Md. Code Regs. 31.07.01.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.07.01.03 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

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

(2) "Prospective loss cost" means that portion of a rate exclusive of profit or expenses, other than loss adjustment expenses, which is based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time.

(3) "Rate" has the meaning stated in Insurance Article, § 11-101, Annotated Code of Maryland.

(4) "Rating organization" has the meaning stated in Insurance Article, § 11-101, Annotated Code of Maryland.

(5) "Supplementary rate information" has the meaning stated in Insurance Article, § 11-101, Annotated Code of Maryland.

(6) "Supporting information" means:

(a) The experience and judgment of the insurer;

(b) The experience or data of other insurers or rating organizations relied upon by the insurer;

(c) The interpretation of any statistical data relied upon by the insurer;

(d) Descriptions of methods used in making the rates; and

(e) Other similar information required to be filed by the Commissioner.

Md. Code Regs. 31.07.01.03

Regulations .03, Property, Casualty, Surety, and Marine Rating, and Supplementary Information Filings, adopted as an emergency provision effective July 1, 1990 (17:15 Md. R. 1845); emergency status expired October 31, 1990; adopted permanently effective November 12, 1990 (17:22 Md. R. 2655)
Regulation .03B amended effective November 17, 2008 (35:23 Md. R. 2017)