Where does the insurer send premium audit information?

Final audits are important to determine actual policy premium. The insurer must also report final audit information to regulatory agencies. For example, worker’s compensation unit statistical reports (unit stat reports) are sent to jurisdictional bureaus or a council that handles multiple jurisdictions (NCCI, for example). The jurisdiction uses unit stat reports to calculate policyholder experience modifications and to calculate suggested or mandatory rates obtained by the insurer. PolicyCenter does not create or send unit stat reports. However, you can configure PolicyCenter to export final audit data for statistical reporting. This data can be imported to another system such as the unit stat software application used by a particular jurisdiction.