§ 58-42-20. Classification and rates. - North Carolina Statutes

§ 58‑42‑20. Classification and rates.

Each plan shall provide for:

(1)        The method ofclassifying risks;

(2)        The making andfiling of rates that are not excessive, inadequate, or unfairly discriminatoryand that are calculated on an actuarially sound basis and policy formsapplicable to the various risks insured by the plan;

(3)        The adjusting andprocessing of claims;

(4)        The commission ratesto be paid to agents or brokers for coverages written by the plan; and

(5)        Any other insuranceor investment functions that are necessary for the purpose of providingadequate and readily accessible coverage. (1986, Ex. Sess., c. 7, s. 1; 1999‑114, s. 1.)