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 120-2-41 - MODIFICATIONS TO CLASSIFICATIONS OF RISKS
Rule 120-2-41-.04 - Standards for Rating Plans

(1) The standards and limitations of this Rule apply to rating plans which establish standards to modify classification rates to produce rates for individual risks.

(2) For plans based on the past loss experience of the individual risk, the insured must furnish proof of the loss record from the previous insurer or insurers for the lesser of:

(3) The requirements of paragraph (2) of this Rule do not apply to an experience rating modifier published by the National Council on Compensation Insurance or by the Surety Association of America and otherwise may be waived if the loss record is not available due to:

(4) It shall be permissible for an insurer to quote, bind coverage, and issue a policy based on the insured's statement of the previous loss record. However, the policy must be endorsed to eliminate the experience rating modification if proper proof of the loss record is not furnished within sixty (60) days of the effective date of the policy.

(5) Except as provided in Rule 120-2-41-.05, for plans based on factors other than past loss experience, the maximum debit shall be fifteen percent (15%) and the maximum credit shall be fifteen percent (15%).