3 Alaska Admin. Code § 29.300

Current through September 25, 2024

Section 3 AAC 29.300 - Definitions

In 3 AAC 29.200 - 3 AAC 29.300, unless the context otherwise requires,

(1) "director" means the director of the division of insurance;

(2) "division" means the division of insurance;

(3) "expenses" means that portion of a rate attributable to acquisition, field supervision, and collection expenses, general expenses, taxes, licenses, and fees;

(4) "loss adjustment expense" means the cost of adjusting losses, excluding the amount of the loss itself;

(5) "loss cost adjustments" means that portion of a rate that includes

(A) provisions for expenses, other than loss adjustment expenses;

(B) all forms of profit, including investment income; and

(C) any modification to the prospective loss costs filed by the rating organization;

(6) "prospective loss costs" means the historical aggregate losses and loss adjustment expenses upon which a portion of a rate is based, adjusted through trending to a future point in time, but does not include expenses, other than loss adjustment expenses, or profit;

(7) "rate" means the cost of a given unit of insurance;

(8) "rating organization" means a corporation, an unincorporated association, a partnership, or a person currently licensed as a rating organization under AS 21.39.060;

(9) repealed 1/17/98;

(10) "supplementary rating information" means any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, rate related underwriting rule, experience rating plan, and any other similar information needed to determine the applicable rate in effect or to be in effect;

(11) "supporting information" means

(A) the loss or expense experience and judgment of the filer and the loss or expense experience and data of other insurers or organizations, relied upon by the filer;

(B) the interpretation of statistical data relied upon by the filer;

(C) descriptions of methods used in making the rates; or

(D) any other relevant factors requested by the director;

(12) "trending" means any procedure for projecting developed losses to the average date of loss, or premiums or exposures to the average date of writing, for the period during which the policies are to be in effect;

(13) "participating insurer" means an insurer that purchases loss cost information services from a licensed rating organization, including companies referred to in AS 21.39.060 as members and subscribers.

3 AAC 29.300

Eff. 8/7/92, Register 123; am 12/24/93, Register 128; am 1/17/98, Register 145

Authority:AS 21.06.090

AS 21.39.130