Section R590-121-3 - DefinitionsTerms used in this rule are defined in Sections 31A-1-301 and 31A-19a-102. Additional terms are defined as follows:
(1) "Experience rating plan" means a rating plan or system where a manual rate for insurance is adjusted or modified based on the past loss experience of the insured.(2) "Manual rate" means a rate, designed to apply on a generic basis to similar risks within the same market, filed with the department by an insurer or rate service organization and made part of the rating manual used by an insurer or rate service organization.(3)(a) "Rate modification plan" means a rating plan or procedure that lists various risk characteristics or conditions and a range of modification factors that may be applied for those characteristics or conditions to the manual rate of a particular insurance risk, the effect of which is to increase (debit) or decrease (credit) the manual rate.(b) Rate modification plans include plans commonly called Schedule Rating Plans and Individual Risk Premium Modification Plans.Utah Admin. Code R590-121-3
Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021