Section 284-24A-055 - Should an insurer submit actuarial data based on demographic factors with an insurance scoring model or with a rate filing?(1) Insurers should not submit actuarial data based on demographic factors with their insurance scoring model.(2) Insurers must submit actuarial data based on demographic factorsto support any difference in rates or premiums based on: (a)"No hit," which means the absence of credit history; or(b)"No score," which means the inability to determine the consumer's credit history.(3) The actuarial data must include:(a) Loss history for an experience period acceptable to the commissioner. The length of the experience period will be determined by the amount of data available to the insurer.(d) An analysis of the credibility of the data.(4) The actuarial data must be segmented by: (a) Demographic factors, which may be grouped in broader categories in a manner acceptable to the commissioner;(5) The actuarial data must show that the proposed rates, rating factors, rating rules, or risk classification plans relating to "no hit" and "no score" comply with RCW 48.19.020.(6) These filings are subject to prior approval by the commissioner under the provisions of RCW 48.19.040.Wash. Admin. Code § 284-24A-055
Statutory Authority: RCW 48.02.060, 48.18.545, 48.19.035, and 48.30.010. 05-02-026 (Matter No. R 2004-01), § 284-24A-055, filed 12/29/04, effective 7/1/05. Statutory Authority: RCW 48.02.060, 48.18.100, 48.18.120, 48.19.080, 48.19.370, 48.30.010, 49.60.178, 48.18.545(7), 48.19.035(5). 02-19-013 (Matter No. R 2001-11), § 284-24A-055, filed 9/6/02, effective 10/7/02.