Current through Register Vol. 54, No. 24, June 15, 2024
Section 120.5 - Supplementary rate information: rating organization action(a)Rating organization filings. The rating organization files with the Department, for approval, filings containing a revision of rules and supplementary rating information. This includes policy-writing rules, rating plans, classification codes and descriptions and rules which include factors or relativities such as employers liability increased limits factors, classification relativities or similar factors but excludes minimum premiums. A rating organization filing should be limited to loss costs and not contain provisions for expenses. (1) These filings are made by the rating organization on behalf of insurers that have authorized the rating organization to file rules, relativities and supplementary rating information on their behalf.(2) Rating organizations may print and distribute manuals of rules and supplementary rating information excluding minimum premiums.(b)Insurer action. If an insurer has authorized a rating organization to file on its behalf, and a new filing of rules, relativities and supplementary rating information is filed and approved, the following conditions apply:(1) If the insurer decides to use the revisions and effective date as filed, the insurer does not file anything with the Department.(2) If the insurer decides to use the revisions as filed but with a different effective date, the insurer shall notify the Department of its effective date before the approved rating organization's effective date.(3) If the insurer decides not to use the revision, the insurer shall notify the Department before the rating organization's effective date.(4) If the insurer decides to use the revision with modifications, the insurer shall file the modification with the Department, for approval, specifying the basis for the modification and the insurer's proposed effective date filed by the rating organization.