Section 70. Individual accident and sickness rate information

Latest version.

When submitting an Individual Accident and Sickness form, a company must file the applicable rates, rules and classification of risks with the Commission. Subsequent rate changes for approved policy forms must also be filed.

When an insurer submits a change of Individual Accident and Sickness premium rates previously filed with the Bureau, the following information must be provided:

1. That the filing is an increase, decrease, or revision of former rate filings and the percentage amounts of such changes.

2. The claim/earned premium loss ratio and other bases for such increase, decrease, or revision of premium rates. An actuarial memorandum and other relevant material should be attached to the letter of transmittal.

Historical Notes

Derived from RBI 1-77A, Case No. 19789, § 7, eff. May 1, 1977.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

                    
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