com/UF/coverage.asp?MagicNum=3/19/2009 104000AM ClaimSearch” ‘Home | Claims Reporting | Claims Inquiry | VIN Decoding | NICB Submission | SIU Case Manager | Decision Net | OFAC | Account Ma
Slide 19: ISO ClaimSearch Screen: General Vehicle Information
23 ISO ClaimSearch - The Integrated Solution - ISO File Edit View Favorites Tools Help Ou O ABO Pwo proms @ 82a He Address jai https: //claimsearch.iso.com/UF/vehicle.asp 7 — General Vehicle Information Claim Number: 121212 Policy Number: 121212 Date Of Loss: 03/19/2009 Involved Party: John Smith 2|
Slide 20: ISO ClaimSearch Screen: Recovery and Salvage Information
23 ISO ClaimSearch - The Integrated Solution - ISO File Edit View Favorites Tools Help O=-O RAG Ps too O82 Se OHM Address [8 https: //dlaimsearch.iso,com/UF /vehide.asp a If Recovered, please enter Recovery information below: Date of Recovery (MMDDYYYY): Recovering Agency Cd mecovery Agescy Cys C4 R
Slide 21: ISO ClaimSearch Screen: Claim Summary
ISO ClaimSearch - The Integrated Solution - ISO File Edit View Favorites Toes ee | a” O=-O BAGS Address @ https: //claimsearch.iso.com/UF/crtable.asp?MagicNum=3/ 19/2009 104538AM de ClaimSearch” |Home | Claims Reporting | Claims Inquiry | VIN Decoding | NICB Submission | SIU Case Manager | Decision
Slide 22: Participation in the ISO ClaimSearch NMVTIS Service
NMVTIS Salvage Reporting • Participation in the ISO ClaimSearch NMVTIS service: – To p participate, p , complete p and return the NMVTIS Authorization Form that was sent to you via e-mail. – For more information or if you need a form, please e-mail claimsearchnmvtis@iso.com 22
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