1. (a) As used in this chapter, "material change" means a premium increase of more than ten percent (10%) over and above the increases in the insurer's filed rate plan, including base rate increases and any other changes to the insurer's filed rate plan.

2. (b) The term does not include the following:

   1. (1) An increase in the insurer's filed rate plan and automatic inflationary increases.

   2. (2) An additional premium due to a change initiated by the insured, such as:

      1. (A) adding or removing vehicles or drivers;
      2. (B) adding an endorsement;
      3. (C) adding additional coverages;
      4. (D) adding covered premises; or
      5. (E) increasing coverage limits or deductibles.
   3. (3) An additional premium due to a change in risk exposure as a result of the insured's participation in a usage based or telematics insurance program.
   4. (4) Changes resulting from a property inspection.

   5. (5) For purposes of the second or subsequent renewals, rate increases that are implemented over more than one (1) policy period if:

      1. (A) the implementation plan is included in the insurer's filed rate plan; or
      2. (B) the increase for any one (1) policy period is not more than ten percent (10%) over the expiring policy period's premium.

As added by P.L.226-2023, SEC.20. Amended by P.L.86-2026, SEC.7.