Insurers Beginning Data Call Uploads on Florida Hurricane Catastrophe Fund’s New Web-Based Reporting System
Jul 2, 2014
The Florida Hurricane Catastrophe Fund (“FHCF”) advised this afternoon that FHCFWIRE, a new Web-based reporting system, received its first 2014 Data Call file uploads from participating insurers yesterday, July 1, 2014.
WIRE, an acronym for “Web Insurer Reporting Engine,” was introduced by the FHCF in a January 17, 2014 letter announcing the system’s implementation beginning with insurers’ exposure information reporting for the 2014 FHCF Contract Year.
To view the letter, click here.
The FHCF explained that it depends on insurers to provide accurate and complete residential property exposure data needed to calculate companies’ premium, retention and maximum limit. Also referenced as simply “WIRE,” the service is designed to provide insurers with greater convenience and accuracy in their submission.
Under the former Data Call submission method, insurers would prepare two separate exposure data files, and were required to test one of them for basic formatting errors and invalid codes before submission. This would require the installation of validation software each year.
FHCFWIRE eliminates the need for two separate files, the mailing of each file to two separate locations at two different times, and yearly validation software installation.
Beginning with the FHCF Reimbursement Contract that takes effect on June 1, 2014, participating insurers will prepare and save only one file of exposure data (the policy-level file), which will be validated and submitted via FHCFWIRE. In addition, companies can upload any supporting documents (such as cover letters or other explanatory information), complete the submission confirmation form, and sign the required officer statements-all conveniently online. Once a submission is complete, FHCFWIRE will aggregate the data and provide it to Paragon Strategic Solutions for secure premium calculation.
Although the 2014 FHCF Data Call submission deadline is still months away, some companies are taking advantage of the online validation function for preliminary testing of their files. According to the FHCF, this will be especially helpful in 2014 with the recent changes to the file layout specifications.
In its advisory today, the FHCF stated the following:
IMPORTANT: Every company has a WIRE account with a primary user, the Account Manager, who will register other company users through the site. Be sure that your company’s WIRE Account Manager knows that he/she has been designated to serve in that capacity and that he/she should have already received a WIRE registration email in early April. While many companies have been active in the system, adding new users, reviewing site instructions and resources, and now testing their file with the validation function, we have noted that a small number of company Account Managers have never logged in, which could indicate that they did not receive or they overlooked the registration email. If you have questions or concerns about this, please email us at wire@sbafla.com.
Just a reminder, if you are a registered WIRE user and you have questions about using the new system, the FAQs on the WIRE website may have the answer you need. If not, feel free to email your question to wire@sbafla.com. The FAQs are being updated as we receive questions from WIRE users, so be sure to check back often.
To view the FHCFWIRE home page, go to: https://www.sbafla.com/fhcfwire/
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