§36-901.2. Definitions.
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/ok/title-36-insurance/36-901-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act unless the context otherwise requires:
1. "Act" means the Oklahoma Insurance Rating Act;
2. "Commissioner" means the Insurance Commissioner of the State of Oklahoma or his designee;
3. "Department" means the Insurance Department of the State of Oklahoma;
4. "Rate" means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost and an adjustment to account for the treatment of expenses, profit and variations in loss experience, prior to any application of individual risk variations based on loss or expense considerations, and does not include minimum premiums:
a. "prospective loss cost", as used in this paragraph,
means that portion of a rate that does not include
provisions for expenses, other than loss adjustment
expenses, or profit, and are based on historical
aggregate losses and loss adjustment expenses adjusted
through development to their ultimate value and
projected through trending to a future point in time,
and
b. "expenses", as used in this paragraph, means that
portion of a rate attributable to acquisition, field
supervision, collection expenses, general expenses,
taxes, licenses, and fees; and
5. "Rating organization, advisory organization or statistical organization" means any two or more insurers acting in cooperation or in concert for the purpose of making rates, rating plans or rating systems. Added by Laws 1987, c. 210, § 14, eff. July 1, 1987. Amended by Laws 1994, c. 129, § 2, eff. Sept. 1, 1994; Laws 2006, c. 264, § 11, eff. July 1, 2006.