This part applies to all kinds of insurance written on risks in this state by any insurer authorized to do business in this state, except: Life insurance; Annuities; Disability insurance; Ocean marine insurance; Reinsurance; Aircraft liability and aircraft hull insurance; Title insurance; Credit life insurance; and Credit accident and health insurance.
As used in this part, unless the context otherwise requires: “Advisory organization” means any person or organization, other than a rate service organization, that assists insurers as authorized by § 56-5-111; “Advisory prospective loss costs” means historical aggregate losses and loss adjustment expenses projected through development to their ultimate value and through trending to a […]
General. Rates: Shall not be excessive, inadequate or unfairly discriminatory; or In the case of an advisory prospective loss costs filing, shall reasonably reflect projected losses and loss adjustment expenses. Excessiveness. A rate is excessive if it is likely to produce a profit that is unreasonably high for the insurance provided or if the expense […]
In determining whether rates comply with the standards set forth in § 56-5-103, the following criteria shall apply: Basic Factors in Rates. Due consideration shall be given to: Past and prospective loss and expense experience within and outside this state; Catastrophe hazards; Any residual market loss redistributions and other similar obligations; A reasonable provision for […]
Every insurer of personal risk insurance shall file with the commissioner all rates, supplementary rate information, supporting information, policy forms, and endorsements at least thirty (30) days before the proposed effective date. The commissioner may give written notice, within thirty (30) days of the receipt of the filing, that the commissioner needs additional time, not […]
Except as provided in subsections (b), (c), and (d), every insurer of commercial risk insurance shall file with the commissioner all rates, supplementary rate information, policy forms and endorsements, not later than fifteen (15) days after the effective date; provided, that the rates, supplementary rate information, policy forms and endorsements need not be filed for […]
Filings Open to Inspection. All rates, supplementary rate information, policy forms, endorsements, and any supporting information filed under this part shall, as soon as filed, be open to public inspection at any reasonable time, except any information that is a trade secret under the Uniform Trade Secrets Act, compiled in title 47, chapter 25, part […]
Basis for Disapproval. The commissioner shall disapprove a rate if: The commissioner finds that the rate is excessive, inadequate or unfairly discriminatory; or In the case of an advisory prospective loss costs filing, the commissioner finds the filing does not reasonably reflect projected losses, including loss adjustment expenses. For an advisory prospective loss costs filing […]
Information to Be Furnished Insureds. Every insurer or rate service organization shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, furnish to any insured affected by a rate published by it, all pertinent information as to the rate. Aggrieved Persons. Every insurer and rate service organization […]
License Required. No rate service organization shall provide any service relating to the rates of any insurance subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license under subsection (d). Authorized Activities. Any licensed rate service organization may: Collect, compile, and […]
Registration Required. No advisory organization shall provide any service relating to the rates of any insurer subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has registered under subsection (d). Authorized Activities. A registered advisory organization may perform any of the authorized activities enumerated […]
Insurers shall file with the commissioner, and the commissioner shall review, reasonable rules and plans for recording and reporting of loss and expense experience in appropriate form and detail. The commissioner may designate one (1) or more rate service organizations or advisory organizations to assist in gathering the experience and making compilations. No insurer shall […]
Except as provided in this chapter, no insurer may agree with any other insurer or with a rate service organization or an advisory organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses the material is not sufficient in itself to support a finding […]
Authorization. Notwithstanding § 56-5-113(a), insurers participating in joint underwriting, pools or residual market mechanisms may, in connection with the activity, act in cooperation with each other in the making of rates, supplementary rate information, policy forms, underwriting rules, surveys, inspections and investigations, the furnishing of loss and expense statistics or other information, and in the […]
The commissioner may examine any insurer, advisory organization, rate service organization, pool or residual market mechanism to ascertain compliance with this part. Every insurer, advisory organization, rate service organization, pool and residual market mechanism shall maintain records of the type and kind reasonably adapted to its method of operation. The records shall contain the experience, […]
Nothing in this part shall be construed to 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 shall […]
If the commissioner finds that any person or organization has violated this part, the commissioner may impose a penalty of not more than five hundred dollars ($500) for each violation, to be recovered for the use of the state in a civil action brought in the name of the state by the commissioner in a […]
Review of any order issued by the commissioner shall be in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Where the order of the commissioner results in an increase or decrease in rates, any insurer affected by the increase or decrease may, with leave of court, pending final disposition of […]
It is the intent of the general assembly that the advisory prospective loss costs system for workers’ compensation insurance be implemented with the goal of providing long-term stability in the workers’ compensation insurance market.
The commissioner may designate a rate service organization to assist in gathering, compiling and reporting relevant workers’ compensation insurance statistical information. If the commissioner makes the designation, every workers’ compensation insurer shall record and report its workers’ compensation insurance experience to the designated rate service organization as set forth in the uniform statistical plan approved […]
