§ 27-6-8 - Filing of rate schedules and plans. - Rhode Island Statutes

SECTION 27-6-8

   § 27-6-8  Filing of rate schedules andplans. – (a) Every insurer shall file with the commissioner, except as to inland marinerisks which by general custom of the business are not written according tomanual rates or rating plans, every manual, minimum, or class rate, ratingschedule or rating plan, and every other rating rule, and every modification ofany of these which it proposes to use; provided, that rates other than classrates determined by the application of any rating schedule or rating plan maybe modified without additional filing to produce rates for individual riskswhich are lower than those filed and which evaluate variations in physical ormoral hazards, individual risk experience, or expense provisions and which arenot inadequate or unfairly discriminatory. Every filing shall state theproposed effective date, and shall indicate the character and extent of thecoverage contemplated.

   (b) When a filing is not accompanied by the information uponwhich the insurer supports that filing, and the commissioner does not havesufficient information to determine whether that filing meets the requirementsof the chapter, the commissioner shall require the insurer to furnish theinformation upon which it supports that filing. The information furnished insupport of a filing may include: (1) the experience or judgment of the insureror rating organization making the filing, (2) its interpretation of anystatistical data it relies upon, (3) the experience of other insurers or ratingorganizations, or (4) any other relevant factors. A filing and any supportinginformation shall be open to public inspection. Specific inland marine rates onrisks specially rated, made by a rating organization, shall be filed with thecommissioner.