Utah Admin. Code R590-140-4 - Filings of Advisory Prospective Loss Costs and Adjustment Factors

(1) A rate service organization may develop and make a reference filing containing advisory prospective loss costs.

(2) Each reference filing shall:

(a) contain the statistical data and supporting information for each calculation or assumption underlying the prospective loss costs; and

(b) comply with the rate filing requirements under Section 31A-19a-203.

(3) An insurer may file rates if the insurer:

(a) becomes a participating insurer of a licensed rate service organization that makes an advisory prospective loss costs reference filing;

(b) authorizes the commissioner to accept a reference filing on the insurer's behalf; and

(c) files the information required in Section R590-140-5 with the commissioner.

(4) If an insurer follows the procedure outlined in Subsection (3), the insurer's rates shall be:

(a) the prospective loss costs filed by the rate service organization ; and

(b) any adjustment in effect for the insurer under Section R590-140-5 to the filed prospective loss costs .

(5) An insurer's adjustment regarding a prospective loss costs filing becomes effective in accordance with the rate filing requirements under Section 31A-19a-203.

Notes

Utah Admin. Code R590-140-4

Amended by Utah State Bulletin Number 2021-24, effective 12/9/2021