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(a) Loss cost adjustments included in an insurer's lost cost adjustment filing may be based on the insurer's operating methods for each kind of insurance and the measurable variations of expenses within that kind of insurance. The loss cost adjustments in the filing must be supported by the insurer's statistical data, interpretation of the data, expense experience and judgment, and other relevant information.
(b) Repealed 12/24/93.
(c) When making a loss cost adjustment filing, an insurer may elect to apply the loss cost adjustments to subsequently approved filings of prospective loss costs of its rating organization. If the insurer so elects, upon division approval of a subsequent rating organization filing of prospective loss costs, the insurer's rates will be the combination of the newly approved prospective loss costs and the approved loss cost adjustments on file with the division, and will become effective on the date specified in the filing of the prospective loss costs unless a different effective date is approved by the director. However, if an insurer determines that there is a significant change in the expenses it anticipates for a kind of insurance that would cause the insurer's rates to be excessive, inadequate, or unfairly discriminatory, the insurer shall file a revision of the loss cost adjustments with the director.
(d) If the rates of a participating insurer of a rating organization for a kind of insurance are determined solely by applying the insurer's loss cost adjustments already filed to the prospective loss costs contained in the rating organization filing, the insurer is not required to make an additional filing to combine the prospective loss costs with the loss cost adjustments.
(e) Repealed 3/11/98.
(f) An insurer may file more than one loss cost adjustment to apply to the prospective loss costs from a single rating organization filing only if the insurer
(1) clearly specifies which loss cost adjustment is applicable to which policyholders; and
(2) demonstrates to the director's satisfaction that the different loss cost adjustments are necessary to accommodate different expected expenses or losses.
History: Eff. 8/7/92, Register 123; am 12/24/93, Register 128; am 1/17/98, Register 145; am 3/11/98, Register 145
Authority: AS 21.06.090
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Last modified 7/05/2006