Ala. Admin. Code r. 482-1-152-.05

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-152-.05 - Requirement For Separate Rates By Peril In Rate Filings

All property rate filings must provide property rates(including rating factors, rate or premium credits or surcharges, or rating tiers) for the basic policy separately for hurricane coverage, all other wind/hail coverage, and all other perils coverage in accordance with the implementation dates provided in this chapter. The approved rates (including rating factors, rate or premium credits or surcharges, or rating tiers)must be displayed separately in the documentation of the insurer's class plan in like manner for these types of coverage. Insurers may further subdivide the "all other perils" into additional perils for rating purposes if they so desire. Rates for additional coverages, voluntary endorsements, or policy limits changes (other than coverage limits for dwelling or personal property, or changes in deductibles) are not required to be separated by peril.

New Rule: September 23, 2013; effective October 3, 2013. Filed with LRS September 23, 2013. Rule is not subject to the Alabama Administrative Procedure Act.

Authority: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-13-1 et seq., 27-14-8 through 27-14-11.