20-357. Filing of rating system;
definition
A. Every insurer shall file with the director the rating systems the insurer
proposes to use. As used in the rate regulatory provisions of this article, "rating
systems" includes every manual of classifications, rules and rates, every rating plan and
every modification of any of the foregoing. Every filing shall have a proposed effective
date and shall indicate the character and extent of the coverage contemplated. If a
filing does not include the information on which the insurer supports the filing, and the
director does not have sufficient information to determine whether the filing meets the
rate regulatory requirements of this article, the director shall require the insurer to
furnish information supporting the filing. The supporting information may include the
experience or judgment of the insurer or rating organization making the filing, its
interpretation of any statistical data on which it relies, the experience of other
insurers or rating organizations or any other relevant factors. A filing and any
supporting information shall be open to public inspection after the filing becomes
effective.
B. A workers' compensation insurer shall satisfy its obligation to make filings by
becoming a member of a licensed rating organization that makes filings and by authorizing
the director to accept on its behalf filings made by the rating organization. A rating
organization shall annually file with the director rates to be effective on January 1.
Nothing in this subsection requires an insurer to be a member of the designated rating
organization.
C. Each filing shall be on file for a waiting period of at least thirty days before
it becomes effective. On written application by the insurer or rating organization making
the filing, the director may authorize a filing to become effective before the waiting
period expires.
D. On written application of the insured that states the insured's reasons and that
is filed with and approved by the director, an insurer may use a rate in excess of the
insurer's filed rate on the insured's risk.
E. An insurer shall not make or issue a contract or policy except in accordance
with the filings in effect for that insurer as provided in the rate regulatory provisions
of this article.
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