§ 58-42-20. Classification and rates.
109 words·~1 min read·
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§ 58-42-20. Classification and rates.
Each plan shall provide for:
(1)The method of classifying risks;
(2)The making and filing of rates that are not excessive, inadequate, or unfairly discriminatory and that are calculated on an actuarially sound basis and policy forms applicable to the various risks insured by the plan;
(3)The adjusting and processing of claims;
(4)The commission rates to be paid to insurance producers for coverages written by the plan; and
(5)Any other insurance or investment functions that are necessary for the purpose of providing adequate and readily accessible coverage. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1; 2022-46, s. 14(eee).)