§ 27-6-21 - Competitive rates as evidence of fairness – Profit as evidence of adequacy. - Rhode Island Statutes

SECTION 27-6-21

   § 27-6-21  Competitive rates as evidence offairness – Profit as evidence of adequacy. – If the insurer making or issuing a contract or policy at a rate or premium lessthan that provided by any filing, at any hearing held pursuant to §§27-6-17 – 27-6-22, or pursuant to § 27-6-16, shows to thesatisfaction of the commissioner that the rate or premium was used in goodfaith to meet an equally low or lower net cost to the insured of a competitor,that showing shall be prima facie evidence that the rate or premium used is notunfairly discriminatory, and if the insurer using the rate or premium shallshow to the satisfaction of the commissioner that it is writing that kind orclass of insurance at a profit, that showing shall be prima facie evidence thatthe rate or premium used is not inadequate.