Ill. Admin. Code tit. 50 § 2902.50

Current through Register Vol. 48, No. 49, December 6, 2024

Section 2902.50 - Rate Filings

a) Rate filing requirements can be met by:

1) A company making a direct filing on its own behalf;

2) A company filing to adopt its rating organization advisory rate filing;

3) A company filing a deviation to its rating organization advisory rate filing; or

4) A company adopting its rating organization pure premium rate filing, provided the company files its modification factor or factors used for expenses and profits.

b) All company rate filings in SERFF must include the Company Rate Information, which shall include:

1) Overall % indicated change;

2) Overall % rate impact (meaning the statewide average percentage change to the accepted rates for the coverages included for each company);

3) Written premium change for this program (meaning the statewide change in written premium based on the proposed overall percentage rate impact for each company);

4) Number of policyholders affected for this program (meaning the number of policyholders affected by the overall percentage rate impact for each company);

5) Written premium for this program (meaning the statewide written premium for each company);

6) Maximum % change; and

7) Minimum % change.

c) All rate filings must include:

1) The name of the company making the filing;

2) Notification of whether the filing is new or supersedes a present filing. Identification of the superseded filing, as well as identification of all changes from the superseded filing, is required; and

3) Effective date of use.

d) Documentary data for rates and changes filed under this Section must be maintained by the company or its rating organization to be available upon and in accordance with the Department's request for review by the Department's Property and Casualty Compliance Unit.

e) Companies under the same ownership or general management may submit multiple company filings under the same SERFF tracking number.

Ill. Admin. Code tit. 50, § 2902.50

Amended at 38 Ill. Reg. 21484, effective 10/31/2014

Amended at 46 Ill. Reg. 6583, effective 4/11/2022