§ 27-9-20 - Competitive rates as evidence of fairness – Profit as evidence of adequacy. - Rhode-island Statutes

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Statutes > Rhode-island > Title-27 > Chapter-27-9 > 27-9-20

SECTION 27-9-20

§ 27-9-20 Competitive rates as evidence offairness – Profit as evidence of adequacy. – If the insurer making or issuing a contract or policy at a rate or premium lessthan that provided by any filing shall, at any hearing held pursuant to§§ 27-9-16 – 27-9-21, or pursuant to § 27-9-15, show to thesatisfaction of the commissioner that the rate or premium was used in goodfaith to meet an equally low or lower net cost to the insured of a competitor,that showing shall be prima facie evidence that the rate or premium used is notunfairly discriminatory, and if the insurer using the rate or premium shallshow to the satisfaction of the commissioner that it is writing a kind or classof insurance at a profit, that showing shall be prima facie evidence that therate or premium used is not inadequate.

State Codes and Statutes

Statutes > Rhode-island > Title-27 > Chapter-27-9 > 27-9-20

SECTION 27-9-20

§ 27-9-20 Competitive rates as evidence offairness – Profit as evidence of adequacy. – If the insurer making or issuing a contract or policy at a rate or premium lessthan that provided by any filing shall, at any hearing held pursuant to§§ 27-9-16 – 27-9-21, or pursuant to § 27-9-15, show to thesatisfaction of the commissioner that the rate or premium was used in goodfaith to meet an equally low or lower net cost to the insured of a competitor,that showing shall be prima facie evidence that the rate or premium used is notunfairly discriminatory, and if the insurer using the rate or premium shallshow to the satisfaction of the commissioner that it is writing a kind or classof insurance at a profit, that showing shall be prima facie evidence that therate or premium used is not inadequate.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-27 > Chapter-27-9 > 27-9-20

SECTION 27-9-20

§ 27-9-20 Competitive rates as evidence offairness – Profit as evidence of adequacy. – If the insurer making or issuing a contract or policy at a rate or premium lessthan that provided by any filing shall, at any hearing held pursuant to§§ 27-9-16 – 27-9-21, or pursuant to § 27-9-15, show to thesatisfaction of the commissioner that the rate or premium was used in goodfaith to meet an equally low or lower net cost to the insured of a competitor,that showing shall be prima facie evidence that the rate or premium used is notunfairly discriminatory, and if the insurer using the rate or premium shallshow to the satisfaction of the commissioner that it is writing a kind or classof insurance at a profit, that showing shall be prima facie evidence that therate or premium used is not inadequate.