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(a) A rating organization, on behalf of its member and subscriber insurers, or an insurer may file, for the director's approval, a schedule rating plan that includes
(1) the criteria that an applicant or insured must meet to be eligible for the plan;
(2) a description of each risk characteristic for which a debit or credit will apply
(3) the range of permissible debits or credits for each risk characteristic;
(4) the maximum total debit or credit that an underwriter may assign to the policy; and
(5) a statement that any previously approved schedule rating plan applicable to the same class of insureds is withdrawn upon approval of the filing.
(b) A schedule rating plan filing must conform to the requirements of 3 AAC 31.200 - 3 AAC 31.220 and must acknowledge an obligation to comply with 3 AAC 29.420 and 3 AAC 29.430.
History: Eff. 7/24/98, Register 147
Authority: AS 21.06.090
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Last modified 7/05/2006