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What is the regulatory system for residential property rate filings before December 1, 2004?

April 26, 2017december 1 2004 filings Property rate regulatory Residential system

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What is the regulatory system for residential property rate filings before December 1, 2004?

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A. Until December 1, 2004, insurers’ rate filings are subject to prior approval with a 30-day deemer. However, the Commissioner may extend the period for approval or disapproval of a rate filing for an additional 30-day period. There are provisions in the statute that allow the “clock” to stop if and when additional information is requested by the Department. SB 14 also provides that the Commissioner may adopt rules to allow small and new insurers to operate under a file and use system if they do not change their rates significantly. The intent of the Department is to propose rules to accommodate small and new insurers.