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§ 10-4-401. Purpose – Applicability

The purpose of this part 4 is to promote the public welfare by regulating insurance rates to the end that they not be excessive, inadequate, or unfairly discriminatory, to prohibit price-fixing agreements and other anticompetitive behavior by insurers, to promote price competition among insurers, to provide rates that are responsive to competitive market conditions, and […]

§ 10-4-402. Definitions

As used in this part 4, unless the context otherwise requires: “Advisory organization” means every group, association, or other organization of insurers, whether located within or outside this state, which prepares policy forms or assists insurers which make their own rates or rating organizations in rate-making by the collection and furnishing of loss or expense […]

§ 10-4-403. Standards for Rates – Competition – Procedure – Requirement for Independent Actuarial Opinions Regarding 1991 Legislation

Rates shall not be excessive, inadequate, or unfairly discriminatory. The following rate standards shall apply: Rates are excessive if they are likely to produce a long run profit that is unreasonably high for the insurance provided or if expenses are unreasonably high in relation to services rendered. Concerning inadequacy, rates are not inadequate unless clearly […]

§ 10-4-404. Rate Administration

The commissioner shall promulgate rules and regulations which shall require each insurer to record and report its loss and expense experience and such other data, including reserves, as may be necessary to determine whether rates comply with the standards set forth in section 10-4-403. Every insurer or rating organization shall provide such information and in […]

§ 10-4-404.5. Rating Plans – Property and Casualty Type Ii Insurers – Rules

The commissioner may promulgate rules for type II insurers that establish reasonable standards for rating plans, including experience rating plans, schedule rating plans, and expense reduction plans, and that are designed to modify rates in the development of premiums for individual risks insured in the property and casualty insurance market. Such rules may permit recognition […]

§ 10-4-405. Filing of Rating Information – Certain Coverages

With respect to type I kinds of insurance as defined in section 10-4-401 (3)(a), every insurer shall file with the commissioner every manual of classifications, rules, and rates, every rating plan, and every modification of any of the foregoing which it proposes to use in this state. Every filing shall state the proposed effective date […]

§ 10-4-406. Review of Filings – Certain Coverages

Upon receipt of filings required under the provisions of section 10-4-405 (1), the commissioner shall review, or cause to be reviewed, the same as soon as reasonably possible after they have been made in order to determine whether they meet the requirements of this part 4. A filing which the commissioner has placed on file […]

§ 10-4-407. Hearings

If, pursuant to section 10-4-406 (2), the commissioner determines to hold a public hearing as to a filing or holds such a public hearing pursuant to request therefor under section 10-4-406 (3), he shall give written notice thereof to the rating organization or insurer that made the filing, shall hold such hearing within thirty days […]

§ 10-4-409. Rates Furnished – Cooperation Among Organizations

Subject to rules and regulations which are approved by the commissioner as reasonable, each rating organization shall permit any insurer, not a member, to be a subscriber to its rating services for any kind of insurance or subdivision thereof for which it is authorized to act as a rating organization. Notice of proposed changes in […]

§ 10-4-410. Advisory Organizations

Every advisory organization shall file with the commissioner a copy of its constitution, its articles of agreement or association or its certificate of incorporation, and its bylaws, rules, and regulations governing its activities, a list of its members, the name and address of a resident of this state upon whom notices or orders of the […]

§ 10-4-411. Joint Underwriting

Every group, association, or other organization of insurers which engages in joint reinsurance or joint underwriting shall be subject to regulation with respect thereto as provided in this part 4. If, after a hearing, the commissioner finds that any activity or practice of any such group, association, or other organization is unfair or unreasonable or […]

§ 10-4-412. Assigned Risk Motor Vehicle Insurance

The commissioner may, after consultation with the insurers licensed to write motor vehicle insurance in this state, establish or approve a reasonable plan, and rules governing the same, for the equitable apportionment among such insurers of applicants for such insurance who are in good faith entitled to but are unable to procure insurance through ordinary […]

§ 10-4-413. Records Required to Be Maintained

Every insurer, rating organization, or advisory organization and every group, association, or other organization of insurers which engages in joint underwriting or joint reinsurance shall maintain reasonable records, of the type and kind reasonably adapted to its method of operation, of its experience or the experience of its members and of the data, statistics, or […]

§ 10-4-414. Examinations

Repealed. The commissioner may, at any reasonable time, make or cause to be made an examination of every admitted insurer transacting any class of insurance to which the provisions of this part 4 are applicable to ascertain whether such insurer and every rate and rating system used by it for every such class of insurance […]

§ 10-4-415. Prohibition Against Anticompetitive Behavior

No insurer or rating organization shall monopolize or attempt to monopolize, or combine or conspire with any other person to monopolize, in any territory, the business of insurance of any kind, subdivision, or class thereof. No insurer or rating organization shall agree with any other insurer or rating organization to charge or adhere to any […]

§ 10-4-416. Prohibiting Changes in Rates or Coverages

In any case involving insurance subject to this part 4 on which an insured has prepaid a premium for the issuance of a policy of insurance for a specified policy period, the insurer shall not increase unilaterally, during said policy period, the rate charged nor decrease the coverage benefits provided unless there is a change […]

§ 10-4-417. False or Misleading Information

No person or organization shall willfully withhold information from, or knowingly give false or misleading information to, the commissioner, any statistical agency designated by the commissioner, any rating organization, or any insurer which will affect the rates or premiums chargeable under this part 4. Source: L. 79: Entire part R&RE, p. 374, § 8, effective […]

§ 10-4-418. Enforcement Procedures – Penalties

Any person aggrieved by any rate charged, rating plan, rating system, underwriting rule, policy form, certificate, or contract of insurance or rider followed or adopted by an insurer, advisory organization, or rating organization may request the insurer, advisory organization, or rating organization to review the manner in which the rate, plan, system, rule, form, certificate, […]

§ 10-4-419. Claims-Made Policy Forms

No insurer shall use or issue any policy, certificate, or contract of insurance or any portion thereof which provides coverage on a claims-made basis unless it has been certified by the insurer and the insurer has filed a certification with the commissioner that such policy endorsement or disclosure form or any portion thereof which provides […]