Utah Code 31A-19a-214. Rating tiers
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(1) An insurer may file with the commissioner a rate filing that provides for a program with more than one rate level in the same company or group of companies if:
Terms Used In Utah Code 31A-19a-214
- Expenses: means that portion of a rate attributable to:(4)(a) acquisition;(4)(b) field supervision;(4)(c) collection expenses;(4)(d) general expenses;(4)(e) taxes;(4)(f) licenses; and(4)(g) fees. See Utah Code 31A-19a-102
- Filing: when used as a noun, means an item required to be filed with the department including:
(70)(a) a policy;(70)(b) a rate;(70)(c) a form;(70)(d) a document;(70)(e) a plan;(70)(f) a manual;(70)(g) an application;(70)(h) a report;(70)(i) a certificate;(70)(j) an endorsement;(70)(k) an actuarial certification;(70)(l) a licensee annual statement;(70)(m) a licensee renewal application;(70)(n) an advertisement;(70)(o) a binder; or(70)(p) an outline of coverage. See Utah Code 31A-1-301- Premium: includes , however designated:
(156)(b)(i) an assessment;(156)(b)(ii) a membership fee;(156)(b)(iii) a required contribution; or(156)(b)(iv) monetary consideration. See Utah Code 31A-1-301- Rate: means that cost of insurance per exposure unit either expressed as:
(12)(a)(i) a single number; or(12)(a)(ii) as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:(12)(a)(ii)(A) expenses;(12)(a)(ii)(B) profit; and(12)(a)(ii)(C) individual insurer variation in loss experience. See Utah Code 31A-19a-102- Supporting information: includes one or more of the following:
(16)(a) data demonstrating actuarial justification for the basic rate factors, classifications, expenses, and profit factors used by the filer;(16)(b) the experience and judgment of the filer;(16)(c) the experience or data of other insurers or rate service organizations relied upon by the filer;(16)(d) the interpretation of any other data relied upon by the filer;(16)(e) descriptions of methods used in making the rates; or(16)(f) any other information defined by rule as supporting information that is required to be filed. See Utah Code 31A-19a-102(1)(a) the program is based, to the extent feasible, upon mutually exclusive underwriting rules per tier;(1)(b) the underwriting rules are based on clear, objective criteria that would lead to a logical distinguishing of potential risk; and(1)(c) in filing to establish tiers, the insurer provides supporting information that evidences a clear distinction between the expected losses and expenses for each tier.(2) A rating tier may not be continued if premium, loss, and expense data fail to show a continued clear distinction between the tiers. - Filing: when used as a noun, means an item required to be filed with the department including: