FUNCTIONS
Calculation and provision of Reference Loss Cost Rates and Standard Full Rates
To successfully apply the law of large numbers, the organization collects large quantities of data from member insurance companies (hereafter "members") and specific insurance cooperatives, and uses rational techniques such as a scientific and engineering approach and theories of actuarial science to calculate Reference Loss Cost Rates (advisory pure risk premium rates) for automobile insurance, fire insurance, personal accident
insurance and nursing care payments insurance, as well as Standard Full Rates (advisory premium rates) for compulsory automobile liability insurance (hereafter "CALI") and earthquake insurance, and provides these rates to members.
Investigation of CALI claims
Under the Automobile Liability Security Law established in July 1955, all drivers are required to have CALI. As independent agencies for conducting fair claims investigation, CALI Claims Survey Offices have been set up, mainly in cities where the prefectural government offices are located, to conduct claims investigation for CALI. The claims investigation data that are collected at these offices are put to effective use when the Standard Full Rates for CALI are calculated.
Data bank function
Insurance data used to calculate Reference Loss Cost Rates and Standard Full Rates, as well as other insurance data, are collected and used to conduct research and analysis of various risks. The results are provided to members and to the general public.
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