1. The director shall establish statistical bases for the reporting of premium and loss data under policies of homeowners’ insurance, dwelling-owners’ insurance, renters’ or tenants’ insurance, or residential fire insurance.

2. Each insurer shall annually report to the director all premium and loss data under policies of homeowners’ insurance, dwelling-owners’ insurance, renters’ or tenants’ insurance, or residential fire insurance as the director may require.

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3. The director shall have the authority to review and verify the accuracy of the data reported.