Credit property insurance rates

1. Each insurer filing rates for credit property insurance shall include in its rate filing with the commissioner the appropriate rate formula upon which its rates are based, including a provision for anticipated losses. Anticipated losses that develop or are expected to develop a loss ratio of no less than forty-five percent shall be presumed to be reasonable. Anticipated losses may include an amount for fluctuation in loss due to catastrophe. 2. Credit property rates must provide for at a minimum the following coverages found in the standard fire policy and extended coverage endorsement: fire, lightning, riot, riot attending a strike, civil commotion, smoke, aircraft and vehicle damage, windstorm, hail, and explosion.