The law requires filings to be submitted “60 days in advance of the anticipated effective date.” Can you clarify how this corresponds with the additional time needed for compliance?
A. The 60 day period is the time allotted to the Department to review the filing. The law applies to policies issued or renewed with an effective date after December 31, 2007. The phase-in will allow companies the time to incorporate all of the changes. The plan must specify the deadlines for each phase. Any company requiring the extra time will be required to make pro-rata premium refunds. By January 1, 2009, all factors/discounts must be incorporated into the rating plan and available to consumers. Q. Proposed Rule R.69-66, Section 3, Credits and Discounts, subsection B. and Bulletin 2007-15 indicate that an insurer may implement an approved rating plan over a period of years. Is subsection B., regarding a phased-in plan, intended to apply to both the rating plan requirements of Section 2. and/or the credits and discounts for meeting certain building code standards or construction techniques as outlined in Section 3? A. These are the same. The rating plan will provide for debits/cred
Related Questions
- The law requires filings to be submitted "60 days in advance of the anticipated effective date." Can you clarify how this corresponds with the additional time needed for compliance?
- Within how many days of the requested effective date must an application to add, adjust or terminate an employee be submitted?
- What is the new federal law that requires military and overseas ballots to be mailed 45 days before a federal election?
