Hawaii Revised Statutes 431:14-104.5 – Loss cost filings
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Terms Used In Hawaii Revised Statutes 431:14-104.5
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Prospective loss costs: means that portion of a rate that does not include provisions for expenses (other than loss adjustment expenses) or profit, and are based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time. See Hawaii Revised Statutes 431:14-101.5
- Supplementary rating information: includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, underwriting rule, statistical plan, and any other similar information needed to determine the applicable rate in effect or to be in effect. See Hawaii Revised Statutes 431:14-101.5
When required by the commissioner, the rating organization or advisory organization shall file for approval all prospective loss costs, supplementary rating information, and every change, amendment, or modification thereto proposed for use in this State. The filings shall be subject to sections 431:14-104, 431:14-105, and 431:14-106 and other provisions of article 14 relating to filings made by insurers.