How is an Anniversary Rating Date (other than the normal policy effective date) determined, and how is it applied to a policy?
If a policy is canceled and rewritten by the same or another insurer, all rules, classifications, and rates of the rewriting insurer which were in effect as of the Anniversary Rating Date of the original policy shall apply to the rewritten policy until the next anniversary rating date, as established by the rating organization. The rates effective on the normal anniversary rating date shall apply for the full term of: (1) the policy commencing on that date, or (2) any other policy commencing up to three months after that date For example, the rates effective 10-1-2006 will apply to the policy effective 10-1-2006 or to any policy with an effective date up to 1-1-2007. If a policy commences more than three months after the normal anniversary rating date, the following procedure shall apply: (1) The rates in effect as of the normal anniversary rating date shall apply to the new policy until the next normal anniversary rating date (2) The rates in effect as of the normal anniversary rating
Related Questions
- If a policy has a different effective date from the Rating Boards established anniversary rating date, when would the anniversary rating date change?
- How is an Anniversary Rating Date (other than the normal policy effective date) determined, and how is it applied to a policy?
- How is an experience rating modification applied to a policy?
