W. Va. Code R. § 114-77-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-77-4 - Information Required To Be Reported

4.1. Except to the extent they are inconsistent with this rule, rate filings for title insurance shall follow the procedures applicable to other rate filings pursuant to 114 CSR 67.

4.2. Every rate filing by a title insurer shall differentiate between the rates proposed for commercial and non-commercial properties.

4.3. No title insurer may charge any rates after September 1, 2006 except in accordance with the premium rate schedule and manual filed with and approved by the Commissioner pursuant to this rule.

4.4. A title insurer or title insurance agent may satisfy its obligation to file premium rates, rating manuals and forms by becoming a member of or a subscriber to a rating organization licensed under the provisions of W. Va. Code § 33-20-6 that makes filings on behalf of insurers: Provided, That nothing in this rule shall be construed as requiring any title insurer or title insurance agent to become a member of or a subscriber to any rating organization. Nothing in this rule prohibits any rating organization member or subscriber from making deviation filings in accordance with the provisions of W. Va. Code § 33-20-7.

4.5. Every rate schedule for non-commercial title insurance must be filed with the Commissioner and shall be on file for a waiting period of sixty days before it becomes effective. Upon written application by an insurer or rating organization, the Commissioner may authorize a filing to become effective before the expiration of the waiting period. A filing shall be deemed to meet the requirements of article twenty, chapter thirty-three of the West Virginia Code unless disapproved by the Commissioner during the waiting period.

4.6. Rate schedules for commercial title insurance must be filed with, but need not be approved by, the Commissioner. The Commissioner may request additional information to ensure compliance with applicable statutory standards, but if the Commissioner does not disapprove the filing within thirty days after receipt, the rate filing will become effective upon first usage after filing: Provided, That the Commissioner may at any time thereafter, after notice and for cause shown, disapprove any rate filing.

W. Va. Code R. § 114-77-4