§431:14-104  Rate filings.  (a)  Every

insurer shall file with the commissioner every manual of classifications,

rules, and rates, every rating plan, every other rating rule, and every

modification of any of the foregoing that it proposes to use; provided that

filings with regard to specific inland marine risks, which by general custom of

the business are not written according to manual rate or rating plans, and bail

bonds, subject to section 804-62, shall not be required pursuant to this

subsection.

     Every filing shall:

     (1)  State its proposed effective date;

     (2)  Indicate the character and extent of the coverage

contemplated;

     (3)  Include a report on investment income; and

     (4)  Be accompanied by a $50 fee, payable to the

commissioner, to be deposited in the commissioner's education and training

fund.

     (b)  For each filing, an insurer shall submit

to the commissioner:

     (1)  An electronic copy of the filing; or

     (2)  Two printed copies of the filing. 

The commissioner may also request a printed version

of an electronic filing to be submitted pursuant to paragraph (1).

     (c)  At the same time as the filing of the

rate, every insurer shall file all supplementary rating and supporting

information to be used in support of or in conjunction with a rate.  The insurer

may satisfy its obligation to file supplementary rating and supporting

information by reference to material which has been approved by the

commissioner.  The information furnished in support of a filing may include or

consist of a reference to:

     (1)  The prospective loss cost filing made by a

rating organization or an advisory organization and approved by the

commissioner;

     (2)  The experience or judgment of the insurer or

information filed by the rating organization or advisory organization on behalf

of the insurer as permitted by section 431:14-104.5;

     (3)  Its interpretation of any statistical data upon

which it relies;

     (4)  The experience of other insurers, rating

organizations, or advisory organizations; or

     (5)  Any other relevant factors.

     (d)  When a filing is not accompanied by the

information upon which the insurer supports the filing, and the commissioner

does not have sufficient information to determine whether the filing meets the

requirements of this article, the commissioner shall require the insurer to

furnish additional information and, in that event, the waiting period shall

commence as of the date the information is furnished.  Until the requested

information is provided, the filing shall not be deemed complete or filed nor

available for use by the insurer.  If the requested information is not provided

within a reasonable time period, the filing may be returned to the insurer as

not filed and not available for use.

     (e)  Except for rates filed in accordance with

subsections (k), (l), and (m), a filing and any supporting information shall be

open to public inspection upon filing with the commissioner.

     (f)  Specific inland marine rates on risks

specially rated, made by a rating organization or advisory organization, shall

be filed with the commissioner.

     (g)  An insurer may satisfy its obligation to

make the filings by becoming a member of, or a subscriber to, a licensed rating

organization or advisory organization that makes the filings, except for those

lines of insurance for which the commissioner determines individual insurer

rate filings shall be made.  Nothing contained in this article shall be

construed as requiring any insurer to become a member of or a subscriber to any

rating organization or advisory organization.

     (h)  After reviewing an insurer's filing, the

commissioner may require that the insurer's rates be based upon the insurer's

own loss and expense information.  If the insurer's loss or allocated loss

adjustment expense information is not actuarially credible, as determined by the

commissioner, the insurer may use or supplement its experience with information

filed with the commissioner by a rating organization or advisory organization. 

At the commissioner's request, each insurer utilizing the services of a rating

organization or advisory organization must submit with its rate filing, a

description of the rationale for that use, including the insurer's own

information and method of utilizing the rating or advisory organization's

information.

     (i)  The commissioner shall review filings as

soon as reasonably possible after they have been made to determine whether they

meet the requirements of this article.  The commissioner shall calculate the

investment income and accuracy of loss reserves upon which filings are based,

and the insurer shall provide the information necessary to make the

calculation.

     (j)  Except as provided herein and in

subsections (k) and (l) and section 431:14-120, each filing shall be on file

for a waiting period of thirty days before the filing becomes effective.  The

period may be extended by the commissioner for an additional period not to

exceed fifteen days if the commissioner gives written notice within the waiting

period to the insurer, rating organization, or advisory organization that made

the filing that the commissioner needs the additional time for the

consideration of the filing.  Upon the written application by the insurer,

rating organization, or advisory organization, the commissioner may authorize a

filing that the commissioner has reviewed to become effective before the

expiration of the waiting period or any extension thereof.  A filing shall be

deemed to meet the requirements of this article unless disapproved by the

commissioner, as provided in section 431:14-106, within the waiting period or

any extension thereof.

     (k)  The following rates shall become effective

when filed:

     (1)  Specific inland marine rates on risks specially

rated by a rating organization or advisory organization;

     (2)  Any special filing with respect to a surety or

guaranty bond required by law or by court or executive order or by order or

rule of a public body, not covered by a previous filing; and

     (3)  Any special filing with respect to any class of

insurance, subdivision, or combination thereof that is subject to individual

risk premium modification and has been agreed to by an insured under a formal

or informal bid process.

The rates shall be deemed to meet the requirements

of this article until the time the commissioner reviews the filing and so long

as the filing remains in effect.

     (l)  The commissioner, by written order, may

suspend or modify the requirement of filing as to any class of insurance,

subdivision, or combination thereof, or as to classes of risks, the rates for

which cannot practicably be filed before they are used.  The orders shall be

made known to the affected insurers, rating organizations, and advisory

organizations.  The commissioner may make examinations as the commissioner may

deem advisable to ascertain whether any rates affected by the order meet the standards

set forth in section 431:14-103(a)(1).

     (m)  The commissioner may approve a rate on any

specific risk in excess of that set by an applicable rate filing, provided the

insured files with the commissioner a written application stating the insured's

reasons for consenting to the excess rate.  Upon approval by the commissioner,

the rate shall be deemed effective retroactive to the date of the insured's

application.

     (n)  No insurer shall make or issue a contract

or policy except in accordance with filings which are in effect for the insurer

as provided in this article or in accordance with subsections (k), (l), or

(m).  This subsection shall not apply to contracts or policies for inland

marine risks as to which filings are not required. [L 1987, c 347, pt of §2 as

superseded by c 348, §19; am L 1990, c 255, §9; am L 1993, c 205, §§31, 32; am

L 1995, c 234, §19; am L 1997, c 81, §1; am L 1999, c 5, §2; am L 2004, c 122,

§60; am L 2006, c 154, §39; am L 2009, c 77, §10; am L 2012, c 258, §4]

 

Cross References

 

  Commissioner's education and training fund, see §431:2-214.