§ 27-44-1. Purposes. The purposes of this chapter are: (1) To prohibit price fixing agreements and other anticompetitive behavior by insurers; (2) To protect policy holders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates; (3) To promote price competition among insurers to provide rates that are responsive to competitive […]
§ 27-44-10. Insurers and rating and advisory organizations — Prohibited activity. (a) No insurer or rating or advisory organization shall attempt to monopolize or combine or conspire with any other person to monopolize an insurance market. (b)(1) No insurer shall agree with any other insurer or with any rating or advisory organization to adhere to […]
§ 27-44-11. Rating organizations — Permitted activity. Any rating organization, in addition to other activities not prohibited, is authorized to: (1) Develop statistical plans including territorial and class definitions; (2) Collect statistical data from members, subscribers, or any other source; (3) Prepare, distribute, and file rates and supplementary rate information; (4) Distribute information that is […]
§ 27-44-12. Rating organization — Public information. Every rating organization shall file any amendment or modification made to supplementary rate information with the director within fifteen (15) days after it is distributed to members, subscribers, or others. History of Section.P.L. 1988, ch. 635, § 1.
§ 27-44-13. Records and reports. The director may adopt reasonable rules for use by companies to record and report to the director their loss and expense experience and any other information determined by the director to be necessary or appropriate for the administration of this chapter and the effectuation of its purposes. No insurer shall […]
§ 27-44-14. Examination. (a) The director may examine any insurer, pool, rating organization, or advisory organization as he or she deems necessary to ascertain compliance with this chapter. (b) Every insurer, pool, rating organization, and advisory organization shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its […]
§ 27-44-15. Exemptions. The director may, by his or her own initiative or upon request of any person, by rule, exempt any market from any or all of the provisions of this chapter, if and to the extent that the director finds an exemption necessary to achieve the purpose of this chapter. History of Section.P.L. […]
§ 27-44-16. Assessment for review pursuant to title 42, chapter 14. The director may appoint an actuary to assist the director in the performance of his or her duties pursuant to this chapter. The actuary shall serve under the direction of the director and shall be removable at the pleasure of the director. Insurance companies […]
§ 27-44-17. Noncompetitive markets — Nonapplicability of chapter. Any market deemed to be a noncompetitive market, and any market described in § 27-44-3, shall have rates established for it pursuant to the standards and procedures as applicable in chapters 6, 7.1, 9, 19, and 20 of this title, and the other sections of law govern […]
§ 27-44-18. Penalties. (a) The director may, if he or she finds that any person or organization has violated any provision of this chapter, impose a penalty of not more than one thousand dollars ($1,000) for each violation, but if the director finds the violation to be willful, he or she may impose a penalty […]
§ 27-44-19. Regulations. The director may promulgate any reasonable regulations that are necessary and proper to enforce this chapter and to require any information that the director finds necessary. History of Section.P.L. 1988, ch. 635, § 1.
§ 27-44-2. Definitions. (a) “Advisory organization” means any person or organization other than a rating organization which assists insurers in the authorized activities enumerated in § 27-44-11, except no advisory organization may make any filings on behalf of insurers. (b) “Competitive market” means a market that has not been found to be noncompetitive pursuant to […]
§ 27-44-20. Hearings. Any hearing conducted pursuant to this chapter shall be held in accordance with the Administrative Procedures Act, chapter 35 of title 42, to the extent that the APA does not conflict with any provision of law contained in this chapter. History of Section.P.L. 1988, ch. 635, § 1.
§ 27-44-21. Judicial review. (a) Any order, regulation, or decision of the director made after a hearing shall be subject to judicial review in accordance with the Administrative Procedures Act, chapter 35 of title 42. (b) Upon the request of any insurer or organization to which the director has directed an order made without a […]
§ 27-44-22. Severability. If any provisions of this chapter, or the application of the provisions to any person or circumstances, are held invalid, the remainder of the chapter, and the application of the provisions to persons or circumstances other than those to which it is held invalid, shall not be affected by that invalidity. History […]
§ 27-44-3. Scope of application. (a) This chapter applies to all kinds of insurance written on risks in this state by any insurers authorized to do business in this state, except: (1) Life insurance; (2) Annuities; (3) Accident and health insurance; (4) Ocean marine insurance; (5) Reinsurance; (6) Medical malpractice insurance; (7) Workers’ compensation insurance; […]
§ 27-44-4. Competitive market. (a) A competitive market is presumed to exist unless the director, after a hearing, determines that a reasonable degree of competition does not exist in the market and issues a ruling to that effect. The ruling shall remain in effect until the time the director deems that a competitive market exists, […]
§ 27-44-4.1. Approval of policies. (a) Every insurance company and every rating/advisory organization issuing policies covering casualty, liability and fire and marine insurance provided for in this chapter shall file with the director a copy of the form of the policies proposing to use. A policy may not be issued until the director has approved […]
§ 27-44-5. Rate standards. (a) Requirements. Rates shall not be excessive, inadequate, or unfairly discriminatory. (b) Excessiveness. A rate is excessive if it is likely to produce an underwriting profit that is unreasonably high for the class of business or if expenses are unreasonably high in relation to services rendered. Evidence that a reasonable degree […]
§ 27-44-6. Filing of rates and other rating information. (a) Filings as to competitive markets; file and use. In a competitive market, every insurer shall file with the director all rates and supplementary rate information to be used in this state. At the time the rates are filed, the filing shall state the specific model(s) […]
