31A-19a-205. Delegation of rate making and rate filing obligation.

199 words·~1 min read·/ut/title-31a/chapter-19a/31a-19a-205·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)An insurer may:

(a)itself establish rates and supplementary rate information for any market segment based on the factors in Section 31A-19a-202 ; or

(b)use rates, pure premium rates, and supplementary rate information prepared by a rate service organization that the insurer selects, with:

(i)average expense factors determined by the rate service organization; or

(ii)any modification for its own expense and loss experience as the credibility of that experience allows.

(2)An insurer may discharge its obligation under Subsection 31A-19a-203(1) by filing with the commissioner:

(a)notification that the insurer uses pure premium rates and supplementary rate information prepared by a licensed rate service organization that the insurer selects; and

(b)any information about modifications the insurer has made to those rates or that information as is necessary fully to inform the commissioner.

(3)If an insurer has discharged its obligation in accordance with Subsection

(2), the insurer's rates and supplementary rate information shall be those, including any amendments, filed at intervals by the rate service organization, subject to any modifications filed by the insurer.

Renumbered and Amended by Chapter 130 , 1999 General Session