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054.00.52-8. RATES; FILING REQUIREMENTS.

AR ADC 054.00.52-8Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 52. Minimum Standards for Minimum Basic Benefit Disability Insurance
Ark. Admin. Code 054.00.52-8
054.00.52-8. RATES; FILING REQUIREMENTS.
Currentness
Rates pertaining to basic benefit policies shall be filed with the Commissioner no less than sixty (60) days prior to intended use, and shall be approved by the Commissioner prior to implementation. All rates submitted shall meet the following requirements:
A. All rates shall be based upon a pool, community rating, or other rating formula acceptable to the Commissioner;
B. No rate shall be approved unless accompanied by a statement from a qualified actuary certifying the reasonableness of the proposed rate. Such statement shall outline the actuary's qualifications, and the Commissioner may disapprove any rate filing accompanied by a statement from an actuary he deems to be unqualified. Such actuary shall possess the qualifications outlined in Arkansas Insurance Department Rule and Regulation 16, section 4 or such other qualifications as the Commissioner shall approve;
C. All rates submitted for group policies shall be based upon a loss ratio of not less than seventyfive (75%) percent;
D. All rates submitted for individual policies shall be based upon a loss ratio of not less than sixtyfive (65%) percent;
E. All rates submitted pursuant to this Rule shall be accompanied by a statement from the insurer of the portion of the rate or premium applicable to the coverages provided for the basic benefit policy. All such statements shall be made on forms provided by the Commissioner.
F. Any insurer wishing to appeal a denial of a rate request should make a written request for hearing pursuant to A.C.A § 25-15-101, et § tq.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.52-8, AR ADC 054.00.52-8
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