58-18B-3.1. Base rate increase to be filed with director--Approval or disapproval.
114 words·~1 min read·
/sd/title-58/chapter-58-18/58-18b-3-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No small employer carrier may increase its small employer base rates unless the small employer carrier has filed the base rate increase with the director for review at least thirty days prior to the implementation of the rate increase. The base rates are deemed approved at the expiration of thirty days after the filing thereof unless disapproved by the director within thirty days after the date of filing. The filing of the base rate increase shall include documentation sufficient to actuarially justify the increase and a history of the earned premiums and incurred claims on the policy forms applicable to the rate increase. The base rates shall be reasonable in relation to the benefits.