Section 45-07-01.1-09 - Experience reports and adjustment of prima facie rates1. The commissioner will, on a triennial basis, beginning January 1, 2006, review the loss ratio standards set forth in section 45-07-01.1-03 and the prima facie rates set forth in sections 45-07-01.1-04 and 45-07-01.1-05 and determine therefrom the rate of expected claims on a statewide basis, compare such rate of expected claims with the rate of actual claims for the preceding three years determined from the incurred claims and earned premiums at prima facie rates reported in the annual statement supplement or other available source, and publish the adjusted actual statewide prima facie rates to be used by insurers during the next triennium. The rates will reflect the difference between: a. Actual claims based on experience; and b. Expected claims based on the loss ratio standards set forth in section 45-07-01.1-03 applied to the prima facie rates set forth in sections 45-07-01.1-04 and 45-07-01.1-05. 2. The commissioner will, on a triennial basis, review the discount rates for interest included in the formulae in subsection 1 of section 45-07-01.1-04 and subsection 1 of section 45-07-01.1-05 and has the discretion to adjust those discount rates. N.D. Admin Code 45-07-01.1-09
Effective January 1, 2003.General Authority: NDCC 26.1-37-15
Law Implemented: NDCC 26.1-37