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Details of Tracking Number  2012-00571

CCR details

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

Proposed rule

Rule ProposedRuleAttach2012-00571.DOC
Statutory Authority 10-1-109,, 10-3-1110, 10-4-110.7, 10-4 404, 10-4-404.5, and 10-11-118
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.
Comments Chris Maciejewski
Submitted in response to issues raised by COLS/OLLS? No
Hearing Date 08/01/2012
Hearing Time 01:00 PM
Hearing Location 1560 Broadway Ste 850 Denver CO 80202
Contact name Christine Gonzales-Ferrer
Contact title Rulemaking Coordinator
Contact telephone 303-894-2157
Contact email christine.gonzales-ferrer@dora.state.co.us

Adopted rule

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 09/26/2012