Ga. Comp. R. & Regs. R. 120-2-27-.14 - Filing of Forms and Rates
(1) All forms and rates to be utilized for
the sale of credit insurance shall be filed with the Commissioner of Insurance
for review and approval.
(2) No
insurer shall use any forms or rates unless they have been filed with and
approved by the Commissioner of Insurance.
(3) If an insurer files a request for
approval of any rate greater than the prima facie rates, the insurer shall
demonstrate to the satisfaction of the Commissioner of Insurance that such rate
or rates will satisfy the requirements of O.C.G.A. Section
33-31-8 and this
chapter.
(4) The requirements and
procedures for filing upward rate deviations shall be as follows:
(a) No insurer shall file deviated rates for
approval unless such insurer's statewide loss ratio exceeds 60%, and it can be
demonstrated to the satisfaction of the Commissioner of Insurance that such
upward deviated rate or rates will not reduce the insurer's statewide loss
ratio below 60%.
(b) No deviation
request shall be filed unless the forms used by the insurer comply with all
requirements of Rule
120-2-27-.04, or
120-2-27-.08 throughout the entire
experience period.
(c) No single
account rate deviation filing request shall be considered unless a life or
accident and sickness medical application or questionnaire was required for all
applicants of the creditor during the entire experience period.
(d) Filings for upward rate deviations shall
specify the account or accounts to which such rates shall apply, and shall
include the policy and application forms in use, and a demonstration and
certification by a qualified actuary that such deviated rates are expected to
result in a loss ratio of not less than 60%.
(e) No approved deviation in rates will be in
effect for a period of time longer than the experience period used to establish
such rate deviation; however, such period may be shorter in term if so ordered
by the commissioner of Insurance. An insurer may file for a new rate before the
end of a rate period but not more often than once during any twelve (12) month
period. Experience on accounts with approved rate deviations must be filed
annually with this office, Life and Health Section, within 90 days after the
end of each experience year.
(f) If
a creditor account changes insurers, any deviated rate approved for use on such
account by the prior insurer is the maximum rate to be used by the succeeding
insurer for the remainder of the approved deviation term of the prior insurer,
or until a new rate is filed by the succeeding insurer and approved by the
Commissioner of Insurance, if sooner.
(5) An insurer may at any time file lower
rates and use such rates upon approval by the Commissioner of
Insurance.
(6) Any premiums charged
by an insurer shall be deemed to be reasonable and in compliance with Chapter
31 of Title 33 of the Official Code of Georgia Annotated and this regulation if
the rate utilized in the calculation of the premium has been approved by the
Commissioner of Insurance.
Notes
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