Casualty

Casualty The Mississippi Casualty Rating Law follows substantially the Commissioners’ prior-approval- type bill and applies to all casualty lines including all forms of motor vehicle insurance except: “Re-insurance; title insurance, credit insurance; accident and health insurance; or insurance against risks or liability (other than workman’s compensation and employers’ liability) arising out of the ownership, maintenance, or use of aircraft.” A. Individual risk rating plans must comply with the following requirements: 1. Each such plan must be filed with the commission for approval and must specify the kind of insurance or subdivision or combination thereof, to which the plan applies. 2. Each such plan must establish standards which bear a relationship to the variation in hazard and/or expense to be measured. 3. Any such plan must be applied to all eligible risks, and must be applied by company representatives responsible for underwriting the risk(s) involved. 4. Each company utilizing such plans must obtain all information necessary to determine the proper application of such plans to any particular risk. Such supporting information shall be retained by the company and made available to the commission upon request. B. Risks Declined in Normal Market. When companies issuing casualty insurance in this state write a policy, the premium which results from the fact that the risk cannot contain such coverage in the normal market, the company should submit in duplicate a letter to the Mississippi Insurance Commission requesting approval and attach a signed statement from the insured using the following or wording of similar import: 1. I am unable to obtain (state kind) insurance at normal rates and hereby request the issuance of this policy at rates in excess of normal rates. 2. I have been unable to procure similar insurance at normal rates although my risk has been submitted to at least three (3) other insurance companies authorized to transact such business in Mississippi. 3. (In case of automobile liability insurance) I understand that liability limits sufficient to meet the financial responsibility requirements of the state may be available through the Mississippi Automobile Insurance Plan. (The foregoing statement is not applicable when the policy is issued through the Mississippi Automobile Insurance Plan.) 4. (In the case of workmen’s compensation and employers’ liability insurance) I understand that I may obtain normal limits of liability insurance through a workmen’s compensation and employers’ liability assigned risk plan. (The foregoing statement is not applicable when the policy is issued through a Workmen’s Compensation and Employer’s Liability Assigned Risk Plan.) 5. Each submission should contain limits desired for each coverage together with premium applicable to each. 6. A copy of the daily report should accompany the request. C. Uninsured Motorist. The General Acts of the Regular Legislative Session 1966 contain house Bill No. 121 which we call to your attention.