Regulation .04 Underwriting Standard.
Regulation .04 Underwriting Standard.LinkCopy Citation
A.
An insurer may not adopt or amend an underwriting standard that requires a hurricane percentage deductible that exceeds 5 percent unless the insurer has filed the underwriting standard or the amendment to the underwriting standard with the Commissioner.
B.
If an insurer withdraws an underwriting standard that requires a percentage deductible that exceeds 5 percent, the insurer shall notify the Commissioner in writing within 10 days of the withdrawal.
C.
An insurer that makes a filing under §A of this regulation shall include the following information in the filing:
(1)
The insurer’s NAIC number;
(2)
A copy of the underwriting standard the insurer proposes to adopt, the amendment to an underwriting standard currently in use, or notice of withdrawal of an underwriting standard currently in use;
(3)
The date on which the insurer intends to adopt, amend, or withdraw the underwriting standard;
(4)
All of the data on which the insurer relied in developing the proposed underwriting standard, amendment to the underwriting standard, or withdrawal of the underwriting standard;
(5)
A copy of each page in the insurer’s rating manual that relates to the underwriting standard;
(6)
A copy of any underwriting standard with a percentage deductible currently in use by the insurer for homeowner’s insurance, including any SERFF tracking number associated with the underwriting standard, or a statement that the insurer does not currently have an underwriting standard with a percentage deductible for homeowner’s insurance; and
(7)
Any other information the Commissioner considers necessary.