Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 07 - INSURANCE RATING LAW
Chapter 31.07.01 - Property, Casualty, Surety, and Marine Rating, and Supplementary Information Filings
Section 31.07.01.04 - Rating Organization Reference Filings of Advisory Prospective Loss Costs

Universal Citation: MD Code Reg 31.07.01.04

Current through Register Vol. 51, No. 6, March 22, 2024

A. Rating organizations may develop and make reference filings containing advisory prospective loss costs. These filings shall contain the statistical data and supporting information, calculations, and assumptions underlying those prospective loss costs. Reference filings shall be filed and become effective in accordance with the provisions of Insurance Article, §§ 11-206, 11-307, 11-329, and 11-330, Annotated Code of Maryland.

B. An insurer may satisfy its obligation to make rate filings by:

(1) Becoming a member of, or a subscriber to, a licensed rating organization which makes reference filings of advisory prospective loss costs;

(2) Filing with the Commissioner the information required in Regulation .05 of this chapter; and

(3) Authorizing the Commissioner by the filing of a reference filing adoption form, to accept the reference filings on its behalf.

C. The insurer's rates shall be the currently effective prospective loss costs filed by the rating organization, combined with the loss cost adjustments which are filed in accordance with Regulation .05 of this chapter and are in effect for the insurer.

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