Section 230-RICR-20-05-11.11 - Rates and FormsA. All policies shall be for Basic Property Insurance on standard policy forms and shall be issued for a term of one year.B. The Association shall use such forms and rules consistent with this Program, as may be filed by or on its behalf and approved by the Commissioner.C. Premiums for policies shall be calculated in accordance with classifications, rates and rating plans filed by or on behalf of the Association and approved by the Commissioner. The Commissioner shall approve rates filed by the Association based upon the standard that the rates shall not be excessive, inadequate or unfairly discriminatory, giving due consideration to the past and prospective loss and expense experience for Basic Property Insurance, written in this state, trends in the frequency and severity of losses, the investment income of the FAIR Plan and such other information as the Commissioner may require. All rates shall be calculated to be self-supporting consistent with sound actuarial principles. Rates for Basic Property Insurance shall be approved by the Commissioner, notwithstanding any limits on rate approval authority. Nothing in this Part shall be deemed to affect the duty of licensed insurers in the State of Rhode Island to participate, as needed, on a direct basis, in this Program pursuant to R.I. Gen. Laws §§ 27-33-2 and 27-33-11 and any rules and regulations promulgated thereunder, and to pay their proportionate share of losses and expenses incurred by this Program upon assessment by the Program. The cost of any rate filing subject to a public hearing shall be borne by the Association and its insurers based upon their proportional share of premiums written unless otherwise ordered by the Commissioner.D. In addition to the above, rates for lead poisoning liability coverage shall also be subject to the standards set forth in R.I. Gen. Laws § 42-128.1-9(e).E. Return premium on all policies shall be calculated on a pro-rata basis, effective as of the date of cancellation of the policy.230 R.I. Code R. 230-RICR-20-05-11.11