Conn. Agencies Regs. § 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.
Notes
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