Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS
Rule 120-2-27-.14 - Filing of Forms and Rates

Universal Citation: GA Rules and Regs r 120-2-27-.14

Current through Rules and Regulations filed through September 23, 2024

(1) All forms and rates to be utilized for the sale of credit insurance shall be filed with the Commissioner of Insurance for review and approval.

(2) No insurer shall use any forms or rates unless they have been filed with and approved by the Commissioner of Insurance.

(3) If an insurer files a request for approval of any rate greater than the prima facie rates, the insurer shall demonstrate to the satisfaction of the Commissioner of Insurance that such rate or rates will satisfy the requirements of O.C.G.A. Section 33-31-8 and this chapter.

(4) The requirements and procedures for filing upward rate deviations shall be as follows:

(a) No insurer shall file deviated rates for approval unless such insurer's statewide loss ratio exceeds 60%, and it can be demonstrated to the satisfaction of the Commissioner of Insurance that such upward deviated rate or rates will not reduce the insurer's statewide loss ratio below 60%.

(b) No deviation request shall be filed unless the forms used by the insurer comply with all requirements of Rule 120-2-27-.04, or 120-2-27-.08 throughout the entire experience period.

(c) No single account rate deviation filing request shall be considered unless a life or accident and sickness medical application or questionnaire was required for all applicants of the creditor during the entire experience period.

(d) Filings for upward rate deviations shall specify the account or accounts to which such rates shall apply, and shall include the policy and application forms in use, and a demonstration and certification by a qualified actuary that such deviated rates are expected to result in a loss ratio of not less than 60%.

(e) No approved deviation in rates will be in effect for a period of time longer than the experience period used to establish such rate deviation; however, such period may be shorter in term if so ordered by the commissioner of Insurance. An insurer may file for a new rate before the end of a rate period but not more often than once during any twelve (12) month period. Experience on accounts with approved rate deviations must be filed annually with this office, Life and Health Section, within 90 days after the end of each experience year.

(f) If a creditor account changes insurers, any deviated rate approved for use on such account by the prior insurer is the maximum rate to be used by the succeeding insurer for the remainder of the approved deviation term of the prior insurer, or until a new rate is filed by the succeeding insurer and approved by the Commissioner of Insurance, if sooner.

(5) An insurer may at any time file lower rates and use such rates upon approval by the Commissioner of Insurance.

(6) Any premiums charged by an insurer shall be deemed to be reasonable and in compliance with Chapter 31 of Title 33 of the Official Code of Georgia Annotated and this regulation if the rate utilized in the calculation of the premium has been approved by the Commissioner of Insurance.

O.C.G.A. Secs. 33-2-9, 33-31-8, 33-31-12.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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