Section 80. Credit life/accident and sickness rate information

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When submitting a Credit Life or Credit Accident and Sickness form, a company must also file the applicable rates, rules, classification of risks and reserve table with the Bureau and an actuarial memorandum showing that the premium rates or charges are reasonable in relation to the benefits provided. Subsequent rate changes for approved policy forms must also be filed.

When an insurer submits a change of Credit Life and/or Credit 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 should be attached to the letter of transmittal.

Historical Notes

Derived from RBI 1-77A, Case No. 19789, § 8, eff. May 1, 1977.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

                    
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