New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 8 - INSURANCE POLICIES AND RATES
Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS
Section 13.8.2.8 - FILING PROCEDURES
Universal Citation: 13 NM Admin Code 13.8.2.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Every filing shall be made by submitting it to the superintendent in accordance with 13.8.2.8 NMAC.
B. Filings shall be made separately from policy form filings.
C. Filings may be made by mail, courier, the national association of insurance commissioners' system for electronic rate and forms filing (SERFF) or in person and shall be addressed to the superintendent.
D. Paper filings shall be submitted in an original and one copy, along with a self-addressed stamped envelope.
E. All filings shall be submitted with the appropriate current completed transmittal documents in substantially the format of the national association of insurance commissioners' uniform transmittal documents, which are available online at www.naic.org.
(1) The property and casualty
transmittal document shall include:
(a) group name and "NAIC" number;
(b) company name, domicile, "NAIC" number and
"FEIN" number;
(c) company tracking
number;
(d) contact information of
filer or corporate officer, including: name and address; title; telephone
numbers; fax numbers and e-mail address;
(e) signature and printed name of authorized
filer;
(f) type and sub-type of
insurance;
(g) state specific
product code, if applicable;
(h)
company program title;
(i) filing
type;
(j) effective date requested,
including: new or renewal;
(k) a
statement indicating whether the filing is a reference filing, including the
reference organization name and reference organization number and title, if
applicable;
(l) company's date of
filing;
(m) status of filing in
domicile;
(n) company tracking
number;
(o) filing description;
and
(p) the appropriate filing
fees, including check number and fee amount, if applicable.
(2) The rate/rule filing
schedule document shall include:
(a)
company tracking number;
(b)
corresponding company tracking number of form filing, if applicable;
(c) a statement indicating whether the filing
is for a rate increase or rate decrease or is rate neutral;
(d) a description of the filing
method;
(e) a description of the
rate change proposed by the company, including: company name, overall indicated
change, when applicable, overall percentage rate impact; written premium change
for the program; number of policyholders affected for the program; written
premium for the program; maximum percentage change and minimum percentage
change;
(f) overall percentage of
last rate revision;
(g) effective
date of last rate revision;
(h) a
description of the filing method of the company's last filing; and
(i) a statement of the rule number or page
number submitted for review, including whether the filing is new, a replacement
or a withdrawal and the previous state filing number.
F. If the filing includes a loss cost multiplier, the filer shall also submit the appropriate current completed national association of insurance commissioners' loss cost transmittal documents which are available online at www.naic.org.
(1)
The lost cost data entry document shall include:
(a) company tracking number;
(b) name of advisory organization and
reference or item filing number if the filing is an adoption of an advisory
organization loss cost filing;
(c)
company name and "NAIC" number;
(d)
product coding matrix for line of business (type of insurance) and line of
insurance (sub-type of insurance);
(e) a statement describing coverage,
indicated percentage rate level change, requested percentage rate level change,
and for loss costs only: expected loss ratio; loss cost modification factor;
selected loss cost multiplier; expense constant, if applicable; and company
current loss cost multiplier;
(f) a
five year rate change history, including: year; policy count; percentage of
change; effective date; state earned premium; incurred losses, state loss ratio
and countrywide loss ratio;
(g) a
statement of selected provisions for expense constants, including: total
production expense; general expense; taxes, license and fees; underwriting
profit and contingencies; other expenses; and the total of all figures
listed;
(h) a statement of whether
the company will apply lost cost factors to future filings; and
(i) a statement of the estimated maximum rate
increase for any insured.
(2) The expense constant supplement
document shall include:
(a) company
tracking number;
(b) corresponding
company tracking number of form filing, if applicable;
(c) a description of development of expected
loss ratio;
(d) a statement of
selected overall, variable, and fixed provisions for total production expense;
general expense; taxes, license and fees; underwriting profit and
contingencies; other expenses; and the total of all figures listed;
(e) a statement of the expected loss ratio
and the variable expected loss ratio;
(f) a statement of the formula expense
constant and the formula variable loss cost multiplier;
(g) a statement of the selected expense
constant and the selected variable loss cost multiplier;
(h) an explanation of any differences between
Subparagraphs (f) and (g) of Paragraph (2) of Subsection F of 13.8.2.8 NMAC;
and
(i) a statement of the rate
level change for the coverage to which the expense constant supplement
document applies.
(3) The loss cost filing for other
than workers' compensation document shall include:
(a) company tracking number;
(b) corresponding company tracking number of
form filing, if applicable;
(c)
loss cost reference filing number or a statement that the filing is an
independent rate filing;
(d) a
statement that:
(i) the insurer files to have
its loss cost multipliers and, if utilized, expense constants be applicable to
future revisions of the advisory organization's prospective loss costs for this
line of insurance; the insurer's rates will be the combination of the advisory
organization's prospective loss costs and the insurer's loss cost multipliers
and if utilized, expense constants specified in the attachments; the rates will
apply to policies written on or after the effective date of the advisory
organization's prospective loss costs; this authorization is effective until
disapproved by the commissioner, or until amended or withdrawn by the insurer;
or
(ii) the insurer files to have
its loss cost multipliers and, if utilized, expense constants be applicable
only to the identified advisory organization reference filing;
(e) a statement of the line, sub
line, coverage, territory, class or combination thereof to which the
loss cost filing document applies;
(f) a description of loss cost
modification;
(g) if expense
constants are utilized, the filer shall attach expense constant
supplement or other supporting information and shall not include the
items listed in Subparagraphs (h) through (l) of Paragraph (3) of Subsection F
of 13.8.2.8 NMAC;
(h) a description
of development of expected loss ratio, including selected provisions for:
(i) total production expense;
(ii) general expense;
(iii) taxes, licenses and fees;
(iv) underwriting profit and
contingencies;
(v) other expense,
and
(vi) total of all figures
listed;
(i) a statement
of expected loss ratio;
(j) a
statement of the company formula loss cost multiplier;
(k) a statement of the company selected loss
cost multiplier; and
(l) a
statement of the rate level change for the coverage(s) to which the
loss cost filing document applies.
(4) The loss cost filing for workers'
compensation document shall include:
(a) company tracking number;
(b) corresponding form filing
number;
(c) loss cost reference
filing number or a statement that the filing is an independent rate
filing;
(d) a statement that:
(i) the insurer files to have its loss cost
multipliers and, if utilized, expense constants be applicable to future
revisions of the advisory organization's prospective loss costs for this line
of insurance; the insurer's rates will be the combination of the advisory
organization's prospective loss costs and the insurer's loss cost multipliers
and if utilized, expense constants specified in the attachments; the rates will
apply to policies written on or after the effective date of the advisory
organization's prospective loss costs; this authorization is effective until
disapproved by the commissioner, or until amended or withdrawn by the insurer;
or
(ii) the insurer files to have
its loss cost multipliers and, if utilized, expense constants be applicable
only to the identified advisory organization reference filing;
(e) applicable class
codes;
(f) description of loss cost
modification;
(g) if expense
constants are utilized, the filer shall attach expense constant
supplement or other supporting information and shall not include the
items listed in Subparagraphs (h) through (o) of Paragraph (4) of Subsection F
of 13.8.2.8 NMAC;
(h) a description
of development of expected loss and loss adjustment expense ratio, including
selected provisions for:
(i) total production
expense;
(ii) general
expense;
(iii) taxes, licenses and
fees;
(iv) underwriting profit and
contingencies;
(v) other expenses,
and
(vi) total of all figures
listed;
(i) a statement
of expected loss ratio;
(j) a
statement of the overall impact of expense constant and minimum
premiums;
(k) a statement of the
overall impact of size-of-risk discounts plus expense graduation recognition in
retrospective rating;
(l) a
statement of the company formula loss cost multiplier;
(m) a statement of the company selected loss
cost multiplier;
(n) a statement
disclosing whether the filer is amending its minimum premium formula;
and
(o) a statement disclosing
whether the filer is changing its premium discount schedules.
(5) If a filer desires
acknowledgment of receipt, a suitable receipt shall be submitted together with
a second self-addressed, stamped envelope. Such receipts are returned as a
courtesy and accommodation to the filer. Failure to return a receipt, even
though requested in accordance with Paragraph (5) of Subsection A of 13.8.2.8
NMAC, shall not stay, toll, extend or otherwise affect any time period, or
limit or otherwise affect any action the superintendent may take.
(6) Filings shall be date stamped as of the
date received. Each filing shall be reviewed upon receipt for compliance with
procedural requirements. If found to comply, the filing shall be accepted as of
the date received. If found not to comply, the filing shall be returned to the
filer or the filer shall be otherwise notified.
(7) Filings not received during regular
business hours on a regular business day shall be deemed received on the next
regular business day.
G. In computing periods of time, the last day shall be counted and the first day shall not be counted. Saturdays, Sundays and holidays shall be counted. If the last day of a time period falls on a day which is not a regular business day, the time period shall be extended to the close of business on the next regular business day.
H. Every filing shall be open to public inspection during regular business hours. A copy of any filing or a designated portion thereof may be obtained by making request to the superintendent and paying the charge he shall prescribe.
I. Any filing may be withdrawn at any time prior to the time it becomes effective. In the interest of efficiency, filers should notify the superintendent of withdrawals at the earliest possible date.
J. Filings subject to prior approval may contain a request to become effective on any specified date on or after their date of filing.
Disclaimer: These regulations may not be the most recent version. New Mexico 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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