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- Alaska Statutes.
- Title 21. Insurance
- Chapter 39. Rates and Rating Organizations
- Section 210. Flex-Rating.
previous: Section 180
. [Renumbered as AS 21.39.030
next: Section 220
. File and Use, Filing of Rates, Supplementary Rate Information, and Supporting Information.
AS 21.39.210. Flex-Rating.
- (a) Except for workers' compensation, medical malpractice, and assigned risk plan rates, an insurer's rate level
increase or decrease may take effect without prior approval if the cumulative rate level change for all coverages combined, calculated
from the effective date to 12 months before the effective date, is not greater than 10 percent.
- (b) An insurer may make multiple rate filings under this provision during any 12-month period if the cumulative
rate level change is within the specified limitation as described in (a) of this section. For an insurer adopting a rating organization
prospective loss cost filing, the cumulative rate level change includes both the rating organization's prospective loss cost change as
well as the insurer's loss cost adjustment change.
- (c) Notwithstanding any other provision of this title, for a policy governed by this section, a filing that
produces a rate level change within the limitations provided in (a) of this section is effective without prior approval and may take
effect on the date specified in the filing, but not earlier than the date it is received by the division. A rate level change within the
limitation in (a) of this section may not be applied to a policy until the beginning of the policy period.
- (d) A filing submitted under (a) of this section must include an exhibit showing the calculation of the overall
rate level change and an exhibit showing the insurer's expense provisions. An insurer submitting a loss cost adjustment filing shall
include supporting information showing how the loss cost adjustment is calculated. The director may request additional supporting
information if the director does not have enough information upon which to determine if the filing meets the requirements of this title.
- (e) A filing submitted under (a) of this section is considered to comply with this title. However, if the
director determines that the filing does not meet the requirements of this title, the director shall issue an order specifying in detail
the specific statutes the insurer has violated and the reasons the filing is not in compliance. The order must state a reasonable future
date on which the filing is to be considered no longer effective. An order by the director under this subsection is prospective and does
not affect any contract issued or made before the effective date of the order.
- (f) The director may adopt regulations implementing the provisions of this section.
- (g) This section does not apply to rating organizations or to any impaired or insolvent insurer operating under
a rehabilitation plan, an order of supervision, or an impaired financial condition as determined by the director.
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