§ 27-44-2 - Definitions.
SECTION 27-44-2
§ 27-44-2 Definitions. – (a) "Advisory organization" means any person or organization other than arating organization which assists insurers in the authorized activitiesenumerated in § 27-44-11, except no advisory organization may make anyfilings on behalf of insurers.
(b) "Competitive market" means a market that has not beenfound to be noncompetitive pursuant to § 27-44-4.
(c) "Director" means the director of department of businessregulation.
(d) "Market" means the interaction between buyers and sellersconsisting of a product market component. A product market component consistsof identical or readily substitutable products including, but not limited to,consideration of coverage, policy terms, rate classifications, andunderwriting. A geographic market component is a geographical area in whichbuyers have a reasonable degree of access to the insurance product throughsales outlets and other marketing mechanisms. Determination of a geographicmarket component shall consider existing marketing patterns.
(e) "Noncompetitive market" means a market for which there isa ruling in effect pursuant to § 27-44-4 that a reasonable degree ofcompetition does not exist.
(f) "Pool" means a voluntary arrangement, established on anon-going basis, pursuant to which two (2) or more insurers participate in thesharing of risks on a predetermined basis. The pool may operate through anassociation, syndicate, or other pooling agreement.
(g) "Rating organization" means any entity which either hastwo (2) or more member insurers or is controlled either directly or indirectlyby two (2) or more insurers and which assists insurers in ratemaking. Two (2)or more insurers having a common ownership or operating in this state undercommon management or control constitute a single insurer for the purpose ofthis definition.
(h) "Residual market mechanism" means an arrangement, eithervoluntary or mandated by law, involving participation by insurers in theequitable apportionment among them of insurance which may be affordedapplicants who are unable to obtain insurance through ordinary methods.
(i) "Supplementary rate information" includes any manual orplan of rates, classification, rating schedule, minimum premium, policy fee,rating rule, and any other similar information needed to determine theapplicable rate in effect or to be in effect.
(j) "Supporting information" means: (1) the experience andjudgment of the filer and the experience or data of other insurers ororganizations relied upon by the filer; (2) the interpretation of anystatistical data relied upon by the filer; and (3) description of methods usedin making the rates, and other similar information required by the director tobe filed.