3 AAC 31.230 - Property, casualty, surety, marine, and mortgage guaranty rate filings

In addition to the requirements under 3 AAC 31.200 - 3 AAC 31.217 and 3 AAC 31.225, a property, casualty, surety, marine, or mortgage guaranty rate filing must include

(1) premium and loss experience, both nationwide and specifically for this state, shown separately by each year in the experience period used or with a full explanation if that information is not available; in the case of a filing for more than one company, the premium and loss experience of the different companies may be combined if an explanation is provided;

(2) expense information, both nationwide and specifically for this state, if available; expense information must be broken out in detail at least as specific as the expense groups shown on Part III of the insurance expense exhibit of the annual statement required by AS 21.09.200; if loss adjustment expenses are included in the loss experience, that fact must be clearly explained;

(3) support showing how investment income was incorporated into the proposed rate or loss cost adjustment;

(4) an explanation of the actuarial methodology used in developing an indicated rate, rating component, or loss cost adjustment, including a description of any trending or credibility procedures used, as well as the role of judgment in the formulation of a final rate proposal;

(5) support for any deviation included in a filing, whether the deviation is between companies or from a rating organization filing;

(6) any other information that the company considers relevant, including reference to rating organization experience or published industry statistics, if appropriate; and

(7) any other information requested by the division in support of the filing.

(b) If the filing is submitted for flex-rating under AS 21.39.210, the filing must also include an exhibit detailing the cumulative rate change of all the rate filings that became effective or will become effective within the 12 months immediately preceding the proposed effective date, including the effect of the rate change of the subject filing. The exhibit must calculate the rate change separately for each company to which the filing applies and must include the division's identification numbers for each of the applicable historical rate filings.

Notes

3 AAC 31.230

Eff. 12/4/94, Register 132; am 11/12/2006, Register 180; am 8/20/2016, Register 219, October 2016; am 12/20/2020, Register 236, January 2021

Authority:AS 21.06.090

AS 21.09.200

AS 21.39.040

AS 21.39.041

AS 21.39.043

AS 21.39.060

AS 21.39.070

AS 21.39.130

AS 21.39.210

AS 21.39.220

AS 21.66.370