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Types of state rating laws for insurance companies
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[QUOTE="Phabbyfundz, post: 158251, member: 49202"] — Prior approval; the insurer must file rates, rules and so on with state regulators. Depending on the statute, the filing becomes effective when a specified waiting period elapse if the state regulators does not take specific actions on the filing it is deemed approved automatically. — Modified prior approval; this a hybrid of prior approval and file and use laws. If the rate revisions is based solely on a change in laws experience file and use may apply. However, if the rate revisions is based on a change in expense relationship or rate classification then prior approval may apply. — Flex rating; the insurer may increase or decrease a rate within a flex band or range without approval of the states regulator. Generally, either file and use or the use and file provisions apply. [/QUOTE]
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