Notice to Department

Notice to Department. An insurer shall notify MID of any change in rates implemented under the Flexible Rating System within thirty (30) days after the effective date of the change. The notice must include the name of the insurer and the average percentage change in rates statewide and by zone or territory. Any rate change made pursuant to the Flexible Rating System may only be applied to a policy at the beginning of the policy period. Should the Commissioner determine that any change in rates implemented pursuant to this Regulation is excessive, inadequate or unfairly discriminatory, he shall disapprove the change in rates pursuant to the procedure provided in Section 83-2-11(2)(b). No more than one (1) rate adjustment may be made by an insurer during a twelve (12) month period pursuant to the Flexible Rating System set forth in this Regulation; however, upon written application by the insurer, the Commissioner may authorize more than one (1) rate adjustment during any twelve (12) month period, subject to the percentage limitations prescribed herein,