West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-31 - Guaranteed Loss Ratios as Applied To Individual Sickness And Accident Insurance Policies
Section 114-31-3 - Guaranteed Loss Ratio Filings
Universal Citation: 114 WV Code of State Rules 114-31-3
Current through Register Vol. XLI, No. 38, September 20, 2024
3.1. The initial filing of a loss ratio guarantee must include the policy form, schedule of rates and an actuarial memorandum which shall include information prescribed in the National Association of Insurance Commissioners' rate filing guidelines, durational and lifetime target loss ratios, and a projection of the actual loss ratio which shall include interest and lapse rates.
3.2. All rate increase filings shall include information prescribed in the National Association of Insurance Commissioners' rate filing guidelines, as well as the following:
a. An
outline of coverage;
b. Any change in
rate relationships;
c. The cumulative,
to-date loss ratios; and
d. The
projected lifetime loss ratios.
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