Ala. Admin. Code r. 482-1-152-.06

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

Section 482-1-152-.06 - Requirement For Filing And Approval And Actuarial Support

(1) The requirements of this rule apply to all home owner, renters/tenants, and condominiums (unit owners) rate filings within the scope of this chapter made to the Department to be effective on or after January 1, 2018. All such rate filings shall be made on or before June 1, 2017.

(2) The requirements of this rule apply to all dwelling fire rate and extended coverage filings within the scope of this chapter made to the Department to be effective on or after January 1, 2019. All such rate filings shall be made on or before June 1, 2018.

(3) All rating factors, rate or premium credits or surcharges, or rating tiers utilized in the premium calculation must be filed, approved, and applied separately for hurricane coverage, all other wind/hail coverage, and all other perils coverage. 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. Filing and approval must occur before use.

(4) All rating factors, rate or premium credits or surcharges, and rating tiers must be actuarially supported.

Ala. Admin. Code r. 482-1-152-.06

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.