Definition of Flexible Rating System

Definition of Flexible Rating System. For purposes of this Regulation, the term “Flexible Rating System” shall mean a proposed rate plan filed with MID pursuant to Section 83-2-1 et seq., which allows for an automatic ability on the part of the insurer to raise in the aggregate or lower in the aggregate rates by 15% without the need for approval by MID so long as the change is within the overall approved +/- 15% range.