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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 15. Property and Casualty |
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Subchapter 7. Property and Casualty Competitive Loss Cost Rating Regulation |
SECTION 365:15-7-22. Individual risk rating plans
Latest version.
- (1) Each individual risk rating plan shall be filed with the Insurance Commissioner for review and shall specify the kind of insurance or subdivision or combination thereof to which the plan applies.(2) Each individual risk rating plan shall establish standards that bear a relationship to the variation in hazard and/or expense to be measured.(3) Any individual risk rating plan shall be applied by company representatives responsible for underwriting the risk(s) involved.(4) Each insurer utilizing such plans shall obtain all information necessary to determine the proper applications of such plans to any particular risk. Such supporting information shall be retained by the insurer for three (3) years and made available to the Insurance Department upon its request.