Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-121 - Rate Modification Plan Rule
Section R590-121-3 - Definitions
Universal Citation: UT Admin Code R 590-121-3
Current through Bulletin 2024-06, March 15, 2024
Terms used in this rule are defined in Sections 31A-1-301 and 31A-19a-102. Additional terms are defined as follows:
(1) "Experience rating plan" means a rating plan or system where 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 market, filed with the department by an insurer or rate service organization and made part of the rating manual used by an insurer or rate service organization.
(3)
(a)
"Rate modification plan" means a rating plan or procedure that lists various
risk characteristics or conditions and a range of modification factors that may
be applied for those characteristics or conditions to the manual rate of a
particular insurance risk, the effect of which is to increase (debit) or
decrease (credit) the manual rate.
(b) Rate modification plans include plans
commonly called Schedule Rating Plans and Individual Risk Premium Modification
Plans.
Disclaimer: These regulations may not be the most recent version. Utah 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.
