Current through Register Vol. 54, No. 49, December 7, 2024
Section 130.3 - Filing requirementsAn insurer subject to the Fire and Marine Rate Act or the Casualty and Surety Rate Act, or both, to effect a decrease in rates currently approved by the Department, shall comply with the following filing requirements:
(1) The insurer by a rate filing shall notify the Director; Bureau of Regulation of Rates and Policies; Insurance Department; Harrisburg, Pennsylvania 17120 at least 30 days prior to the date it wants to put into effect a decrease in rates currently approved for it by the Department. In the rate filing, the insurer shall state the basis for the decrease in rates and its agreement that the decrease in rate filing shall remain in effect for at least 3 months from the effective date. Within a 15-day period following the filing of a proposed decrease in rates, the Commissioner will notify the insurer of the unacceptability of the filing for a decrease in rates. The Commissioner will only find unacceptable a decrease in rate filing if, in his opinion, the decrease in rates may have a tendency or capacity to imperil the financial condition of the filing insurer.(2) The decrease in rate filing may be up to 10% from the currently approved rates and shall apply to policyholders either by coverage or line of insurance.(3) After a filing has been in effect for 3 months or more, an insurer may automatically withdraw its decrease or a portion thereof by so notifying the Director; Bureau of Regulation of Rates and Policies; Insurance Department; Harrisburg, Pennsylvania 17120 at least 30 days prior to the withdrawal date. This section cited in 31 Pa. Code § 153.3 (relating to simplified review of company merger, assumption or name change form and rate filings-statement of policy).