Utah Admin. Code R590-127-7 - Commercial Excess and Umbrella Liability Insurance
(1) Rates and rating plans for commercial
excess insurance or umbrella liability insurance are exempt from the filing
requirements of Section
31A-19a-203.
(2)
(a) The
underwriting files of any excess insurance or umbrella liability insurance risk
must contain full and supporting factual documentation justifying the rate and
showing the development of the rate.
(b) The rate development documentation should
analyze the specific definable loss potential characteristics regarding the
risk's excess exposure and any other pertinent underwriting criteria.
(3) When an insurer renews a
commercial excess or umbrella liability policy, the underwriting file shall
contain the following documentation :
(a) the
underwriter's reevaluation of the rate assigned; and
(b) justification for the continuation of the
rate or the development of any new rate.
(4) The underwriting file shall be made
available to the commissioner upon request.
Notes
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