S.C. Code Ann. § 38-91-220 – [Eff March 1, 1999 and ceases to be of any force or effect after February 28, 2003] Classifications, rules, rating plans, and planning forms proposed for use for automobile insurance issued by or through the association; filing with director or designee | Midpage
§ 38-91-220
S.C. Code Ann. § 38-91-220
[Eff March 1, 1999 and ceases to be of any force or effect after February 28, 2003] Classifications, rules, rating plans, and planning forms proposed for use for automobile insurance issued by or through the association; filing with director or designee
(a) The classifications, rules, rating plans, and policy forms proposed for use for automobile insurance issued by or through the association may be made by the association or by any licensed rating organization and shall be filed with the director or his designee. Such filings may incorporate by reference any other material on file with the director.
(b) The classifications, rules, rates, rating plans, and policy forms proposed for use for automobile insurance issued by or through the association shall be subject to appropriate statutes concerning approval of filings including Section 38-73-910. The association and every member shall be required to use the classifications, rules, rates, rating plans, and policy forms so approved for automobile insurance issued by or through the association for business written through the association.
(c) The rates used for the Associated Auto Insurers Plan must be actuarially sound, self-supporting, and provide adequate premiums to pay losses and expenses associated with the Associated Auto Insurers Plan. Any deficits incurred by the plan should be recovered prospectively by rate changes for the Associated Auto Insurers Plan.