Section R590-91-6 - Reasonableness of Benefits in Relation to Premium(1) If any insurer files a form for approval that provides coverage that is different from the coverage described in Sections R590-91-7 and R590-91-8, the insurer shall demonstrate to the commissioner's satisfaction that the premium rates for the coverage will develop or may reasonably be expected to develop a loss ratio not less than that contemplated for standard coverage at the premium rates described in Sections R590-91-7 and R590-91-8.(2) If the debtor is not specifically charged for credit insurance, the standards in Section 31A-22-807 and Section R590-91-11 are not required to be used.(3) For the purposes of Subsection (2), the debtor is specifically charged for credit insurance if: (a) an identifiable charge for insurance is disclosed in the credit or other instrument furnished to the debtor that sets out the credit transaction's financial elements; or(b) there is a differential in finance, interest, service, or other similar charge made to debtors who are in like circumstances, except for their insured or noninsured status.(4) Any charge described in Subsection (3) that exceeds the premium rate standards in Sections R590-91-7 and R590-91-8, as adjusted under Section R590-91-10, shall be filed with the commissioner.Utah Admin. Code R590-91-6
Adopted by Utah State Bulletin Number 2022-07, effective 3/25/2022