| Tracking Number |
2012-00571 |
| Type of Filing |
Permanent Rule |
| Department |
700 Department of Regulatory Agencies |
| Agency |
702 Division of Insurance |
| CCR Number |
3 CCR 702-5 |
| CCR Title |
PROPERTY AND CASUALTY |
| Adopting Agency |
|
| Hearing Date |
08/01/2012 |
| Hearing Time |
01:00 PM |
| Hearing Location |
1560 Broadway Ste 850 Denver CO 80202 |
| Proposed Rule |
ProposedRuleAttach2012-00571.DOC |
| Description of Subjects/Issues |
5-1-10 RATE AND RULE FILING SUBMISSION REQUIREMENTS PROPERTY AND CASUALTY INSURANCE |
| Comments |
Chris Maciejewski |
| Public Name |
Christine Gonzales-Ferrer |
| Public Title |
Rulemaking Coordinator |
| Public Telephone |
303-894-2157 |
| Public Email |
christine.gonzales-ferrer@dora.state.co.us |
| Submitted in response to issues raised by COLS/OLLS?
N |
| Purpose/Objective of Rule |
The purpose of this regulation is to ensure that property and casualty insurance rates are not excessive, inadequate or unfairly discriminatory by establishing the requirements for rate and rule filings. This regulation contains annual rate filing requirements for homeowners and private passenger automobile insurance. These lines of business are specifically included in this regulation because these products are widely purchased by consumers. Annual rate filings, rather than other methods the Division of Insurance (Division) may use, are preferred because of the prospective nature of the information contained in rate filings. Since a company’s rates filed with the Division must be used until replaced by another rate filing, the Commissioner of Insurance cannot determine if rates included in prior rate filings continue to be appropriate for current or future economic conditions, or adequately reflect recent Colorado loss experience. Rate filings are reasonable and necessary means to ensure that current rates are appropriate and compliant with Colorado statutes and regulations. |
| Statutory Authority |
10-1-109,, 10-3-1110, 10-4-110.7, 10-4 404, 10-4-404.5, and 10-11-118 |
|
Adopted Rules
|
|
| AdoptedRules02012-00571.DOC |
| Redline |
Redline2012-00571.DOC
|
| Adopted Date |
08/22/2012 |
| Attorney General Opinion |
08/29/2012 |
| Effective Date |
10/01/2012 |
| Inserted into CCR Date |
09/26/2012 |