Ala. Admin. Code r. 482-1-123-.03 - Definitions
The following definitions shall apply for purposes of this regulation:
(1) Commercial Lines .
Commercial lines are all lines except personal lines .
(2) Forms . Those forms required to be filed
for approval pursuant to Section
27-14-8, Code of Ala.
1975.
(3) File and Use
System . A system whereby rates , rating manuals, supporting actuarial
information and policy forms must be filed with the regulator on or before the
date of use by the insurer. The regulator is generally expected to review
individual filings for compliance, but it is contemplated that the regulator
will use discretion in determining the nature and extent of this review based
on competitive market conditions. Under this system, if a regulator requests
that the insurer modify the filing, there is a presumption that the regulator
will impose corrective action on a prospective basis. However, this presumption
can be overcome when the regulator determines that corrective action needs to
occur retrospectively after considering all of the following:
a. The nature and extent of the harm to
consumers.
b. Whether there is a
willful violation of law by the insurer.
c. The burden and cost of the retrospective
corrective action on the insurer, especially in cases where the costs will be
passed on to the consumer.
(4) Personal Lines . Personal lines are lines
for personal, family or household purposes.
(5) Prior Approval System . A system whereby
rates , rating manual, supporting information and policy forms must be submitted
to the state insurance regulator and formally approved prior to their use, with
certain statutory exceptions.
(6)
Property and Casualty Insurance . As defined in Chapter 5, Title 27,
Code of Ala. 1975.
(7) Rates . As defined in Chapter 13, Title
27, Code of Ala. 1975.
Notes
Statutory Authority: Code of Ala. 1975, ยงยง 27-2-17, 27-13-4, 27-13-30, 27-13-68, 27-14-8.
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