N.M. Code R. § 13.18.2.29

Current through Register Vol. 35, No. 11, June 11, 2024

Section 13.18.2.29 - DEVIATION PROCEDURES

A. Notwithstanding the determination of presumptively acceptable maximum rates which are reasonable in relation to the benefits of a policy providing the coverage to which the rates are applicable:

(1) an insurer who has experienced excessive loss ratios for a case consisting of a single account or combination of accounts, as account is defined herein, will be permitted, at its own request, to adjust the premium rate or premium rate schedule for such case in accordance with the deviation procedures set out in the following; and

(2) an insurer who fails, on upward deviated accounts, or downward deviated accounts that modify the age limits downward as allowed in this rule to develop the minimum loss ratios as defined in Subsection B of 13.18.2.17 NMAC, for a case consisting of a single account or combination of accounts, as accounts is defined in this rule, will be required by the superintendent to adjust the premium rate or premium rate schedule for such case in accordance with the deviation procedures in this rule.

B. A request for a deviated rate must be made in writing and shall include all of the information which is required under this rule.

C. It must be accompanied by a list of the creditors whose experience is the basis for such request, and must be attested to by an officer of the insurer. The use of any deviation approved by the superintendent is limited to those creditors whose names appear on such list. No rate deviation may be used unless and until approved by the superintendent in writing. Any request for deviated presumptive rates shall be submitted to the superintendent in the manner prescribed on Form CI-DRF.

N.M. Code R. § 13.18.2.29

7/1/97, 3/1/98, 4/1/98, 6/1/98, 9/1/98; 13.18.2.29 NMAC - Rn, 13 NMAC 18.2.29, 12/31/07