Utah Admin. Code R590-91-6 - Reasonableness of Benefits in Relation to Premium
(1) If any insurer files a form for approval
that provides coverage that is different from the coverage described in
Sections
R590-91-7
and
R590-91-8, the
insurer shall demonstrate to the commissioner's satisfaction that the premium
rates for the coverage will develop or may reasonably be expected to develop a
loss ratio not less than that contemplated for standard coverage at the premium
rates described in Sections
R590-91-7
and
R590-91-8.
(2) If the debtor is not specifically charged
for credit insurance, the standards in Section
31A-22-807
and Section
R590-91-11
are not required to be used.
(3)
For the purposes of Subsection (2), the debtor is specifically charged for
credit insurance if:
(a) an identifiable
charge for insurance is disclosed in the credit or other instrument furnished
to the debtor that sets out the credit transaction's financial elements;
or
(b) there is a differential in
finance, interest, service, or other similar charge made to debtors who are in
like circumstances, except for their insured or noninsured status.
(4) Any charge described in
Subsection (3) that exceeds the premium rate standards in Sections
R590-91-7
and
R590-91-8, as
adjusted under Section
R590-91-10,
shall be filed with the commissioner.
Notes
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