§431:14-114 - Rate administration.
§431:14-114 Rate administration. (a)
The commissioner may promulgate reasonable rules and statistical plans, which
may be modified from time to time, and which shall be used by each insurer in
the recording and reporting of its loss and country- wide expense experience,
in order that the experience of all insurers may be made available at least
annually in such form and detail as may be necessary to aid the commissioner in
determining whether rating systems comply with the standards set forth in section
431:14-103. The rules and plans may also provide for the recording and
reporting of expense experience items which are specially applicable to this
State and are not susceptible of determination by a prorating of country-wide
expense experience. In promulgating such rules and plans, the commissioner
shall give due consideration to:
(1) The rating systems on file with the commissioner;
and
(2) The rules and the form of the plans used for such
rating system in other states, in order that the rules and plans may be as
uniform as is practicable among the several states and this State.
No insurer shall be required to record or report its
loss experience on a classification basis that is inconsistent with the rating
system filed by it. The commissioner may designate one or more rating
organizations or other agencies to assist the commissioner in gathering the
experience and compiling the information. The compilations shall be made
available, subject to reasonable rules promulgated by the commissioner, to insurers
and rating organizations.
(b) Reasonable rules and plans may be
promulgated by the commissioner for the interchange of data necessary for the
application of rating plans.
(c) In order to further the uniform
administration of rate regulatory laws, the commissioner and every insurer and
rating organization may exchange information and experience data with insurance
supervisory officials, insurers, and rating organizations in any state and may
consult with them with respect to ratemaking and the application of rating
systems.
(d) The commissioner may make reasonable rules
and regulations necessary to effect the purposes of the rating laws. [L 1987, c
347, pt of §2]