Current through Register Vol. 48, No. 24, December 15, 2023
PURPOSE: The purpose of this amendment is to add
standards for the use of the consent to rate provisions of section
379.318, RSMo, to aircraft
insurance.
(1) Standards for
the Use of Consent to Rate.
(A) No insurance
company or reciprocal interinsurance exchange using rates subject to section
379.318 or
379.470,
RSMo shall effect a policy of insurance or a renewal at a rate varying from the
rate properly filed for its use on that specific risk unless the form contained
as Exhibit A or one (1) substantially similar is completed by the
insured.
(B) Reasons for any
individual modifications in rate for private passenger automobile or homeowners
or occupied residential dwelling fire policies must be entered in Exhibit A and
-
1. Be highly unusual and have a
documentably probable effect upon losses, stating specifically why the proposed
insured is not within a reasonable class or classification system;
2. Be clearly and specifically stated as to
each specific risk factor (such general statements as "Risk does not meet
normal rates" are not acceptable);
3. Not be based solely upon the actions of
another insurer toward that insured or that person's age, residence, race, sex,
color, creed, national origin, ancestry, or lawful occupation; and
4. The following statement must be a part of
each form 20 CSR 500-4.300 Exhibit A and
signed by the insured:
"I, _________________, declare that I have been unable to
obtain this insurance from other companies and hereby consent to pay the higher
rates which I am being charged for this insurance. I understand that any
deductible amount stated in my policy will be deducted from each claim I may
make under the policy issued me."
(C) Schedule experience rated policies, or
both, approved and filed by the department are exempt from this rule.
(D) Policies rated on any substandard
dwelling schedule or rating plan filed with the department are considered
special rating policies for the purposes of the record requirements of section
(2) of this rule.
(2)
Record Keeping Requirements.
(A) All insurance
companies subject to this rule shall-
1.
Complete and execute monthly, with the signature of a person authorized by the
company to do so, Exhibit B;
2.
File and preserve the original completed Exhibits A and B in the company's
policy file and a duplicate copy of each in the company's Missouri records
file; and
3. Transmit to the
department a completed signed copy of Exhibit B before the end of the next
monthly period.
(B)
Exhibits A and B, included herein, or forms substantially similar may be
prepared by each company concerned.
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(3) Standards for the Use of Consent to Rate
Applicable to Aircraft Insurance.
(A) This
section applies to policies of insurance against liability, other than
employers' liability, arising out of the ownership, maintenance, or use of
aircraft.
(B) No insurance company
or reciprocal interinsurance exchange using rates subject to section
379.318, RSMo, shall effect a
policy of insurance or a renewal at a rate varying from the rate properly filed
for its use on that specific risk unless the company documents the need to
deviate from the filed rate based on the unique nature of the individual
risk.
(C) All insurance companies
subject to this section shall-
1. Collect and
maintain documentation that demonstrates the unique characteristics of the risk
and how the final premium was determined;
2. File and maintain the documentation in the
company's policy file; and
3. Make
the documentation available to the director upon
request.
AUTHORITY: sections
374.045379.318(2)379.470(6), RSMo 2000; 375.031 and 375.136, RSMo Supp 2001;
and 379.321(3) RSMo 2002.* This rule was previously filed as 4 CSR 190-16.080.
Original rule filed Dec. 20, 1974, effective Dec. 30, 1974. Amended: Filed
April 23, 1999, effective Nov. 30, 1999. Amended: Filed July 12, 2002,
effective Jan. 30, 2003.
Amended by
Missouri
Register June 3, 2019/Volume 44, Number 11, effective
7/31/2019
Amended by
Missouri
Register January 17, 2023/Volume 48, Number 2, effective
2/28/2023
*Original authority: 374.045, RSMo 1967, amended 1993,
1995; 375.031, RSMo 1979, amended 1985, 1986, 2001; 375.136, RSMo 1967, amended
1977, 2001; 379.318, RSMo 1972; and 379.321, RSMo 1972, 2002; and 379.470, RSMo
1947.