Can the Division of Insurance approve some products and deny others from same company?
Yes, because a separate rate filing is required for each product, from each company. What are the Division’s analysts looking for when they review a rate filing? The analysts review to see if the rate that will be charged is excessive, inadequate, or unfairly discriminatory. They also look for math errors, justification of rates, and other factors used to support the proposed rate. What are important factors that the Division of Insurance looks at in reviewing rates? The Division of Insurance has the authority to review rates to ensure the rates are not excessive, inadequate or unfairly discriminatory. Excessive Rates – are rates that produce a long run profit that is unreasonably high for the insurance coverage being provided or where the expenses are unreasonably high for the coverage being provided. Insurance policies that are costly and provide little benefit to consumers or provide high profits to insurance companies could be considered to have excessive rates. Inadequate Rates –
