054.00.12-8. CREDIT LIFE AND CREDIT DISABILITY FORMS AT HIGHER RATES OR LOWER RATES.
AR ADC 054.00.12-8Arkansas Administrative Code
Ark. Admin. Code 054.00.12-8
054.00.12-8. CREDIT LIFE AND CREDIT DISABILITY FORMS AT HIGHER RATES OR LOWER RATES.
8.1 Notwithstanding the determination by the Commissioner that the rates specified in Sections 5 and 6 are the presumably acceptable maximum rates which are reasonable in relation to the benefits of a policy providing the coverage to which the rates are applicable, an insurer may receive approval of a higher premium rate or schedule of rates to be used in connection with a creditor or class of creditors if said insurer demonstrates, to the satisfaction of the Commissioner, that the mortality or morbidity experience which may reasonably be anticipated will be significantly higher than the average anticipated experience on the basis of which the applicable rate standards specified in Sections 5 and 6 were based, and that the proposed rate can reasonably be anticipated to produce a loss ratio not less than that set out in Section 4.2.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.12-8, AR ADC 054.00.12-8
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