Change and provide limitations on the rating system an insurer can file under the Property Casualty Insurance Rate and Form Act

Summary

The bill caps any new homeowner rating system at no more than 10% above the highest rate the director approved in the previous twelve months. It also forces insurers to file detailed information about their rating systems with the director and to get written consent from policyholders before using higher rates for unusual risks. The director is given authority to reject filings that are inadequate or impractical and to keep certain information confidential.

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