31A-19a-205 - Delegation of rate making and rate filing obligation. - Utah Statutes

31A-19a-205. Delegation of rate making and rate filing obligation.
(1) An insurer may:
(a) itself establish rates and supplementary rate information for any market segment basedon the factors in Section 31A-19a-202; or
(b) use rates, pure premium rates, and supplementary rate information prepared by a rateservice organization that the insurer selects, with:
(i) average expense factors determined by the rate service organization; or
(ii) any modification for its own expense and loss experience as the credibility of thatexperience allows.
(2) An insurer may discharge its obligation under Subsection 31A-19a-203(1) by filingwith the commissioner:
(a) notification that the insurer uses pure premium rates and supplementary rateinformation prepared by a licensed rate service organization that the insurer selects; and
(b) any information about modifications the insurer has made to those rates or thatinformation as is necessary fully to inform the commissioner.
(3) If an insurer has discharged its obligation in accordance with Subsection (2), theinsurer's rates and supplementary rate information shall be those, including any amendments, filedat intervals by the rate service organization, subject to any modifications filed by the insurer.

Renumbered and Amended by Chapter 130, 1999 General Session