Insurance Information Act of 1987

Insurance Information Act of 1987 - Requires each insurer which provides primary liability insurance coverage to disclose specified information to the Administrator of the Small Business Administration including: (1) direct premiums written and earned; (2) net investment income; (3) net underwriting gain or loss; (4) claims incurred by the insurer; (5) total number of claims paid and specific dollar amounts broken down; (6) number of claims paid and the amount paid pursuant to settlements at each stage of the litigation; and (7) total amount rendered in verdicts.

Requires the Administrator to develop a statistical plan at the beginning of each calendar year that would provide information concerning: (1) the proportion of closed claims; and (2) the manner of selection of claims concerning which insurers should disclose information under this Act based on a stratified random sampling process. Requires that information be provided by insurers to the Administration on a quarterly basis.

Requires the insurer to file with the Administrator, within a specified time frame, closed claims reports (for those claims selected based on a stratified random sampling process) if the indemnity payment made on such claims was $25,000 or more for bodily injury. Allows the Administrator to require that the insurer include in a closed claims report information relating to payments made for property damage and other damage on the claims.

Directs the Administrator, for closed claims under liability insurance policies for which the insurer makes indemnity payments under the coverage for an amount less than $25,000 but more than $10,000 for bodily injury, to require the insurer closing the claims to file summary claims reports of the claims. Directs the Administrator, for an amount of $10,000 or less for bodily injury, to require the insurer to file a report containing the total pertinent figures for all such claims closed within the calendar year, including, in summary form, at least: (1) the aggregate number of claims, including the number closed with payment; and (2) the aggregate dollar amount paid out.

Specifies the content of the closed claim report, including provisions for reporting: (1) information relating to the identification of the insurer, the claim, and the policy; (2) details concerning any injury, damage, and other losses that were the subject of the claim; (3) details relating to the claims process, and the amount paid on the claim; and (4) information on any company, association, or exchange which reinsures any part of the closed claim and the coverage provided.

Directs the Administrator to issue a report each year during which disclosure is required which summarizes the information disclosed. Directs that copies of such report be sent to specified individuals, agencies, and associations, and be available for distribution to the public upon request. Specifies the contents of the report. Restricts disclosure of information included in individual closed claim reports, and makes individual summary claims reports submitted by insurers confidential, and unavailable to the public.

Subjects anyone who fails to file a report in accordance with this Act (and regulations promulgated under this Act), or knowingly makes any false statement or omission of fact in such a report, to a fine of up to $50,000, up to three years imprisonment, or both.

Directs the Administrator to hold a public hearing, within six months after the date of enactment of this Act, to obtain any necessary additional information before the issuance of regulations. Requires the Administrator, within 60 days after the completion of the hearing, to: (1) issue regulations; (2) develop uniform definitions for information required to be submitted to the SBA; (3) issue a list of standard classes of business for which insurers shall report data under this Act; and (4) develop a uniform reporting form for use by insurers for disclosing the information required under this Act.