- (1) If any insurer files a form for approval that provides coverage that is different from the coverage described in Sections R590-91-7 and R590-91-8, the insurer shall demonstrate to the commissioner's satisfaction that the premium rates for the coverage will develop or may reasonably be expected to develop a loss ratio not less than that contemplated for standard coverage at the premium rates described in Sections R590-91-7 and R590-91-8.
- (2) If the debtor is not specifically charged for credit insurance, the standards in Section 31A-22-807 and Section R590-91-11 are not required to be used.
(3) For the purposes of Subsection (2), the debtor is specifically charged for credit insurance if:
- (a) an identifiable charge for insurance is disclosed in the credit or other instrument furnished to the debtor that sets out the credit transaction's financial elements; or
- (b) there is a differential in finance, interest, service, or other similar charge made to debtors who are in like circumstances, except for their insured or noninsured status.
- (4) Any charge described in Subsection (3) that exceeds the premium rate standards in Sections R590-91-7 and R590-91-8, as adjusted under Section R590-91-10, shall be filed with the commissioner.
KEY: insurance law
Date of Last Change: March 25, 2022
Notice of Continuation: October 19, 2021
Authorizing, and Implemented or Interpreted Law: 31A-2-201