As used in this part, unless the context otherwise requires:
(1)"Advisory organization" means any person or organization, other than a rate service organization, that assists insurers as authorized by § 56-5-111 ;
(2)"Advisory prospective loss costs" means historical aggregate losses and loss adjustment expenses projected through development to their ultimate value and through trending to a future point in time. "Advisory prospective loss costs" does not include provisions for profit or for expenses other than loss adjustment expenses;
(3)"Commercial risk insurance" means insurance within the scope of this part that is not personal risk insurance;
(4)"Commissioner" means the commissioner of commerce and insurance;
(5)"Joint underwriting" means a voluntary arrangement established on an
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As used in this part, unless the context otherwise requires: (1) "Advisory organization" means any person or organization, other than a rate service organization, that assists insurers as authorized by § 56-5-111 ; (2) "Advisory prospective loss costs" means historical aggregate losses and loss adjustment expenses projected through development to their ultimate value and through trending to a future point in time. "Advisory prospective loss costs" does not include provisions for profit or for expenses other than loss adjustment expenses; (3) "Commercial risk insurance" means insurance within the scope of this part that is not personal risk insurance; (4) "Commissioner" means the commissioner of commerce and insurance; (5) "Joint underwriting" means a voluntary arrangement established on an ad hoc basis to provide insurance coverage for a commercial risk pursuant to which two (2) or more insurers separately contract with the insured at a price and under policy terms agreed upon between the insurers; (6) "Multiplier" means a workers' compensation insurance company's determination of the profits and expenses, other than loss expense and loss adjustment expense, all other applicable rating factors, including, but not limited to, schedule rating, experience rating and small deductible credits, and deviation from advisory prospective loss costs associated with writing workers' compensation insurance, which shall be expressed as a single multiplicative factor to be applied equally and uniformly to the advisory prospective loss costs approved by the commissioner in making rates for all classification of risks utilized by the company; (7) "Personal risk insurance" means property and casualty insurance that provides: (A) Insurance on one (1) to four (4) family dwelling units, including mobile homes; (B) Individual insurance on household goods in dwellings, mobile homes, apartments, or other residential facilities; (C) Insurance on every kind of farm property or farm risk, including farm premises, buildings, machinery, equipment, motor vehicles, livestock, and other personal property used in farming operations; (D) Insurance on private passenger nonfleet motor-driven vehicles, not used for hire, which are used for personal, farm or family needs. The motor-driven vehicles include pickups, station wagons, vans, and vehicles with fewer than four (4) wheels; (E) Insurance on pleasure watercraft that are used for personal, farm or family needs; and (F) Insurance sold in connection with and incidental to rental agreements for a period not to exceed ninety (90) days; (8) "Pool" means a voluntary arrangement other than a residual market mechanism, established on an ongoing basis, pursuant to which two (2) or more insurers participate in the sharing of risks on a predetermined basis. The pool may operate through an association, syndicate or other pooling agreement; (9) "Rate" includes advisory prospective loss costs; (10) "Rate service organization" means any person or organization that assists insurers in ratemaking or filing as authorized by § 56-5-110 ; (11) "Rate service organization" and "advisory organization" do not include joint underwriting organizations, actuarial, legal or other consultants, a single insurer, any employees of an insurer, or insurers under common control or management or their employees or managers; (12) "Residual market mechanism" means an arrangement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods; (13) "Supplementary rate information" includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, loss adjustment expense, including defense costs incurred for any reason under the policy, and any other similar information needed to determine the applicable rate in effect or to be in effect; and (14) "Supporting information" means: (A) The experience and judgment of the filer and the experience or data of other insurers or organizations relied upon by the filer; (B) The interpretation of any statistical data relied upon by the filer; (C) A description of methods used in making the rates; and (D) Other similar information relied upon by the filer.