Section 58-24-10 - Filing of rates with director--Effective date--Character and extent of coverage--Exceptions.
58-24-10. Filing of rates with director--Effective date--Character and extent of coverage--Exceptions. Every insurer shall file with the director of the Division of Insurance every manual, minimum, class rate, rating schedule, or rating plan and every other rating rule, and every modification of any of the foregoing which it proposes to use. Every such filing shall state the proposed effective date thereof, and shall indicate the character and extent of the coverage contemplated. The filing date is the effective date thereof unless the insurer proposes an effective date subsequent to the filing date.
This section does not apply to:
(1) Inland marine risks which by general custom of the business are not written according to manual rates or rating plans; or
(2) Automobile and other motor vehicle insurance subject to § 58-24-10.1.
Source: SL 1966, ch 111, ch 15, § 4 (1); SL 1979, ch 341, § 3; SL 2004, ch 307, § 8.