Secs. 38a-389. Filing of rates to reflect premium savings. Prior rate approval.
Secs. 38a-389. Filing of rates to reflect premium savings. Prior rate approval.
(a) The General Assembly finds and concludes that the system of bodily injury liability,
basic and added reparations benefits and uninsured and underinsured motorist insurance,
as amended by the provisions of public act 93-297*, will generate premium savings for
policyholders with such coverages.
(b) Each insurer licensed to sell private passenger automobile insurance in this state
shall refile, with the Insurance Commissioner, its base rates for such coverages to reflect
the elimination of mandatory basic and added reparations benefits pursuant to public
act 93-297* and any additional premium savings attributable to said act. Such rates shall
be refiled, as soon as practicable, for use with policies effective on or after January
1, 1994.
(c) Upon receipt of the initial base rate filing made under this section, the Insurance
Commissioner, before permitting such filing to become effective, shall consult with an
independent actuary for the purpose of assuring that such rates reflect both (1) the insurer's rates on file on May 1, 1993, adjusted for cost trends from the date of filing to
January 1, 1994; and (2) the elimination of mandatory basic and added reparations
benefits pursuant to public act 93-297* and any additional premium savings attributable
to said act. Such revised rates shall be applicable to all new and renewal policies effective
on or after January 1, 1994.
(d) The base rates for bodily injury liability coverage and uninsured and underinsured motorist coverage that are filed subsequent to the initial filing of base rates pursuant
to this section shall be subject to prior rate approval in the same manner as in a noncompetitive market pursuant to subdivision (2) of subsection (a) of section 38a-688.
(P.A. 93-297, S. 27, 29; P.A. 97-303.)
*Note: Public act 93-297 is entitled "An Act Concerning Automobile Insurance Reform". (See Reference Table captioned "Public Acts of 1993" in Volume 16 which lists the sections amended, created or repealed by the act.)
History: P.A. 93-297 effective July 1, 1993; P.A. 97-303 made a technical change in Subsec. (b) and amended Subsec.
(d) to eliminate sunset provision ending December 31, 1997.