§ 1798.1. Extraordinary medical benefit rate
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 75 Pa.C.S.A. Vehicles
75 Pa.C.S.A. § 1798.1
§ 1798.1. Extraordinary medical benefit rate
(a) Filing.--Each insurer issuing or delivering liability insurance policies as described in section 1711 (relating to required benefits) shall file with the Insurance Commissioner for an extraordinary medical benefit rate for coverage under section 1715(a)(1.1) (relating to availability of adequate limits). The filing shall be subject to the act of June 11, 1947 (P.L. 538, No. 246), known as The Casualty and Surety Rate Regulatory Act,1 provided that no first time filing for extraordinary medical benefit coverage which is scheduled for a formal administrative hearing may be deemed effective until an adjudication is issued by the Insurance Commissioner. Insurers may provide for the discounting of extraordinary medical benefit loss reserves in annual financial statements. Unallocated extraordinary medical benefit loss expense payments may be treated in accordance with section 315 of the act of May 17, 1921 (P.L. 789, No. 285), known as The Insurance Department Act of one thousand nine hundred and twenty-one,2 and regulations promulgated pursuant thereto. The Insurance Commissioner may order the discounting of extraordinary medical benefit losses and allocated loss adjustment expenses in calculating rates for coverage under section 1715(a)(1.1) to the extent determined to be actuarially sound.
(b) Rates.--All rates established under this section shall be adequate to assure actuarial soundness. Under no circumstances shall rates for other coverages required under the provisions of this chapter be modified or otherwise established to subsidize, in whole or in part, the rate for the extraordinary medical benefit. In making a rate for the extraordinary medical benefit, due consideration shall be given to the current factors generally in use in making motor vehicle insurance rates.
Credits
1989, April 26, P.L. 13, No. 4, § 7, imd. effective.
75 Pa.C.S.A. § 1798.1, PA ST 75 Pa.C.S.A. § 1798.1
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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