Louisiana Revised Statutes 22:1455 – Rate regulation when market determined to be noncompetitive
Terms Used In Louisiana Revised Statutes 22:1455
- commissioner: shall mean the commissioner of insurance. See Louisiana Revised Statutes 22:1451
- Market: means the interaction between buyers and sellers in the procurement of a line of insurance pursuant to the provisions of this Subpart. See Louisiana Revised Statutes 22:1452
- Rate: means that cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost, with an adjustment to account for the treatment of loss adjustment expenses, expenses, profit, and variation in expected future loss experience, prior to any application of individual risk variations based on actual past loss or expense considerations, and does not include minimum premiums. See Louisiana Revised Statutes 22:1452
- Supporting information: means the experience and judgment of the filer and the experience or data of other insurers or organizations relied upon by the filer, the interpretation of any statistical data relied upon by the filer, descriptions of methods used in making the rates, and other similar information relied upon by the filer. See Louisiana Revised Statutes 22:1452
A. If the commissioner determines that competition does not exist in a market and issues a noncompetitive ruling pursuant to La. Rev. Stat. 22:1453, the rates applicable to insurance sold in that market shall be regulated in accordance with the provisions of this Subpart applicable to noncompetitive markets.
B. Any rate filing in effect at the time the commissioner determines that competition does not exist shall be deemed to be in compliance with the laws of this state unless disapproved pursuant to the procedures and rating standards contained in this Subpart applicable to noncompetitive markets.
C. Any insurer having a rate filing in effect at the time the commissioner determines that competition does not exist may be required to furnish supporting information within thirty days of a written request by the commissioner.
Acts 2007, No. 459, §1, eff. Jan. 1, 2008; Redesignated from La. Rev. Stat. 22:1402.3 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:1455 redesignated as La. Rev. Stat. 22:41 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.