Kentucky Statutes 304.13-165 – Information to be filed by advisory organization
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(1) Every advisory organization shall file with the commissioner every statistical plan, all prospective loss costs, provisions for special assessments, and all supplementary rating information, and every change or amendment or modification of any of the foregoing proposed for use in Kentucky. Each filing shall be filed thirty (30) days before it becomes effective, which period may be extended by the commissioner for an additional period not to exceed thirty (30) days, if written notice is given within the initial thirty (30) day period to the advisory organization that additional time is needed for the consideration of the filing. The commissioner may, upon giving written notice to the advisory organization, request additional information that is needed to complete the review of the filing. If the commissioner requests such additional information prior to the filing becoming effective, the filing shall become effective thirty (30) days after the additional information is provided to the commissioner.
(2) Upon written application by the advisory organization, the commissioner may authorize an earlier effective date.
(3) All filings shall be subject to the provisions of KRS § 304.13-081 and all other provisions of this chapter relating to filings made by insurers.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1133, effective July 15, 2010. — Created
2000 Ky. Acts ch. 380, sec. 10, effective July 14, 2000.
(2) Upon written application by the advisory organization, the commissioner may authorize an earlier effective date.
Terms Used In Kentucky Statutes 304.13-165
- advisory organization: is a ny entity, including its affiliates or subsidiaries, which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers and which assists insurers in ratemaking related activities. See Kentucky Statutes 304.13-011
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Prospective loss costs: means that portion of a rate that does not include provisions for expenses (other than loss adjustment expenses) or profit, and are based on historical aggregate losses or output from simulation models and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time. See Kentucky Statutes 304.13-011
- Supplementary rating information: includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fees, rating rules, or any other similar information needed to determine the applicable rate or premium. See Kentucky Statutes 304.13-011
(3) All filings shall be subject to the provisions of KRS § 304.13-081 and all other provisions of this chapter relating to filings made by insurers.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1133, effective July 15, 2010. — Created
2000 Ky. Acts ch. 380, sec. 10, effective July 14, 2000.