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NAIC’s Compendium of State Laws on Insurance Topics - page 19 / 22

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NAIC’s Compendium of State Laws on Insurance Topics

RATE FILING METHODS FOR PROPERTY/CASUALTY INSURANCE, WORKER’S COMPENSATION, TITLE

5/06

FILING METHOD prior approval (60 day deemer)

LINES Residual markets for workers’ compensation and automobile (VAIP); home protection; credit property; credit involuntary unemployment

COMMENTS Bureau has rate approval authority for certificates of credit property insurance or credit involuntary unemployment insurance issued to Virginia consumers even if the master policy was issued or delivered in another state.

prior approval

Property insurance residual market facility (FAIR Plan)

Rate standards and process established by §§ 38.2- 2003, 38.2-2005 and 38.2-2006.

approved by Commission Order after hearing

Workers compensation loss costs

Voluntary market loss costs and residual market rates approved by Commission order after hearing.

no filing requirement

Large commercial risks as defined in the statute

Does not apply to workers’ compensation, professional liability and commercial auto.

allows exemptions/suspensions of rate filing requirements

Lines are stated in various administrative orders

Various administrative orders exempt or suspend rate filing requirements for specific lines or types of insurance products.

file and use in competitive market

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

Admin. Letter 1990-5 is filing standard for loss costs. Various administrative orders exempt or suspend rate filing requirements.

60 day prior filing requirement for noncompetitive lines

P/C lines identified by commission order after hearing

Filing method is based on a finding of the existence of a competitive market.

no filing requirement

title

§ 38.2-1912

§§ 38.2-4608, 38.2-1902

© 2006 National Association of Insurance Commissioners

II-PA-10-19

VA

§§ 38.2-2003, 38.2-2005, 38.2-

(5/06)

2006

STATE

CITATION

§ 38.2-2703

§ 38.2-1912.1

§ 38.2-1903.1

§ 38.2-1903

§ 38.2-1906

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