Mo. Code Regs. tit. 20 § 500-4.300
Current through Register Vol. 49, No. 23, December 2, 2024
Section 20 CSR 500-4.300 - Rate Variations (Consent Rate) PrerequisitesPURPOSE: The purpose of this amendment is to add standards for the use of the consent to rate provisions of section 379.318, RSMo, to aircraft insurance.
(1) Standards for the Use of Consent to Rate. (A) No insurance company or reciprocal interinsurance exchange using rates subject to section 379.318 or 379.470, RSMo shall effect a policy of insurance or a renewal at a rate varying from the rate properly filed for its use on that specific risk unless the form contained as Exhibit A or one (1) substantially similar is completed by the insured.(B) Reasons for any individual modifications in rate for private passenger automobile or homeowners or occupied residential dwelling fire policies must be entered in Exhibit A and - 1. Be highly unusual and have a documentably probable effect upon losses, stating specifically why the proposed insured is not within a reasonable class or classification system;2. Be clearly and specifically stated as to each specific risk factor (such general statements as "Risk does not meet normal rates" are not acceptable);3. Not be based solely upon the actions of another insurer toward that insured or that person's age, residence, race, sex, color, creed, national origin, ancestry, or lawful occupation; and4. The following statement must be a part of each form 20 CSR 500-4.300 Exhibit A and signed by the insured: "I, _________________, declare that I have been unable to obtain this insurance from other companies and hereby consent to pay the higher rates which I am being charged for this insurance. I understand that any deductible amount stated in my policy will be deducted from each claim I may make under the policy issued me."
(C) Schedule experience rated policies, or both, approved and filed by the department are exempt from this rule.(D) Policies rated on any substandard dwelling schedule or rating plan filed with the department are considered special rating policies for the purposes of the record requirements of section (2) of this rule.(2) Record Keeping Requirements.(A) All insurance companies subject to this rule shall- 1. Complete and execute monthly, with the signature of a person authorized by the company to do so, Exhibit B;2. File and preserve the original completed Exhibits A and B in the company's policy file and a duplicate copy of each in the company's Missouri records file; and3. Transmit to the department a completed signed copy of Exhibit B before the end of the next monthly period.(3) Standards for the Use of Consent to Rate Applicable to Aircraft Insurance.(A) This section applies to policies of insurance against liability, other than employers' liability, arising out of the ownership, maintenance, or use of aircraft.(B) No insurance company or reciprocal interinsurance exchange using rates subject to section 379.318, RSMo, shall effect a policy of insurance or a renewal at a rate varying from the rate properly filed for its use on that specific risk unless the company documents the need to deviate from the filed rate based on the unique nature of the individual risk.(C) All insurance companies subject to this section shall- 1. Collect and maintain documentation that demonstrates the unique characteristics of the risk and how the final premium was determined;2. File and maintain the documentation in the company's policy file; and3. Make the documentation available to the director upon request. AUTHORITY: sections 374.045379.318(2)379.470(6), RSMo 2000; 375.031 and 375.136, RSMo Supp 2001; and 379.321(3) RSMo 2002.* This rule was previously filed as 4 CSR 190-16.080. Original rule filed Dec. 20, 1974, effective Dec. 30, 1974. Amended: Filed April 23, 1999, effective Nov. 30, 1999. Amended: Filed July 12, 2002, effective Jan. 30, 2003. Amended by Missouri Register June 3, 2019/Volume 44, Number 11, effective 7/31/2019Amended by Missouri Register January 17, 2023/Volume 48, Number 2, effective 2/28/2023*Original authority: 374.045, RSMo 1967, amended 1993, 1995; 375.031, RSMo 1979, amended 1985, 1986, 2001; 375.136, RSMo 1967, amended 1977, 2001; 379.318, RSMo 1972; and 379.321, RSMo 1972, 2002; and 379.470, RSMo 1947.