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- Alaska Statutes.
- Title 21. Insurance
- Chapter 39. Rates and Rating Organizations
- Section 30. Making of Rates.
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. Required Filing of Insurance Scoring Models; Personal Insurance.
AS 21.39.030. Making of Rates.
- (a) Rates, including loss costs under AS 21.39.043
or any other provision of law, shall be made in accordance with the following provisions:
- (1) rates shall not be excessive, inadequate, or unfairly discriminatory;
- (2) consideration shall be given to past and prospective loss experience inside and outside this state; to the
conflagration and catastrophe hazards; to a reasonable margin for underwriting profit and contingencies; to dividends,
savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or
subscribers; to past and prospective expenses both countrywide and those specially applicable to this state; and to all
other relevant factors inside and outside this state;
- (3) the systems of expense provisions included in the rates for use by an insurer or group of insurers may differ from
those of other insurers or group of insurers to reflect the requirements of the operating methods of the insurer or
group of insurers with respect to any kind of insurance, or with respect to a subdivision or combination thereof for
which subdivision or combination separate expense provisions are applicable;
- (4) risks may be grouped by classifications for the establishment of rates and minimum premiums; classification rates may
be modified to produce rates for individual risks in accordance with rating plans that establish standards for
measuring variations in hazards or expense provisions, or both; the standards may measure any differences among risks
that can be demonstrated to have a probable effect upon losses or expenses;
- (5) in the case of fire insurance rates, consideration may be given to the experience of the fire insurance business
during a period of not more than the most recent five-year period for which experience is available;
- (6) when there is an established program to inspect new and existing dwellings and the program has been certified by the
director as likely to reduce the incidence of fires in inspected dwellings, then in any rate plan used in this state,
dwellings that have been found by the inspection to meet the standards established by the program shall have credits
applied to the rate in amounts approved by the director.
- (b) Except to the extent necessary to meet the provisions of (a)(1) of this section, uniformity among insurers in matters
within the scope of this section is neither required nor prohibited.
- (c) In this section "dwelling" means a residential structure containing not more than four family living units.
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