rate filing methods for property/casualty insurance, worker's

§ 38.2-2703
§ 38.2-1912.1
§ 38.2-1903.1
§ 38.2-1903
§ 38.2-1906
§ 38.2-1912
§§ 38.2-4608, 38.2-1902
NAIC’s Compendium of State Laws on Insurance Topics
RATE FILING METHODS FOR
PROPERTY/CASUALTY INSURANCE, WORKER’S COMPENSATION, TITLE
STATE CITATION FILING METHOD LINES COMMENTS
VA §§ 38.2-2003, 38.2-2005, 38.2- prior approval (60 day deemer) Residual markets for workers’ Bureau has rate approval authority for certificates of
(5/06) 2006
compensation and automobile credit property insurance or credit involuntary
(VAIP); home protection; credit unemployment insurance issued to Virginia consumers
property; credit involuntary even if the master policy was issued or delivered in
unemployment
another state.
prior approval
approved by Commission Order
after hearing
no filing requirement
allows exemptions/suspensions of
rate filing requirements
file and use in competitive market
60 day prior filing requirement for
noncompetitive lines
no filing requirement
Property insurance residual market
facility (FAIR Plan)
Workers compensation loss costs
Large commercial risks as defined
in the statute
Lines are stated in various
administrative orders
General liability; homeowners;
fire; miscellaneous property &
casualty; burglary & theft; glass;
boiler & machinery; animal;
fidelity; surety; credit; inland
marine; farmowners; mortgage
guaranty; commercial multi-peril;
credit property; credit involuntary
employment; automobile,
professional liability and legal
services
P/C lines identified by commission
order after hearing
title
Rate standards and process established by §§ 38.2-
2003, 38.2-2005 and 38.2-2006.
© 2006 National Association of Insurance Commissioners II-PA-10-19
5/06
Voluntary market loss costs and residual market rates
approved by Commission order after hearing.
Does not apply to workers’ compensation, professional
liability and commercial auto.
Various administrative orders exempt or suspend rate
filing requirements for specific lines or types of
insurance products.
Admin. Letter 1990-5 is filing standard for loss costs.
Various administrative orders exempt or suspend rate
filing requirements.
Filing method is based on a finding of the existence of
a competitive market.