Utah Code 31A-19a-407. Cooperation among rating organizations and insurers
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(1) Notwithstanding Section 31A-19a-305, rate service organizations and insurers may cooperate with each other in rate-making or in other matters within the scope of this part.
Terms Used In Utah Code 31A-19a-407
- 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(2)(2)(a) The commissioner may review the cooperative activities and practices permitted under Subsection (1).(2)(b) If, after a hearing, the commissioner finds any of the cooperative activities or practices permitted under Subsection (1) to be unfair, unreasonable, or otherwise inconsistent with the law, the commissioner may issue an order:(2)(b)(i) specifying in what respects the activity or practice is unfair, unreasonable, or otherwise inconsistent with the law; and(2)(b)(ii) requiring the persons or entities involved to discontinue the activity or practice.