Utah Code 31A-19a-309. Recording and reporting of experience
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Terms Used In Utah Code 31A-19a-309
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102
- Insurance: includes :
(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301- Order: means an order of the commissioner. 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- Rate service organization: means a person who assists an insurer in rate making or filing by:
(164)(a)(i) collecting, compiling, and furnishing loss or expense statistics;(164)(a)(ii) recommending, making, or filing rates or supplementary rate information; or(164)(a)(iii) advising about rate questions, except as an attorney giving legal advice. See Utah Code 31A-1-301(1)(a) The commissioner may adopt rules for the development of statistical plans, for use by all insurers in recording and reporting their loss and expense experience, in order that the experience of those insurers may be made available to the commissioner.(1)(b) The rules provided for in Subsection (1) may include:(1)(b)(i) the data that shall be reported by an insurer;(1)(b)(ii) definitions of data elements;(1)(b)(iii) the timing and frequency of data reporting by an insurer;(1)(b)(iv) data quality standards;(1)(b)(v) data edit and audit requirements;(1)(b)(vi) data retention requirements;(1)(b)(vii) reports to be generated; and(1)(b)(viii) the timing of reports to be generated.(1)(c) Except for workers’ compensation insurance under Section 31A-19a-404, an insurer may not be required to record or report its experience on a classification basis that is inconsistent with its own rating system.(2)(2)(a) The commissioner may designate one or more rate service organizations to assist the commissioner in gathering that experience and making compilations of the experience.(2)(b) The compilations developed under Subsection (2)(a) shall be made available to the public.(3) The commissioner may make rules and plans for the interchange of data necessary for the application of rating plans.(4) To further uniform administration of rate regulatory laws, the commissioner and every insurer and rate service organization may:(4)(a) exchange information and experience data with insurance supervisory officials, insurers, and rate service organizations in other states; and(4)(b) consult with the persons described in Subsection (4)(a) with respect to the application of rating systems and the reporting of statistical data.