Utah Code 31A-19a-307. Rate service organizations — Permitted activity
Current as of: 2024 | Check for updates
|
Other versions
A rate service organization may on behalf of its members and subscribers:
(1) develop statistical plans including territorial and class definitions;
Terms Used In Utah Code 31A-19a-307
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102
- 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) Section31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- Individual: means a natural person. See Utah Code 31A-1-301
- Policy: includes a service contract issued by:
(150)(b)(i) a motor club under Chapter 11, Motor Clubs;(150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and(150)(b)(iii) a corporation licensed under:(150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or(150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301- Prospective loss costs: means the same as pure premium rate. 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(2) collect statistical data from:(2)(a) members;(2)(b) subscribers; or(2)(c) any other source;(3) prepare, file, and distribute prospective loss costs which may include provisions for special assessments;(4) prepare, file, and distribute:(4)(a) factors;(4)(b) calculations;(4)(c) formulas pertaining to classification; or(4)(d) territory, increased limits, and other variables;(5) prepare, file, and distribute supplementary rating information;(6) distribute information that is required or directed to be filed with the commissioner;(7) conduct research and on-site inspections to prepare classifications of public fire defenses;(8) consult with public officials regarding public fire protection as it would affect members, subscribers, and others;(9) conduct research and onsight inspections to discover, identify, and classify information relating to causes or prevention of losses;(10) conduct research relating to the impact of statutory changes upon prospective loss costs;(11) prepare, file, and distribute policy forms and endorsements;(12) consult with members, subscribers, and others concerning use and application of the policy forms and endorsements described in Subsection (11);(13) conduct research and on-site inspections for the purpose of providing risk information relating to individual structures;(14) conduct on-site inspections to determine rating classifications for individual insureds;(15) collect, compile, and publish past and current prices of individual insurers, provided the information is also made available to the general public at a reasonable cost;(16) collect and compile exposure and loss experience for the purpose of individual risk experience ratings;(17) furnish any other services, as approved or directed by the commissioner, related to those enumerated in this section; and(18) engage in any other activity not prohibited by this title.