Overview
The UDS B record represents a specific entry that details the refund amount due to a policyholder when their policy is terminated as part of an insurance company’s liquidation process. It stands alone and is not linked to an A record, serving as an essential piece of information for settling policy matters during liquidation.
The term “hardship” is often associated with B records because some insurance companies mandate the cancellation of the existing policy before a new one can be issued. In certain cases, the refund from the policy is the sole source of funding available for the policyholder to purchase a new policy. Given these considerations, B records are usually given high priority, following A records, to minimize inconvenience for policyholders in the midst of liquidation.
B record details are typically included on refund checks, making it crucial to have accurate information regarding the policy, the insured’s address, and the amount to be refunded. Failing to include these details may lead to the rejection of the data by the guaranty funds managing the liquidation.
Record Fields
| No | Field Name | Description | Default To |
|---|---|---|---|
| 1 | RECORD TYPE | The value of this field must be “B” | B |
| 2 | INSOLVENT COMPANY NAIC NUMBER | The unique number assigned by the NAIC to the insolvent company for data tracking purposes. For self insured entities this number could also be the Self-Insured Fund Code | No default allowed. |
| 3 | FILE LOCATION STATE | State to which the physical file/electronic record is being sent | No default allowed. |
| 4 | FILE LOCATION CODE | Location code of the entity to which the physical file/electronic record is being sent | No default allowed. |
| 5 | COVERAGE CODE | Defines the category of coverage that provided protection for the loss | No default allowed. |
| 6 | POLICY NUMBER | Policy Number | UDSUNKNOWN |
| 7 | RECEIVER CLAIM NUMBER | Unique number assigned by Receiver to the claim | Blank |
| 8 | INSURED NAME #1 | Named Insured’s last name or business name | UDSUNKNOWN |
| 9 | INSURED NAME #2 | Named Insured’s first name | Blank |
| 10 | INSURED ADDRESS #1 | Address of the Named Insured | Blank |
| 11 | INSURED ADDRESS #2 | Continuation of address of the Named Insured if needed | Blank |
| 12 | INSURED CITY | City of Named Insured or C/O | Blank |
| 13 | INSURED STATE | The two-digit code used by the U.S. Post Office to identify each state | No default if U.S. domestic address. FC if foreign country. |
| 14 | INSURED ZIP CODE | Named Insured’s zip code | No default if U.S. domestic address. Blank if foreign country. |
| 15 | DATE OF LOSS | The date of entry of an Order of Liquidation | No default allowed. |
| 16 | CLAIMANT NUMBER | Number assigned by Receiver to this claimant | No default allowed. |
| 17 | PAYEE INDICATOR | F = Federal ID. S = Social Security number. | Blank |
| 18 | PAYEE ID NUMBER | Federal ID number or Social Security number | Blank |
| 19 | POLICY EFFECTIVE DATE | The effective date of the policy covering the referenced claim | For “800” transactions: 19010101 For “815” transactions: No default allowed |
| 20 | POLICY EXPIRATION DATE | The expiration date of the policycovering the referenced claim | For “800” transactions: 19010101 For “815” transactions: No default allowed |
| 21 | CANCELLATION DATE | The cancellation date of the policy used by the Receiver based on the Court Order or prior cancellation date | For “800” transactions: 19010101 For “815” transactions: No default allowed |
| 22 | CANCELLATION CODE | Code that identifies the type of policy cancellation | Blank |
| 23 | TRANSACTION CODE | A three-digit code that identifies the type of transaction for this record | No default allowed. |
| 24 | TOTAL WRITTEN POLICY PREMIUM | Total premium billed including endorsements | All zeroes |
| 25 | TOTAL IN FORCE POLICY PREMIUM | Total in force policy premium | All zeroes |
| 26 | FINAL AUDIT INDICATOR | Indicator to identify if policy is to be audited | No default allowed. |
| 27 | RETURN PREMIUM AMOUNT | Return premium as calculated by the Receiver or from final audit report | All zeroes |
| 28 | UNPAID PREMIUM AMOUNT | Amount owed the insolvent company on current year’s premium | All zeroes |
| 29 | FINANCE COMPANY CODE | Code for the premium finance company | Blank |
| 30 | AGENT CODE | Code for the agent | Blank |
| 31 | AGENT’S COMMISSION RATE | Percent commission company paid agent | All zeroes |
| 32 | BILLING MODE | A = Agency billed. D = Direct billed. | Blank |
| 33 | CLAIMANT NAME #1 | C A 30 326-355 Claimant’s last name or business name | Insured or the actual payee if different. Blank if unknown. |
| 34 | CLAIMANT NAME #2 | Claimant’s first name | Insured or the actual payee if different. Blank if unknown. |
| 35 | CLAIMANT ADDRESS #1 | Claimant’s address | Insured or the actual payee if different. Blank if unknown. |
| 36 | CLAIMANT ADDRESS #2 | Continuation of claimant’s address if needed | Insured or the actual payee if different. Blank if unknown. |
| 37 | CLAIMANT CITY | Claimant’s city | Insured or the actual payee if different. Blank if unknown. |
| 38 | CLAIMANT STATE | Claimant’s state See State Codes table | Insured or the actual payee if different. Blank if unknown. |
| 39 | CLAIMANT ZIP CODE | Claimant’s zip code | Insured or the actual payee if different. Blank if unknown. |
| 40 | CLAIMANT PHONE # | Claimant’s Area Code and Phone Number | Blank |