SUBPART O. RATE MAKING PROCEDURES AND ORGANIZATIONS

§1451. Systems for ratemaking

            A. The provisions of this Subpart apply to all lines of property and casualty insurance.

            B. Except as provided for in Subsection C of this Section, every authorized insurer shall file with the commissioner all rates, supplementary rate information, and all supporting information for risks to be written by the insurer in this state. The rates and information submitted pursuant to this Subpart are deemed approved unless the insurer is notified otherwise by the commissioner within thirty days of the rate filing.

            C. Insurers negotiating with and insuring commercial entities, except with regard to workers' compensation and medical malpractice insurance, with at least ten thousand dollars in annual insurance premiums shall file insurance rates or rate changes for such entities with the commissioner for informational purposes only. The commissioner may by rule, regulation, or order reduce or eliminate the annual premium threshold for those entities that enable rate filings to be made pursuant to this Subsection.

            D. This Section shall be applicable when a competitive market in property and casualty lines insurance exists. The commissioner may determine if there exists a competitive or noncompetitive market pursuant to the provisions of R.S. 22:1453. If, after a public hearing, the commissioner determines the market to be noncompetitive, all rate filings shall be deemed approved unless the insurer is notified otherwise by the commissioner within sixty days of the rate filing.

            E. Nothing in this Section shall be construed to prohibit the commissioner from approving a rate filing prior to the expiration of the notification periods provided for in this Section.

            F. Nothing in this Section shall be construed to prohibit the commissioner from conducting market conduct exams to ensure that the rates being charged by insurers are not inadequate, excessive, or unfairly discriminatory.

            G. The commissioner shall not disapprove a rate filing that is in compliance with the provisions of this Subpart on the basis of time that has elapsed since the most recent rate filing by the insurer.

            Acts 1958, No. 125; Acts 1960, No. 296, §1; Acts 1960, No. 571, §1; Acts 1962, No. 82, §1; Acts 1967, No. 22, §1; Acts 1970, No. 300, §1; Acts 1970, No. 307, §1; Acts 1972, No. 591, §1, eff. Sept. 1, 1972; Acts 1977, No. 269, §1, eff. July 7, 1977; Acts 1980, No. 775, §1, eff. July 31, 1980; Acts 1983, No. 310, §1; Acts 1985, No. 520, §2; Acts 1988, No. 358, §1, eff. Sept. 1, 1988; Acts 1993, No. 1022, §1; Acts 1999, No. 66, §1; Acts 2002, 1st Ex. Sess., No. 160, §1; Acts 2003, No. 351, §1, eff. Jan. 1, 2004; Acts 2003, No. 456, §§1 and 2; Acts 2003, No. 774, §5; Acts 2003, No. 1133, §3; Acts 2004, No. 878, §1, eff. Jan. 1, 2005; Acts 2007, No. 459, §1, eff. Jan. 1, 2008; Redesignated from R.S. 22:1401 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2023, No. 443, §1; Acts 2024, No. 10, §1, eff. May 7, 2024.

NOTE: Former R.S. 22:1451 redesignated as R.S. 22:571 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.