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The purpose of 3 AAC 29.400 - 3 AAC 29.469 is to establish standards for schedule rating to ensure that
(1) a credit or debit that modifies a premium under a schedule rating plan is based only on risk characteristics that can be reasonably expected to affect losses or loss adjustment expenses;
(2) the assignment of a credit or debit under a schedule rating plan results in a rate that is not excessive, inadequate, or unfairly discriminatory; and
(3) documentation in an insurer's underwriting file provides sufficient detail to establish that the assignment of a credit or debit under a schedule rating plan complies with 3 AAC 29.400 - 3 AAC 29.469.
History: Eff. 7/24/98, Register 147
Authority: AS 21.06.090
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Last modified 7/05/2006