33-15-1108. Limitation on midterm premium increases.
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/mt/title-33/chapter-15/part-11/33-15-1108·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-15-1108 . Limitation on midterm premium increases.
(1)In any case involving property or casualty insurance that is subject to this part, the insurer may not unilaterally increase the rate charged or decrease the coverage provided for the contract period unless:
(a)there is a change in risk during that period because of the addition or removal of persons or property that was included in the rate at last renewal;
(b)the risk was misrepresented by the insured; or
(c)the insured requests a policy change that increases the rate because of that specific request.
(2)This section does not prohibit the cancellation of a policy for any other reason permitted by the policy or by law during an initial policy period not to exceed 60 days.
(3)This section does not prohibit an insurer from providing a benefit or premium reduction relating to preventative measures taken by a policyholder under 33-24-110 .