Illinois Administrative Code
Title 50 - INSURANCE
Part 754 - RULES AND RATE FILINGS
Section 754.30 - Documentation - Individual Risks

Universal Citation: 50 IL Admin Code ยง 754.30

Current through Register Vol. 48, No. 12, March 22, 2024

a) A company is not required to file under Section 754.10 for individual risks in this State that cannot be rated in the normal course of business rating because of special or unusual characteristics and that must be rated on the basis of underwriting judgment. This procedure does not apply to Workers' Compensation insurance.

b) A company must maintain documentary information regarding rates determined in subsection (a) for review by the Department's Property and Casualty Compliance Unit.

c) A company is not required to file rates on individual risks in this State when the development of the rate for the individual risk is dependent upon an inspection of improvements on real property and an application of a schedule, the elements of which include loss ratio, hazard analysis, risk analysis and classification of municipal fire defenses.

d) A company must, however, maintain documentary information for the rates in subsection (c) by:

1) Maintaining the information in files and records in its offices that will be available for review by the Department's Property and Casualty Compliance Unit; or

2) Authorizing an advisory organization by use of an individual risk authorization letter to maintain documentary information for all rates in subsection (c) in its files and records that will be available for review by the Department's Property and Casualty Compliance Unit; and

3) Filing an authorization letter that includes:
A) The name of its authorized advisory organization;

B) The kind of insurance for which the information will be maintained;

C) Authorization clause or language; and

D) Effective date of authorization.

Disclaimer: These regulations may not be the most recent version. Illinois 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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