Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 13 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Chapter 31.13.03 - Standards for Credit Involuntary Unemployment Benefit Insurance
Section 31.13.03.12 - Guidelines for Increased Rates

Universal Citation: MD Code Reg 31.13.03.12

Current through Register Vol. 51, No. 19, September 20, 2024

A. Applications to the Commissioner for higher than prima facie premium rates shall be accompanied and supported by credible statistics.

B. Approval of applications for increased rates shall depend on whether the requested rates are not greater than rates based on the standards in this chapter.

C. On policies of credit involuntary unemployment benefit insurance for which the prima facie loss ratio exceeds 58 percent, the rate shall be determined by the formula:

((Prima Facie Loss Ratio - 0.55) (1.41) + 1)(Prima Facie Rate).

D. Premium rates for credit involuntary unemployment benefit insurance determined under this regulation shall be rounded to three decimal places per $10 of monthly benefit payable.

Disclaimer: These regulations may not be the most recent version. Maryland 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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.