§ 27-9-7 - Filing of rate plans and systems. - Rhode Island Statutes

SECTION 27-9-7

   § 27-9-7  Filing of rate plans and systems.– Every insurer shall file with the commissioner every manual of classification,rule, rate, rating plan, rating system, and modification of any of these whichit proposes to use; provided, that classification rates may be modified withoutadditional filings to produce rates for individual risks which are lower thanthose filed and which evaluate variations in physical or moral hazards,individual risk experience, or expense provisions, and which are not inadequateor unfairly discriminatory. Every filing shall state the proposed effectivedate of the plan or system and shall indicate the character and extent of thecoverage contemplated. 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 the filing meets the requirementsof the chapter, the commissioner may require the insurer to furnish theinformation upon which it supports the 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.