R590-127-7. Commercial Excess and Umbrella Liability Insurance

(1) Rates and rating plans for commercial excess insurance or umbrella liability insurance are exempt from the filing requirements of Section 31A-19a-203. (2)(a) The underwriting files of any excess insurance or umbrella liability insurance risk must contain full and supporting factual documentation justifying the rate and showing the development of the rate. (b) The rate development documentation should analyze the specific definable loss potential characteristics regarding the risk's excess exposure and any other pertinent underwriting criteria. (3) When an insurer renews a commercial excess or umbrella liability policy, the underwriting file shall contain the following documentation: (a) the underwriter's reevaluation of the rate assigned; and (b) justification for the continuation of the rate or the development of any new rate. (4) The underwriting file shall be made available to the commissioner upon request.