Rate and Policy Form Filings

Rate and Policy Form Filings A. All rate filings must provide sufficient actuarial justification for rate variances, premium offsets and premium credits for a named storm deductible or hurricane deductible. B. Insurers must demonstrate that rates are not excessive, inadequate or unfairly discriminatory. C. Insurers that choose to utilize hurricane models in the setting of rates must identify the model(s) used, including the version of the Model(s) used, as well as provide a complete explanation of (1) the reasons(s) that the particular model(s) was chosen; and (2) the effect that use of the model(s) may have had on the rates requested. Any changes in the model(s) utilized from a prior filing must be fully explained. D. If an insurer is requesting an increase in premium due to increased reinsurance costs, the insurer must provide an explanation of the increased cost. This explanation should include an explanation of alternatives to reinsurance (i.e. CAT bonds, surplus notes, etc.). Insurers should fully disclose how reinsurance costs are allocated to Mississippi. If a portion of the filing is considered by the insurer to be proprietary and a trade secret, it will be the duty of the insurer to identify the specific portions of the filing that they wish to be held confidential in accordance with the provisions of Miss. Code Ann. § 79-23-1. E. From and after October 1, 2014, insurers may not continue to use forms previously approved which are not in compliance with this Regulation; Miss. Code Ann. § 83-2-3; and HB 756.