§ 27-6-8. Filing of rate schedules and plans.
(a) Every insurer shall file with the commissioner, except as to inland marine risks that
by general custom of the business are not written according to manual rates or rating
plans, every manual, minimum, or class rate, rating schedule or rating plan, and every
other rating rule, and every modification of any of these which it proposes to use;
provided, that rates other than class rates determined by the application of any rating
schedule or rating plan may be modified without additional filing to produce rates
for individual risks which are lower than those filed and which evaluate variations
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§ 27-6-8. Filing of rate schedules and plans.
(a) Every insurer shall file with the commissioner, except as to inland marine risks that
by general custom of the business are not written according to manual rates or rating
plans, every manual, minimum, or class rate, rating schedule or rating plan, and every
other rating rule, and every modification of any of these which it proposes to use;
provided, that rates other than class rates determined by the application of any rating
schedule or rating plan may be modified without additional filing to produce rates
for individual risks which are lower than those filed and which evaluate variations
in physical or moral hazards, individual risk experience, or expense provisions and
which are not inadequate or unfairly discriminatory. Every filing shall state the
proposed effective date, and shall indicate the character and extent of the coverage
contemplated.
(b) When a filing is not accompanied by the information upon which the insurer supports
that filing, and the commissioner does not have sufficient information to determine
whether that filing meets the requirements of the chapter, the commissioner shall
require the insurer to furnish the information upon which it supports that filing.
The information furnished in support of a filing may include: (1) The experience or
judgment of the insurer or rating organization making the filing; (2) Its interpretation
of any statistical data it relies upon; (3) The experience of other insurers or rating
organizations; or (4) Any other relevant factors. A filing and any supporting information
shall be open to public inspection. Specific inland marine rates on risks specially
rated, made by a rating organization, shall be filed with the commissioner.