Iowa Admin. Code r. 191-20.6

Current through Register Vol. 47, No.14, January 8, 2025

Rule 191-20.6 - Exemption from rate filing requirement

(1) An insurer requesting, pursuant to Iowa Code section 515F.5(4), suspension or modification of the requirement of filing of a rate shall provide the commissioner with a full explanation for the proposed exemption from the filing requirement together with any actuarial data available and shall furnish the commissioner with any additional material the commissioner may desire.

(2) If the commissioner finds that a proposed rate represents a classification for which credible and homogeneous statistical experience does not exist and cannot be analyzed using standard actuarial techniques to produce a statistically significant average rate for the individual risks within the classification, the commissioner may exempt the insurer from the filing requirement for that proposed rate.

(3) An insurer shall maintain statistical records of the experience and expenses attendant upon the risks covered by any rate exempted by the commissioner from the filing requirement. The insurer may supplement statistical information filed with the commissioner with information by an advisory organization licensed pursuant to Iowa Code section 515F.8.

This rule is intended to implement Iowa Code section 515A.4(6).

Iowa Admin. Code r. 191-20.6

Amended by IAB May 5, 2021/Volume XLIII, Number 23, effective 6/9/2021

Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024