Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.03.05 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE
Section 18.03.05.019 - USE OF RATES - DIRECT BUSINESS ONLY
Current through August 31, 2023
01. Use of Prima Facie Rates. An insurer that files rates or has rates on file not in excess of the prima facie rates shown in Section 014, to the extent adjusted pursuant to Section 018, may use those rates without further proof of their reasonableness. (3-31-22)
02. Use of Rates Higher Than Prima Facie Rates. An insurer may file for approval of and use rates higher than the prima facie rates established pursuant to Section 018, to the extent adjusted, if it can be expected that the use of such higher rates will result in a ratio of claims incurred to premiums earned (assuming the use of such higher rates) not less than fifty percent (50%) for those accounts to which such higher rates apply and that such upward deviations will not result on a statewide basis for that insurer of a ratio of claims incurred to premiums earned of less than the expected loss ratio underlying the current prima facie rate developed or adjusted pursuant to Section 018. If rates higher than the prima facie rates shown in Section 014, to the extent adjusted pursuant to Section 018, are filed for approval, the filing will specify the accounts to which such rates apply. Such rates may be: (3-31-22)
03. Approval Period of Deviated Rates. (3-31-22)
04. Use of Rates Lower Than Filed Rates. An insurer may at any time use a rate for an account lower than its filed rate without prior notice, justification and approval by the director. (3-31-22)
05. Terms and Definitions Applicable to This Section. (3-31-22)