§ 2248.43. Reduced and Actuarially Equivalent Rates and Refund Formulas.

(a) Rates lower than the prima facie or downward deviated rates established by this Article shall be filed with the Commissioner no later than 30 days after their implementation.

(b) Rates which are actuarially equivalent to the prima facie or deviated rates established or allowed by this Article may be used upon the Commissioner's approval.

(c) Rates for coverage which do not qualify for the use of prima facie rates pursuant to s 2248.32(b) shall not exceed the actuarial equivalents of the prima facie rates established by this Article, and shall be approved by the Commissioner before their use. Such rates shall be subject to ss 2248.37 through 2248.42.

(d) Refund formulas which are actuarially equivalent to, or more favorable to the insured than, the formulas established by this Article may be used upon the Commissioner's approval.

(e) The Commissioner may publish, by Bulletin, rates or refund formulas which he deems to be actuarially equivalent to the prima facie rates. Such rates and formulas may be used without filing with or approved by the Commissioner, but their use must be indicated on the annual experience report forms.

HISTORY

1. New section filed 4-14-94; operative 5-16-94. Submitted to OAL for printing only pursuant to Government Code section 11343(a)(1) (Register 94, No. 15).

Note

Note: Authority cited: Sections 779.21 and 779.36, Insurance Code. Reference: Sections 779.9, 779.13, 779.16 and 779.36, Insurance Code; Sections 18191, 18290 - 18292, 22458.1, 22458.2, 24458.1 and 24458.2, Financial Code; and Credit Insurance General Agents Association v. Payne, (1976) 16 Cal. 3d 651.