515F.15 Rate administration.
260 words·~1 min read·
/ia/chapter-515f-casualty-insurance/515f-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Recording and reporting of loss and expense experience.
a. The commissioner may adopt reasonable rules for use by companies to record and report to the commissioner their rates and other information determined by the commissioner to be necessary or appropriate for the administration of this chapter and the effectuation of its purposes.
b. The commissioner may adopt reasonable rules and statistical plans, which shall then be used by each insurer in the recording and reporting of its loss and expense experience, in order that the experience of all insurers may be made available at least annually in the form and detail necessary to aid the commissioner in determining whether rating systems comply with the standards set forth in section 515F.4. The commissioner may designate one or more advisory organizations or other agencies to assist in gathering the experience and making compilations, and the compilations shall be public documents.
2. Interchange of rating plan data. Reasonable rules and plans may be adopted by the commissioner for the interchange of data necessary for the application of rating plans.
3. Consultation with other states. In order to further uniform administration of rate regulatory laws, the commissioner and every insurer and advisory organization may exchange information and experience data with insurance supervisory officials, insurers, and advisory organizations in other states and may consult with them with respect to the application of rating systems.
4. Rules. The commissioner may make reasonable rules necessary, including definitions of the rate standards contained in section 515F.4, to effect the purposes of this chapter.
Referred to in §515F.23