Sec. 38a-686-1 - Definitions

ยง 38a-686-1. Definitions

As used in Sections 38a-686-1 to 38a-686-3, inclusive, of the Regulations of Connecticut State Agencies:

(1) "Adopted statewide rate level change" means the premium weighted average of all base rate level changes.

(2) "Antique, rare or special interest motor vehicle" has the same meaning as provided in section 14-1 of the Connecticut General Statutes.

(3) "Base rate" means the benchmark premium rate for each territory.

(4) "Classification system" or "classification" means the process of grouping risks with similar risk characteristics so that differences in costs may be recognized.

(5) "Commissioner" means the Insurance Commissioner of the State of Connecticut.

(6) "Credibility" means a measure of actuarial predictability assigned to a body of loss experience for private passenger nonfleet automobile insurance.

(7) "Department" means the Connecticut Insurance Department.

(8) "Exposure unit" means one private passenger nonfleet automobile insured for a twelve month period.

(9) "Insurer" has the same meaning as provided in section 38a-1 of the Connecticut General Statutes.

(10) "Rating organization" has the same meaning as provided in section 38a-663 of the Connecticut General Statutes.

(11) "Advisory organization" has the same meaning as provided in section 38a-663 of the Connecticut General Statutes.

(12) "Indicated statewide rate level change" means the premium weighted average of the indicated base rate changes.

(13) "Indicated loss costs" means the expected loss costs per exposure unit based on actuarially adjusted historical loss data.

(14) "Loss costs" means the portion of the premium that is applicable solely to loss, without provision for insurer, rating organization or advisory organization expenses or profits.

(15) "Private passenger nonfleet automobile insurance policy" means an insurance policy issued for one or more private passenger nonfleet automobiles. "Private passenger nonfleet automobile insurance policy" does not include insurance policies for motorcycles, recreational vehicles or antique, rare or special interest motor vehicles.

(Effective January 1, 2012)

The following state regulations pages link to this page.