§ 20-394 – Examination of rate service organizations and joint underwriting and joint reinsurance organizations
20-394. Examination of rate service organizations and joint underwriting and joint reinsurance organizations The director, as often as considered necessary, may examine each rate service organization, each advisory organization and each group, association or other organization filing pursuant to section 20-391. The director shall examine only those activities conducted pursuant to this article. The director […]
§ 20-395 – Apportionment agreements among insurers
20-395. Apportionment agreements among insurers Insurers may make agreements among themselves with respect to equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods, and such insurers may agree among themselves on the use of reasonable […]
§ 20-396 – Hearing and judicial review
20-396. Hearing and judicial review Any insurer, rate service organization or advisory organization to which the director has issued an order or decision may request a hearing pursuant to title 41, chapter 6, article 10 and, except as provided in section 41-1092.08, subsection H, seek judicial review pursuant to title 12, chapter 7, article 6.
§ 20-397 – Penalties; exception
20-397. Penalties; exception A. If the director finds that a person or organization has violated this article or any order of the director issued pursuant to this article after the effective date of such order, the director may, after a hearing, impose a civil penalty of not more than fifty dollars for each violation. If […]
§ 20-398 – Policy forms; approval or disapproval; exemption
20-398. Policy forms; approval or disapproval; exemption A. Except for fidelity, surety or guaranty bonds or industrial insurance as provided in section 20-400.10, except for any portion of a property insurance policy that contains wildfire protection services, and except as to inland marine risks that by general custom of the business are not written according […]
§ 20-399 – Payment of dividends
20-399. Payment of dividends This article does not prohibit or regulate the payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers. A plan for the payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers is […]
§ 20-381 – Definitions
20-381. Definitions In this article, unless the context otherwise requires: 1. " Advisory organization" : (a) Means any person other than a single insurer who assists two or more insurers or rate service organizations in the making of rates by compiling and furnishing loss or expense statistics or other statistical information and data, or by […]
§ 20-382 – Scope of application
20-382. Scope of application A. This article applies to all insurance on risks or on operations in this state, except: 1. Reinsurance, other than joint reinsurance to the extent stated in section 20-391. 2. Any policy of insurance against loss or damage to or legal liability in connection with property located outside this state, any […]
§ 20-383 – Rate standards
20-383. Rate standards A. An insurer shall not charge rates that are excessive, inadequate or unfairly discriminatory. An insurer shall not charge any rate which if continued will have or tend to have the effect of destroying competition or establishing a monopoly. B. Rates are excessive if they are likely to produce an underwriting profit […]
§ 20-384 – Rating criteria
20-384. Rating criteria A. In setting rates, an insurer shall apply the criteria prescribed in this section. B. An insurer shall give due consideration to past and prospective loss and expense experience within and outside this state, to catastrophe hazards, to a reasonable margin for underwriting profit and contingencies, to investment income from unearned premium […]