Section R590-127-2 - Purpose and Scope(1) The purpose of this rule is to:(a) identify permissible rates and plans under Section 31A-19a-203;(b) make exemptions for filing rates and plans under Section 31A-19a-203; and(c) establish procedures for the market segment that uses these types of rates or plans.(2) This rule applies to each insurer licensed in this state to write liability insurance, professional liability insurance, property insurance, vehicle liability and physical damage insurance, and workers' compensation insurance.(3) This rule applies to: (a) an (a) rate, including an (a) rate for: (i) a class of risks that are so different from each other that no single manual rate could be representative of all of them;(ii) a class of risks that does not develop enough experience to warrant credibility for ratemaking purposes; and(iii) a risk that involves a new product or coverage for which there is no past experience nor appropriate analogy to similar exposures for ratemaking purposes; and(b) the procedure for rating an exposure that does not have a published prospective loss cost or manual rate, termed (a) rating.Utah Admin. Code R590-127-2
Amended by Utah State Bulletin Number 2021-21, effective 10/25/2021