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Aggregate Financial Data

In accordance with Part II of the Massachusetts Workers' Compensation Statistical Plan, every insurance company authorized to transact the business of workers’ compensation insurance within the Commonwealth of Massachusetts shall file with the WCRIBMA complete aggregate financial data acknowledgment forms and data calls. Aggregate financial data is used in the following services:

  • Ratemaking
  • Actuarial analysis
  • Data review / reconciliations
  • Assigned Risk Pool participation ratios
  • WCRIBMA Assessments

Reporting Guidelines

The Massachusetts Workers’ Compensation Statistical Plan is to be used for assistance with reporting aggregate financial data.

Data/Forms Required

Call Number Description Due Date
  Financial Data Call Package Acknowledgment Form End of February
2 Policy Year Data March 15th
2A Policy Year Residual Market Data March 15th
2C Policy Year Large Deductible Data March 15th
2D Policy Year “F” Classification Data March 15th
2E Policy Year Maritime Data March 15th
3 Accident Year Data April 1st
3A Accident Year Residual Market Data April 1st
3C Accident Year Large Deductible Data April 1st
4 Reconciliation Report April 1st
5 Residual Market Direct Written Premium April 1st
5A Large Deductible Written Calendar Year Experience April 1st
5B Net Direct Written Premium April 1st
6 MA Calendar Year Expense Data May 15th
6A Insurance Expense Exhibit April 15th
7 Large Loss and Catastrophe Data April 15th
  Aggregate Financial Call Acknowledgment Form June 1st

Note: Acknowledgment forms and data calls outlined in Part II of the Statistical Plan are subject to fines in accordance with the Data Quality Compliance Programs.

Submission Requirements

All aggregate financial data and forms required in Part II of the Massachusetts Workers’ Compensation Statistical Plan must be submitted to WCRIBMA electronically. The only option for creating aggregate financial data is electronically via MAFDRA.

  • Electronic files - When reporting aggregate financial data, the Aggregate Financial Call Acknowledgment Form must be obtained from Part II Section III of the Massachusetts Workers’ Compensation Statistical Plan, the Insurance Expense Exhibit is a copy of the same exhibit reported to the NAIC, all other required forms and data templates must be obtained directly from MAFDRA. Details regarding the MAFDRA application can be found in the MAFDRA User Guide.

Questions relating to MAFDRA should be addressed to the Data Operations Department (DataOperations@wcribma.org)

Submission Processing – Overview

Aggregate Data Submission Processing - Overview of electronic aggregate data processing.

Data Reporter/WCRIBMA Action MAFDRA Status (Carrier View) MAFDRA Action
Data Reporter creates a Call Package Acknowledgement Form saves it. Saved MAFDRA saves changes made to the form.
Data Reporter sends a completed Call Package Acknowledgement Form. Submitted The Calls screen is populated with the following:
  • ‘NIL’- A call filled with zeros is created for all calls without a check mark and given a status of NIL.
  • ‘Not Submitted’ - All calls with a check mark are given an initial status of Not Submitted.
WCRIBMA opens the Call Package Acknowledgement Form for reviewing. Under Review N/A
WCRIBMA closes the Call Package Acknowledgement Form. Closed N/A
Data Reporter creates a Call and saves it. Saved MAFDRA saves changes made to the call.
Data Reporting sends a Call. Submitted N/A
WCRIBMA opens the sent call for reviewing. Under Review N/A
WCRIBMA questions data reported. Criticism MAFDRA sends an email notification to the data reporter with details regarding the data in question.
Data Reporter sends in explanations and/or resubmits data for review. Criticism N/A
WCRIBMA closes the call. Closed MAFDRA sends an email notification to the data reporter announcing that data issues on the call have been resolved.

Aggregate Financial Data Editing

All aggregate financial data submissions received at the WCRIBMA are subject to editing to evaluate the reported data for timeliness, accuracy, completeness, and reasonability. Some edits fail as the result of errors in data submission, while others are the result of atypical circumstances. Failed edits generally require the resubmission of corrected data. In some situations, for example atypical data, explanations may be approved.

Edit Notification

Data reporters are made aware of failed edits for a submission via:

  • MAFDRA

    MAFDRA has a RunEdits function that produces a failed edit listing and is required prior to submission of call data. Data reporters can correct data errors and create edit notes to explain atypical situation before the call is sent through MAFDRA.

    After the initial submission of a call, data reporters are also expected to monitor all submissions with a status of Criticism. Refer to RESPONDING TO A CRITICISM within the MAFDRA User Guide.

  • Email Notice from WCRIBMA (as needed)

    Email notifications from WCRIBMA will be sent to data reporters, as needed, for situations that are not handled by MAFDRA.

Edit Explanations

Data reporters may send edit explanations to explain atypical data. All explanations must adequately explain the reason for the edit failure and are subject to WCRIBMA approval process.

Edit Notes can be added to failed edits prior to a call’s initial submission to the WCRIBMA.

Explanations can also be directed to the Data Operation staff member that sent a criticism via email.

Note: aggregate financial edits are subject to fines in accordance with the Data Quality Compliance Programs .

Resources

Manuals - Rates - Rating Values

Aggregate Financial Edits

Data Quality Compliance Programs

MAFDRA

MAFDRA User Guide

The Workers' Compensation Rating and Inspection Bureau of Massachusetts
101 Arch Street, 5th Floor
Boston, MA 02110