§ 27-6.1-9. Filing, approval and withdrawal of forms and rates.
(a) All policy forms and certificates of insurance to be delivered or issued for delivery
in this state and the schedules of premium rates pertaining thereto shall be filed
with the commissioner.
(b) The commissioner shall review the rates to determine whether the rates are excessive,
inadequate, or unfairly discriminatory. This analysis shall include a determination
as to whether expenses included by the insurer in the rate are appropriate.
(c) All insurers shall re-file lender-placed property insurance rates at least once every
four (4) years.
(d) All insurers writing lender-placed insurance shall have separate rates for lender-placed
insurance and voluntary insurance obtained by a mortgage servicer on real estate owned
property.
(e) Upon the introduction of a new lender-placed insurance program, the insurer shall
reference its experience in existing programs in the associated filings. Nothing in
this chapter shall limit an insurer's discretion, as actuarially appropriate, to distinguish
different terms, conditions, exclusions, eligibility criteria, or other unique or
different characteristics. Moreover, an insurer may, where actuarially acceptable,
rely upon models or, in the case of flood filings where applicable experience is not
credible, on Federal Emergency Management Agency (FEMA) National Flood Insurance Program
(NFIP) data.
(f) No later than April 1 of each year, each insurer with at least one hundred thousand
dollars ($100,000) in direct written premium for lender-placed insurance in this state
during the prior calendar year shall report to the commissioner the following information
for the prior calendar year. This report shall be separately produced for each lender-placed
program and presented on both an individual-jurisdiction and countrywide basis containing
the following information:
(1) Actual loss ratio;
(2) Earned premium;
(3) Any aggregate schedule rating debit/credit to earned premium;
(4) Itemized expenses;
(5) Paid losses; and
(6) Loss reserves, including case reserves and reserves for incurred but not reported
losses.
(g) Except in the case of lender-placed flood insurance, to which this paragraph does
not apply, if an insurer experiences an annual loss ratio of less than thirty-five
percent (35%) in any lender-placed program for two (2) consecutive years, it shall
submit a rate filing (either adjusting its rates or supporting their continuance)
to the commissioner no more than ninety (90) days after the submission of the data
required pursuant to subsection (f).
(h) Except as specifically set forth in this section, rate and form filing requirements
shall be subject to the insurance laws of this state.