Section 2670.6 - Prima Facie Rates and Permissible Loss Ratio for Benchmark ProgramsThe prima facie rates and permissible loss ratio for the benchmark programs set forth in Sections 2670.12 through Section 2670.20 of these regulations are as follows:
(a) The prima facie rate for benchmark number one, Dual Interest Credit Property Insurance on Open End Plan of Indebtedness, is 2.9 cents per $100.00 of the monthly outstanding balance. The permissible loss ratio is 67%.(b) The prima facie rate for benchmark number two, Dual Interest Credit Property Insurance on a Closed End Plan of Indebtedness, is $1.60 per $100.00 of the unpaid balance due at the time coverage attaches. The permissible loss ratio is 66%.(c) The prima facie rate for benchmark number three, Dual Interest Credit Property Insurance on a Closed End Loan Secured by Personal Property, Invoiced Monthly, is 14 cents per $100.00 of the unpaid balance due at the time coverage attaches. The permissible loss ratio is 74%.(f) The prima facie rate for benchmark number six, 30-Day Retroactive Credit Unemployment Insurance on an Open End Plan of Indebtedness, and Paying Minimum Monthly Payment, is 4.1 cents per $100.00 of the monthly outstanding balance. The permissible loss ratio is 64%.(g) The prima facie rate for benchmark number seven, 30-Day Non-Retroactive Credit Unemployment Insurance on an Open End Plan of Indebtedness, and Paying Minimum Monthly Payment for Six Months, is 2.9 cents per $100.00 of the monthly outstanding balance. The permissible loss ratio is 65%.(h) The prima facie rate for benchmark number eight, 30-Day Retroactive Credit Unemployment Insurance on an Installment Loan Plan of Indebtedness, paying Monthly Payment on Installment Loan Payments is $1.22 per $100.00 of the unpaid balance due at the time coverage attaches. The permissible loss ratio is 70%.(i) The prima facie rate for benchmark number nine, 30-Day Non-Retroactive Credit Unemployment Insurance on an Open End Plan of Indebtedness, and Paying Outstanding Balance Up To Policy Limit, is 7 cents per $100.00 of the monthly outstanding balance. The permissible loss ratio is 66.Cal. Code Regs. Tit. 10, § 2670.6
1. New section filed 3-10-2003; operative 4-9-2003. Submitted to OAL for printing only pursuant to Government Code section 11343.8 as a regulation that establishes rates in accordance with Government Code section 11340.9(g) (Register 2003, No. 11).
2. Change without regulatory effect withdrawing and repealing section pursuant to settlement agreement in Consumer Credit Insurance Association v. John Garamendi (California Superior Court No. 03CS00533) filed 5-27-2004 pursuant to section 100, title 1, California Code of Regulations (Register 2004, No. 22).
3. New section filed 4-28-2006; operative 5-28-2006. Submitted to OAL for printing only pursuant to Government Code section 11343.8 as a regulation that establishes rates in accordance with Government Code section 11340.9(g) (Register 2006, No. 17). Note: Authority cited: Sections 779.21, 779.36, 12921 and 12926, Insurance Code; Credit Insurance General Agents Association v. Payne, 16 Cal.3d 651 (1976); and 20th Century v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 779.36, 1861.01 and 1861.05, Insurance Code.
1. New section filed 3-10-2003; operative 4-9-2003. Submitted to OAL for printing only pursuant to Government Code section 11343.8 as a regulation that establishes rates in accordance with Government Code section 11340.9(g) (Register 2003, No. 11).
2. Change without regulatory effect withdrawing and repealing section pursuant to settlement agreement inConsumer Credit Insurance Associationv.John Garamendi(California Superior Court No. 03CS00533) filed 5-27-2004 pursuant to section 100, title 1, California Code of Regulations (Register 2004, No. 22).
3. New section filed 4-28-2006; operative 5-28-2006. Submitted to OAL for printing only pursuant to Government Code section 11343.8 as a regulation that establishes rates in accordance with Government Code section 11340.9(g) (Register 2006, No. 17).