Utah Code 31A-19a-208. Special restrictions on individual insurers
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(1) The commissioner may require by order that a particular insurer file any or all of its rates and supplementary rate information 30 calendar days prior to their effective date, if the commissioner finds, after a hearing, that to protect the interests of the insurer’s insureds and the public in Utah, the commissioner shall exercise closer supervision of the insurer’s rates, because of the insurer’s financial condition or rating practices.
Terms Used In Utah Code 31A-19a-208
- 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
- Order: means an order of the commissioner. 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- 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(2) The commissioner may extend the waiting period described in Subsection (1) for any filing for not to exceed 30 additional calendar days, by written notice to the insurer before the first 30-day period expires.(3) A filing that has not been disapproved before the expiration of the waiting period is considered to meet the requirements of this chapter, subject to the possibility of subsequent disapproval under Section 31A-19a-206.