LAC 37:XIII.15901. Purpose

A. Regulation 111 implements the provisions of R.S. 22:1464.E, which authorizes the commissioner to approve an application by an insurer to impose upon an insured a rate in excess of the insurer’s filed and previously approved rates for a specific risk, provided the insurer complies with certain obligations and provides certain information and documentation to the commissioner in order for the commissioner to approve the consent to rate application. B. The purpose of Regulation 111 is: 1. to regulate the activities of insurers by setting forth the process for the filing and review of a consent to rate application and specifying the information and documentation that must accompany such application; and 2. to protect the interests of insureds who are the subject of a consent to rate request from an insurer by delineating the nature and type of information and documentation that an insured shall receive from the insurer in order for the insured to make an informed decision as to whether it is in the insured’s best interest to consent to such excess rate, and to reduce or eliminate the use of misleading or confusing information when an insurer requests that the insured consent to a rate in excess of the rate otherwise filed and approved for use.