Utah Code 31A-19a-205. Delegation of rate making and rate filing obligation
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(1) An insurer may:
Terms Used In Utah Code 31A-19a-205
- Filed: means that a filing is:(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section
31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- Filing: when used as a noun, means an item required to be filed with the department including:
(70)(a) a policy;(70)(b) a rate;(70)(c) a form;(70)(d) a document;(70)(e) a plan;(70)(f) a manual;(70)(g) an application;(70)(h) a report;(70)(i) a certificate;(70)(j) an endorsement;(70)(k) an actuarial certification;(70)(l) a licensee annual statement;(70)(m) a licensee renewal application;(70)(n) an advertisement;(70)(o) a binder; or(70)(p) an outline of coverage. See Utah Code 31A-1-301- Market: means the interaction between buyers and sellers consisting of a:
(8)(a)(i) product component; and(8)(a)(ii) geographic component. See Utah Code 31A-19a-102- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Premium: includes , however designated:
(156)(b)(i) an assessment;(156)(b)(ii) a membership fee;(156)(b)(iii) a required contribution; or(156)(b)(iv) monetary consideration. See Utah Code 31A-1-301- Rate: means that cost of insurance per exposure unit either expressed as:
(12)(a)(i) a single number; or(12)(a)(ii) as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:(12)(a)(ii)(A) expenses;(12)(a)(ii)(B) profit; and(12)(a)(ii)(C) individual insurer variation in loss experience. See Utah Code 31A-19a-102- Rate service organization: means a person who assists an insurer in rate making or filing by:
(164)(a)(i) collecting, compiling, and furnishing loss or expense statistics;(164)(a)(ii) recommending, making, or filing rates or supplementary rate information; or(164)(a)(iii) advising about rate questions, except as an attorney giving legal advice. See Utah Code 31A-1-301- Supplementary rate information: includes one or more of the following needed to determine the applicable rate in effect or to be in effect:
(15)(a) a manual or plan of rates;(15)(b) a statistical plan;(15)(c) a classification;(15)(d) a rating schedule;(15)(e) a minimum premium;(15)(f) a policy fee;(15)(g) a rating rule;(15)(h) a rate-related underwriting rule;(15)(i) a rate modification plan; or(15)(j) any other similar information prescribed by rule of the commissioner as supplementary rate information. See Utah Code 31A-19a-102(1)(a) itself establish rates and supplementary rate information for any market segment based on the factors in Section 31A-19a-202; or(1)(b) use rates, pure premium rates, and supplementary rate information prepared by a rate service organization that the insurer selects, with:(1)(b)(i) average expense factors determined by the rate service organization; or(1)(b)(ii) any modification for its own expense and loss experience as the credibility of that experience allows.(2) An insurer may discharge its obligation under Subsection 31A-19a-203(1) by filing with the commissioner:(2)(a) notification that the insurer uses pure premium rates and supplementary rate information prepared by a licensed rate service organization that the insurer selects; and(2)(b) any information about modifications the insurer has made to those rates or that information as is necessary fully to inform the commissioner.(3) If an insurer has discharged its obligation in accordance with Subsection (2), the insurer’s rates and supplementary rate information shall be those, including any amendments, filed at intervals by the rate service organization, subject to any modifications filed by the insurer. - Filing: when used as a noun, means an item required to be filed with the department including: