North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-05 - Property and Casualty Insurance
Chapter 45-05-06 - Risk Modification Plan Regulation
Section 45-05-06-02 - Definitions

Universal Citation: ND Admin Code ยง 45-05-06-02
Current through Supplement No. 394, October, 2024

1. "Experience rating plan" means any rating plan or system whereby a manual rate for insurance is adjusted or modified based on the past loss experience of the insured.

2. "Manual rate" means a rate, designed to apply on a generic basis to similar risks within the same class, filed by an insurer or rating organization with the department of insurance and made part of the rating manual used by an insurer or rating organization.

3. "Rate modification plan" means a rating plan or procedure which provides a listing of various risk characteristics or conditions and a range of modification factors which may be applied for these characteristics or conditions to the manual rate of a particular insurance risk. The effect of the modification factor is to increase (debit) or decrease (credit) the manual rate. Rate modification plans include, but are not limited to, plans commonly called schedule rating plans and individual risk premium modification plans.

General Authority: NDCC 28-32-02

Law Implemented: NDCC 26.1-25, 26.1-30-19

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