The director shall promulgate rules and statistical plans, reasonably adapted to each of the rating systems on file with the division, which may be modified from time to time and which shall be used thereafter by each insurer in the recording and reporting of its loss and country–wide expense experience in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary in determining whether rating systems comply with the standards set forth in §§ 58-24-5 to 58-24-8, inclusive. Such rules and plans may also provide for the recording and reporting of expense experience items which are specially applicable to this state and are not susceptible of determination by a prorating of country–wide expense experience. In promulgating such rules and deciding what plans to use, the director shall give due consideration to the rating systems on file and, in order that the plans may be as uniform as is practicable among the several states, to the rules and to the form of the plans used for such rating systems in other states. No insurer shall be required to record or report its loss experience on a classification basis that is inconsistent with the rating system filed by it. The director may designate one or more rating organizations or other agencies for assistance in gathering such experience and making compilations thereof, and such compilations shall be made available, subject to rules promulgated by the director, to insurers and rating organizations.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Source: SL 1966, ch 111, ch 15, § 13(1); SL 1986, ch 22, § 34.