Section 230-RICR-20-05-13.9 - Rate and Policy Form FilingsA. All filings must provide sufficient actuarial justification for rate variances, premium offsets and premium credits for deductible programs.B. Insurers must demonstrate that rates are not excessive, inadequate or unfairly discriminatory. C. Insurers that choose to utilize hurricane models in the setting of rates must identify the model(s) used (including the version of the model(s) used) as well as provide a complete explanation of (1) the reason(s) that the particular model(s) was chosen and (2) the effect of use of the model(s) on the rates requested. Any changes in the model(s) utilized from a prior filing must be fully explained. D. If an insurer is requesting an increase in premium due to increased reinsurance costs, the insurer must provide an explanation of the increased cost. This explanation should include an explanation of alternatives to reinsurance (i.e. CAT bonds, surplus notes, etc.). Insurers should fully disclose how reinsurance costs are allocated to Rhode Island. The Department considers the explanation of alternative to reinsurance considered to be exempt from the Access to Public Records Act by virtue of R.I. Gen. Laws § 38-2-2(4)(i)(B), therefore, an insurer may request that this portion of their filing be retained as confidential. E. Insurers may not continue to use forms and rates previously approved which are not in compliance with this Part and R.I. Gen. Laws § 27-76-2.F. Residential property filings falling under this Part may not be made under R.I. Gen. Laws § 27-6-8.1 (Flex Rating Statute). 230 R.I. Code R. 230-RICR-20-05-13.9