N.M. Admin. Code § 13.8.5.7 - DEFINITIONS
A.
"Consent
to rate" means a deviation from the manual rate agreed to by both the
insured and insurer.
B.
"Experience rating plan" means any rating plan or system whereby a
manual rate for insurance is adjusted or modified based on the past loss
experience of the insured.
C.
"Manual rate" means a rate, whether expressed as a single number
or as a prospective loss cost with an adjustment to account for the treatment
of expenses, profit and variations based on loss or expense considerations,
designed to apply on a generic basis to similar risks within the same market,
filed by an insurer or rate service organization with the department, approved
by the superintendent, and made part of the rating manual used by an insurer or
rate service organization.
D.
"Rate modification plan" means a rating plan or procedure,
exclusive of experience rating, which provides a listing of various risk
characteristics or conditions and a range of modification factors which may be
applied for those characteristics or conditions to the manual rate of a
particular insurance risk. The effect of the modification factor is to increase
(debit) or decrease (credit) the manual rate. Rate modification plans include,
but are not limited to, plans commonly referred to as schedule rating plans and
individual risk premium modification plans.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.