§ 27-44-6 - Filing of rates and other rating information.
SECTION 27-44-6
§ 27-44-6 Filing of rates and other ratinginformation. – (a) Filings as to competitive markets; file and use. In a competitivemarket, every insurer shall file with the director all rates and supplementaryrate information to be used in this state. At the time the rates are filed, thefiling shall state the specific model(s) used (catastrophic risk planning), andexplain the manner in which each model was used to determine the filed rate.The rates and supplementary rate information shall be filed at least thirty(30) days prior to the proposed effective date. At the end of that time, therates may be used if no disapproval order or request for supporting informationhas been issued by the director. If the director finds that an insurer's ratesrequire closer review because of an insurer's financial condition, or upon anyother grounds as the director may consider harmful to the public interestincluding, but not limited to, excessiveness, inadequacy, or unfairdiscrimination, the director may request supporting information as needed. Ifthe director requests the further information, the rates may not be madeeffective until thirty (30) days after the information has been received by thedirector.
(b) Filings as to noncompetitive markets. Nothingcontained in this chapter shall be construed to abrogate or supersede anystatute or regulation governing either classes of business identified in §27-44-3, or deemed noncompetitive pursuant to the provisions of this chapter.Those classes of business and noncompetitive markets shall have ratesestablished pursuant to the standards and procedures applicable under chapters6, 7.1, 9, 19, and 20 of this title, and chapter 62 of title 42.
(c) Requirement of director. Rates shall be filed inthe form and manner prescribed by the director.
(d) Rating organization. Any insurer may discharge itsobligation under this section by giving notice to the director that it usesrates and supplementary rate information prepared and filed by a designatedrating organization of which it is a member or subscriber. The insurer's ratesand supplementary rate information shall be those filed by the ratingorganization, including any amendments, subject to modifications filed by theinsurer.
(e) Consent to rate. Upon the written consent of theinsured, stating the reasons for consent and filed with the director, a rate inexcess of that provided by an otherwise applicable filing may be used on anyspecific risk. A rate greater than that applicable to the insured under aresidual market mechanism may not be used unless approved by the director.
(f) Filings open to inspection. All rates,supplementary rate information, and any supporting information for rates filedunder this act shall, as soon as filed, be open to public inspection at anyreasonable time. Copies may be obtained by any person on request and uponpayment of a reasonable charge.