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 120-2-34 - GROUP SELF-INSURANCE FUNDS
Rule 120-2-34-.19 - Rates and Premiums

(1) The Fund shall obtain prior approval of the Commissioner for any proposed rate, rating plan, or rating rule to be used by the Fund to determine premium. The Fund shall make any proposed rate filing with the Commissioner thirty (30) days prior to the proposed effective date. The filing shall include all supporting data to justify the proposed rates or rating plan. The Commissioner may require an actuarial report certifying that the proposed rates are adequate, not excessive nor unfairly discriminatory.

(2) Each charter and subsequent member of the Fund shall pay yearly premiums as outlined in the Intrastate Agreement or according to a plan approved by the Fund's Board of Trustees and the Commissioner. Payment plans will not be approved if they conflict with the Intrastate Agreement.

(3) Any rate, rating plan, or rating rule filing shall include a letter from the excess carrier(s) stating they have acknowledged the proposed changes.

(4) The Fund shall obtain prior approval for any other assessment against any member that falls outside of subsection (1) above. The method used to determine the assessment shall also be submitted.