(a) Definitions.- In this section, "increase in a policy premium" includes an increase in premium due to:
(1) a surcharge;
(2) retiering or other reclassification of an insured; or
(3) removal or reduction of a discount.
(b) In general.- Each insurer that provides a private passenger automobile insurance policy shall provide to the policyholder at the time of issuance or renewal of the policy a statement that:
(1) defines the policyholder's rate classifications;
(2) if the insurer is an authorized insurer includes a summary, in a form approved by the Commissioner, of the insurer's approved surcharge plan or driver record point plan for that policy; and
(3) includes a section that provides a general description of the factors, including credit information if applicable, that may cause or contribute to an increase in a policy premium.
(c) Effect of statement.- The statement must be sufficiently clear and specific so that an individual of average intelligence can identify the classifications without making further inquiry.
(d) Availability of statement.- An insurer that markets private passenger automobile insurance through insurance producers shall make available to its producers a copy of the statement required under this section.
(a) Definitions.- In this section, "increase in a policy premium" includes an increase in premium due to:
(1) a surcharge;
(2) retiering or other reclassification of an insured; or
(3) removal or reduction of a discount.
(b) In general.- Each insurer that provides a private passenger automobile insurance policy shall provide to the policyholder at the time of issuance or renewal of the policy a statement that:
(1) defines the policyholder's rate classifications;
(2) if the insurer is an authorized insurer includes a summary, in a form approved by the Commissioner, of the insurer's approved surcharge plan or driver record point plan for that policy; and
(3) includes a section that provides a general description of the factors, including credit information if applicable, that may cause or contribute to an increase in a policy premium.
(c) Effect of statement.- The statement must be sufficiently clear and specific so that an individual of average intelligence can identify the classifications without making further inquiry.
(d) Availability of statement.- An insurer that markets private passenger automobile insurance through insurance producers shall make available to its producers a copy of the statement required under this section.
(a) Definitions.- In this section, "increase in a policy premium" includes an increase in premium due to:
(1) a surcharge;
(2) retiering or other reclassification of an insured; or
(3) removal or reduction of a discount.
(b) In general.- Each insurer that provides a private passenger automobile insurance policy shall provide to the policyholder at the time of issuance or renewal of the policy a statement that:
(1) defines the policyholder's rate classifications;
(2) if the insurer is an authorized insurer includes a summary, in a form approved by the Commissioner, of the insurer's approved surcharge plan or driver record point plan for that policy; and
(3) includes a section that provides a general description of the factors, including credit information if applicable, that may cause or contribute to an increase in a policy premium.
(c) Effect of statement.- The statement must be sufficiently clear and specific so that an individual of average intelligence can identify the classifications without making further inquiry.
(d) Availability of statement.- An insurer that markets private passenger automobile insurance through insurance producers shall make available to its producers a copy of the statement required under this section.
