{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2003.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2003.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2003.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2003.html"}],"law_id":86394,"edition_id":1,"section_id":86394,"structure_id":14874,"section_number":"38.2-2003","catch_line":"Rate filings by insurer; supporting information","history":"Code 1950, \u00a7\u00a7 38-253.26, 38-253.72; 1950, p. 381; 1952, c. 317, \u00a7 38.1-241; 1972, c. 836; 1973, c. 504; 1986, c. 562; 1987, c. 697; 1988, c. 189; 2000, c. 526.","full_text":"A\n\nEach insurer writing in this Commonwealth a class of insurance to which this chapter applies shall file with the Commission every manual of classifications, minimum rate, class rate, rating schedule, rating plan, rating rule, and every modification of any of the foregoing that it proposes to use. Every filing shall indicate the character and extent of coverage contemplated. When a filing is not accompanied by the information upon which the insurer supports the filing, and the Commission does not have sufficient information to determine whether the filing meets the requirements of this chapter, the Commission may require the insurer to furnish the information upon which it supports the filing. A filing and any supporting information shall be a public record. Upon filing any rate to which this chapter is applicable, the insurer shall give notice to the Division of Consumer Counsel of the Office of the Attorney General that such rate has been filed with the Commission and such insurer shall so certify to the Commission in its rate filing. For the purposes of this section, a group or fleet of insurers operating under the same general management may be considered an insurer.B\n\nEach insurer shall submit with each rate filing so much of the following information as deemed appropriate by the Commission:1\n\nNumber of exposures;2\n\nDirect premiums written;3\n\nDirect premiums earned;4\n\nDirect losses paid identified by such period as the Commission may require;5\n\nNumber of claims paid;6\n\nDirect losses incurred during the year, direct losses incurred during the year which occurred and were paid during the year, and direct losses incurred during the year which were reported during the year but were not yet paid;7\n\nAny loss development factor used and supporting data thereon;8\n\nNumber of claims unpaid;9\n\nLoss adjustment expenses paid identified by such period as the Commission may require;10\n\nLoss adjustment expenses incurred during the year, loss adjustment expenses incurred during the year for losses which occurred and were paid during the year, and loss adjustment expenses incurred during the year for losses which were reported during the year but were not yet paid;11\n\nOther expenses incurred, separately by category of expense, excluding loss adjustment expenses;12\n\nInvestment income on assets related to reserve and allocated surplus accounts;13\n\nTotal return on allocated surplus;14\n\nAny loss trend factor used and supporting data thereon;15\n\nAny expense trend factor used and supporting data thereon; and16\n\nSuch other information as may be required by rule of the Commission, including statewide rate information presented separately for Virginia and each state wherein the insurer writes the line, subline or rating classification for which the rate filing is made and which the Commission deems necessary for its consideration.C\n\nWhere actual experience does not exist or is not credible, the Commission may allow the use of estimates for the information required by subdivisions 1 through 15 of subsection B of this section and may require the insurer to submit such information as the Commission deems necessary to support such estimates.D\n\nThe Commission shall develop uniform statements or formats specifying the information categories specified in this section. Such statements or formats shall be utilized by all insurers in all rate filings.E\n\nIn determining the appropriateness of rates for credit involuntary unemployment insurance and credit property insurance, the Commission may not approve any rate that is calculated based upon loss experience producing a loss ratio of less than forty percent on and after January 1, 2001, forty-five percent on and after January 1, 2003, and fifty percent on and after January 1, 2005. For the purposes of this subsection, loss experience includes: paid losses, paid loss adjustment expense, any change in case reserves, change in incurred but not reported losses, and any special considerations for catastrophe or comprehensive coverage.","order_by":null,"text":{"0":{"id":309394,"text":"Each insurer writing in this Commonwealth a class of insurance to which this chapter applies shall file with the Commission every manual of classifications, minimum rate, class rate, rating schedule, rating plan, rating rule, and every modification of any of the foregoing that it proposes to use. Every filing shall indicate the character and extent of coverage contemplated. When a filing is not accompanied by the information upon which the insurer supports the filing, and the Commission does not have sufficient information to determine whether the filing meets the requirements of this chapter, the Commission may require the insurer to furnish the information upon which it supports the filing. A filing and any supporting information shall be a public record. Upon filing any rate to which this chapter is applicable, the insurer shall give notice to the Division of Consumer Counsel of the Office of the Attorney General that such rate has been filed with the Commission and such insurer shall so certify to the Commission in its rate filing. For the purposes of this section, a group or fleet of insurers operating under the same general management may be considered an insurer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":309395,"text":"Each insurer shall submit with each rate filing so much of the following information as deemed appropriate by the Commission:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":309396,"text":"Number of exposures;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":309397,"text":"Direct premiums written;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":309398,"text":"Direct premiums earned;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":309399,"text":"Direct losses paid identified by such period as the Commission may require;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":309400,"text":"Number of claims paid;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":309401,"text":"Direct losses incurred during the year, direct losses incurred during the year which occurred and were paid during the year, and direct losses incurred during the year which were reported during the year but were not yet paid;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"8":{"id":309402,"text":"Any loss development factor used and supporting data thereon;","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"9":{"id":309403,"text":"Number of claims unpaid;","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"B9"},"10":{"id":309404,"text":"Loss adjustment expenses paid identified by such period as the Commission may require;","type":"section","prefixes":["B","9"],"prefix":"9","entire_prefix":"B9","prefix_anchor":"B9","level":2,"prior_prefix":"B8","next_prefix":"B10"},"11":{"id":309405,"text":"Loss adjustment expenses incurred during the year, loss adjustment expenses incurred during the year for losses which occurred and were paid during the year, and loss adjustment expenses incurred during the year for losses which were reported during the year but were not yet paid;","type":"section","prefixes":["B","10"],"prefix":"10","entire_prefix":"B10","prefix_anchor":"B10","level":2,"prior_prefix":"B9","next_prefix":"B11"},"12":{"id":309406,"text":"Other expenses incurred, separately by category of expense, excluding loss adjustment expenses;","type":"section","prefixes":["B","11"],"prefix":"11","entire_prefix":"B11","prefix_anchor":"B11","level":2,"prior_prefix":"B10","next_prefix":"B12"},"13":{"id":309407,"text":"Investment income on assets related to reserve and allocated surplus accounts;","type":"section","prefixes":["B","12"],"prefix":"12","entire_prefix":"B12","prefix_anchor":"B12","level":2,"prior_prefix":"B11","next_prefix":"B13"},"14":{"id":309408,"text":"Total return on allocated surplus;","type":"section","prefixes":["B","13"],"prefix":"13","entire_prefix":"B13","prefix_anchor":"B13","level":2,"prior_prefix":"B12","next_prefix":"B14"},"15":{"id":309409,"text":"Any loss trend factor used and supporting data thereon;","type":"section","prefixes":["B","14"],"prefix":"14","entire_prefix":"B14","prefix_anchor":"B14","level":2,"prior_prefix":"B13","next_prefix":"B15"},"16":{"id":309410,"text":"Any expense trend factor used and supporting data thereon; and","type":"section","prefixes":["B","15"],"prefix":"15","entire_prefix":"B15","prefix_anchor":"B15","level":2,"prior_prefix":"B14","next_prefix":"B16"},"17":{"id":309411,"text":"Such other information as may be required by rule of the Commission, including statewide rate information presented separately for Virginia and each state wherein the insurer writes the line, subline or rating classification for which the rate filing is made and which the Commission deems necessary for its consideration.","type":"section","prefixes":["B","16"],"prefix":"16","entire_prefix":"B16","prefix_anchor":"B16","level":2,"prior_prefix":"B15","next_prefix":"C"},"18":{"id":309412,"text":"Where actual experience does not exist or is not credible, the Commission may allow the use of estimates for the information required by subdivisions 1 through 15 of subsection B of this section and may require the insurer to submit such information as the Commission deems necessary to support such estimates.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B16","next_prefix":"D"},"19":{"id":309413,"text":"The Commission shall develop uniform statements or formats specifying the information categories specified in this section. Such statements or formats shall be utilized by all insurers in all rate filings.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"20":{"id":309414,"text":"In determining the appropriateness of rates for credit involuntary unemployment insurance and credit property insurance, the Commission may not approve any rate that is calculated based upon loss experience producing a loss ratio of less than forty percent on and after January 1, 2001, forty-five percent on and after January 1, 2003, and fifty percent on and after January 1, 2005. For the purposes of this subsection, loss experience includes: paid losses, paid loss adjustment expense, any change in case reserves, change in incurred but not reported losses, and any special considerations for catastrophe or comprehensive coverage.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14874,"edition_id":1,"name":"Rate Filings and Making of Rates","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13596,"metadata":{},"date_created":"2026-06-26 03:50:31","date_modified":"2026-06-26 03:50:31","permalink":{"id":213297,"object_type":"structure","relational_id":14874,"identifier":"2","token":"38.2\/20\/2","url":"\/38.2\/20\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13596,"edition_id":1,"name":"Regulation of Rates for Certain Types of Insurance","identifier":"20","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:21","date_modified":"2026-06-26 03:45:21","permalink":{"id":213273,"object_type":"structure","relational_id":13596,"identifier":"20","token":"38.2\/20","url":"\/38.2\/20\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":86394,"structure_id":14874,"section_number":"38.2-2003","catch_line":"Rate filings by insurer; supporting information","url":"\/38.2-2003\/","token":"38.2\/20\/2\/38.2-2003","metadata":false},{"id":67135,"structure_id":14874,"section_number":"38.2-2004","catch_line":"Filings by rate service organization","url":"\/38.2-2004\/","token":"38.2\/20\/2\/38.2-2004","metadata":false},{"id":86135,"structure_id":14874,"section_number":"38.2-2005","catch_line":"Provisions governing making of rates","url":"\/38.2-2005\/","token":"38.2\/20\/2\/38.2-2005","metadata":false},{"id":66814,"structure_id":14874,"section_number":"38.2-2006","catch_line":"Approval by Commission prerequisite to use of filing","url":"\/38.2-2006\/","token":"38.2\/20\/2\/38.2-2006","metadata":false},{"id":80050,"structure_id":14874,"section_number":"38.2-2006.1","catch_line":"Approval by the Commission for credit property and credit involuntary unemployment insurance rates","url":"\/38.2-2006.1\/","token":"38.2\/20\/2\/38.2-2006.1","metadata":false},{"id":62692,"structure_id":14874,"section_number":"38.2-2007","catch_line":"Commission to determine if notice of filing to be published; hearing; approval or disapproval","url":"\/38.2-2007\/","token":"38.2\/20\/2\/38.2-2007","metadata":false},{"id":74375,"structure_id":14874,"section_number":"38.2-2008","catch_line":"Review of rates by Commission","url":"\/38.2-2008\/","token":"38.2\/20\/2\/38.2-2008","metadata":false},{"id":56813,"structure_id":14874,"section_number":"38.2-2009","catch_line":"Repealed","url":"\/38.2-2009\/","token":"38.2\/20\/2\/38.2-2009","metadata":false},{"id":61288,"structure_id":14874,"section_number":"38.2-2010","catch_line":"Suspension or modification of requirement for filing","url":"\/38.2-2010\/","token":"38.2\/20\/2\/38.2-2010","metadata":false},{"id":80273,"structure_id":14874,"section_number":"38.2-2011","catch_line":"Interchange of rating data and information","url":"\/38.2-2011\/","token":"38.2\/20\/2\/38.2-2011","metadata":false},{"id":62843,"structure_id":14874,"section_number":"38.2-2012","catch_line":"Collection of experience data; uniformity; compilations available to insurers and rate service organizations","url":"\/38.2-2012\/","token":"38.2\/20\/2\/38.2-2012","metadata":false},{"id":77966,"structure_id":14874,"section_number":"38.2-2013","catch_line":"Excess rate for specific risk","url":"\/38.2-2013\/","token":"38.2\/20\/2\/38.2-2013","metadata":false},{"id":75015,"structure_id":14874,"section_number":"38.2-2014","catch_line":"Contract or policy to accord with filings","url":"\/38.2-2014\/","token":"38.2\/20\/2\/38.2-2014","metadata":false},{"id":69722,"structure_id":14874,"section_number":"38.2-2015","catch_line":"Agreements for equitable apportionment of insurance; reasonable performance standards; Virginia Workers' Compensation Insurance Plan","url":"\/38.2-2015\/","token":"38.2\/20\/2\/38.2-2015","metadata":false},{"id":70825,"structure_id":14874,"section_number":"38.2-2016","catch_line":"Information regarding rates to be furnished insured","url":"\/38.2-2016\/","token":"38.2\/20\/2\/38.2-2016","metadata":false},{"id":58123,"structure_id":14874,"section_number":"38.2-2017","catch_line":"No rule prohibiting or regulating payment of dividends, etc., to be adopted","url":"\/38.2-2017\/","token":"38.2\/20\/2\/38.2-2017","metadata":false},{"id":61713,"structure_id":14874,"section_number":"38.2-2018","catch_line":"Person aggrieved by application of rating system to be heard; appeal to Commission","url":"\/38.2-2018\/","token":"38.2\/20\/2\/38.2-2018","metadata":false},{"id":58594,"structure_id":14874,"section_number":"38.2-2019","catch_line":"Cooperation among rate service organizations, or among rate service organizations and insurers, authorized; review by Commission","url":"\/38.2-2019\/","token":"38.2\/20\/2\/38.2-2019","metadata":false},{"id":84343,"structure_id":14874,"section_number":"38.2-2020","catch_line":"Rate service organization may procure actuarial, technical or other services","url":"\/38.2-2020\/","token":"38.2\/20\/2\/38.2-2020","metadata":false},{"id":69181,"structure_id":14874,"section_number":"38.2-2021","catch_line":"Examination of policies or other evidences of insurance","url":"\/38.2-2021\/","token":"38.2\/20\/2\/38.2-2021","metadata":false}],"next_section":{"id":67135,"structure_id":14874,"section_number":"38.2-2004","catch_line":"Filings by rate service organization","url":"\/38.2-2004\/","token":"38.2\/20\/2\/38.2-2004","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2003\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1972, chapter 836; in 1973, chapter 504; in 1986, chapter 562; in 1987, chapter 697; in 1988, chapter 189; in 2000, chapter 526<\/a>.<\/p>","references":[{"id":67135,"section_number":"38.2-2004","catch_line":"Filings by rate service organization","order_by":null,"url":"\/38.2-2004\/"},{"id":80050,"section_number":"38.2-2006.1","catch_line":"Approval by the Commission for credit property and credit involuntary unemployment insurance rates","order_by":null,"url":"\/38.2-2006.1\/"}],"refers_to":false,"permalink":{"id":213299,"object_type":"law","relational_id":86394,"identifier":"38.2-2003","token":"38.2\/20\/2\/38.2-2003","url":"\/38.2-2003\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2003\/","token":"38.2\/20\/2\/38.2-2003","dublin_core":{"Title":"Rate filings by insurer; supporting information","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2003","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each insurer<\/span> writing in this Commonwealth a class of insurance<\/span> to which this chapter applies shall file with the Commission<\/span> every manual of classifications, minimum rate<\/span>, class rate<\/span>, rating schedule, rating plan, rating rule, and every modification of any of the foregoing that it proposes to use. Every filing shall indicate the character and extent of coverage contemplated. When a filing is not accompanied by the information upon which the insurer<\/span> supports the filing, and the Commission<\/span> does not have sufficient information to determine whether the filing meets the requirements of this chapter, the Commission<\/span> may require the insurer<\/span> to furnish the information upon which it supports the filing. A filing and any supporting information shall be a public record. Upon filing any rate<\/span> to which this chapter is applicable, the insurer<\/span> shall give notice to the Division of Consumer Counsel<\/span> of the Office of the Attorney General<\/span> that such rate<\/span> has been filed with the Commission<\/span> and such insurer<\/span> shall so certify to the Commission<\/span> in its rate<\/span> filing. For the purposes of this section, a group or fleet of insurers<\/span> operating under the same general management may be considered an insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each insurer<\/span> shall submit with each rate<\/span> filing so much of the following information as deemed appropriate by the Commission<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Number of exposures; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Direct premiums written; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Direct premiums earned; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Direct losses paid identified by such period as the Commission<\/span> may require; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Number of claims paid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Direct losses incurred during the year, direct losses incurred during the year which occurred and were paid during the year, and direct losses incurred during the year which were reported during the year but were not yet paid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Any loss development factor used and supporting data thereon; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Number of claims unpaid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Loss adjustment expenses paid identified by such period as the Commission<\/span> may require; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Loss adjustment expenses incurred during the year, loss adjustment expenses incurred during the year for losses which occurred and were paid during the year, and loss adjustment expenses incurred during the year for losses which were reported during the year but were not yet paid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Other expenses incurred, separately by category of expense, excluding loss adjustment expenses; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Investment income on assets<\/span> related to reserve and allocated surplus accounts; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Total return on allocated surplus; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Any loss trend factor used and supporting data thereon; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Any expense trend factor used and supporting data thereon; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Such other information as may be required by rule of the Commission<\/span>, including statewide rate<\/span> information presented separately for Virginia and each state<\/span> wherein the insurer<\/span> writes the line, subline or rating classification for which the rate<\/span> filing is made and which the Commission<\/span> deems necessary for its consideration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Where actual experience does not exist or is not credible, the Commission<\/span> may allow the use of estimates for the information required by subdivisions 1 through 15 of subsection B of this section and may require the insurer<\/span> to submit such information as the Commission<\/span> deems necessary to support such estimates. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Commission<\/span> shall develop uniform statements or formats specifying the information categories specified in this section. Such statements or formats shall be utilized by all insurers<\/span> in all rate<\/span> filings. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In determining the appropriateness of rates<\/span><\/span> for credit involuntary unemployment insurance<\/span> and credit property insurance<\/span>, the Commission<\/span> may not approve any rate<\/span> that is calculated based upon loss experience producing a loss ratio of less than forty percent on and after January 1, 2001, forty-five percent on and after January 1, 2003, and fifty percent on and after January 1, 2005. For the purposes of this subsection, loss experience includes: paid losses, paid loss adjustment expense, any change in case reserves, change in incurred but not reported losses, and any special considerations for catastrophe or comprehensive coverage. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRATE FILINGS BY INSURER; SUPPORTING INFORMATION (\u00a7 38.2-2003)\n\nA. Each insurer writing in this Commonwealth a class of insurance to which this\nchapter applies shall file with the Commission every manual of classifications,\nminimum rate, class rate, rating schedule, rating plan, rating rule, and every\nmodification of any of the foregoing that it proposes to use. Every filing shall\nindicate the character and extent of coverage contemplated. When a filing is not\naccompanied by the information upon which the insurer supports the filing, and\nthe Commission does not have sufficient information to determine whether the\nfiling meets the requirements of this chapter, the Commission may require the\ninsurer to furnish the information upon which it supports the filing. A filing\nand any supporting information shall be a public record. Upon filing any rate to\nwhich this chapter is applicable, the insurer shall give notice to the Division\nof Consumer Counsel of the Office of the Attorney General that such rate has\nbeen filed with the Commission and such insurer shall so certify to the\nCommission in its rate filing. For the purposes of this section, a group or\nfleet of insurers operating under the same general management may be considered\nan insurer.\n\nB. Each insurer shall submit with each rate filing so much of the following\ninformation as deemed appropriate by the Commission:\n\n 1. Number of exposures;\n\n 2. Direct premiums written;\n\n 3. Direct premiums earned;\n\n 4. Direct losses paid identified by such period as the Commission may require;\n\n 5. Number of claims paid;\n\n 6. Direct losses incurred during the year, direct losses incurred during the\n year which occurred and were paid during the year, and direct losses incurred\n during the year which were reported during the year but were not yet paid;\n\n 7. Any loss development factor used and supporting data thereon;\n\n 8. Number of claims unpaid;\n\n 9. Loss adjustment expenses paid identified by such period as the Commission\n may require;\n\n 10. Loss adjustment expenses incurred during the year, loss adjustment\n expenses incurred during the year for losses which occurred and were paid\n during the year, and loss adjustment expenses incurred during the year for\n losses which were reported during the year but were not yet paid;\n\n 11. Other expenses incurred, separately by category of expense, excluding loss\n adjustment expenses;\n\n 12. Investment income on assets related to reserve and allocated surplus\n accounts;\n\n 13. Total return on allocated surplus;\n\n 14. Any loss trend factor used and supporting data thereon;\n\n 15. Any expense trend factor used and supporting data thereon; and\n\n 16. Such other information as may be required by rule of the Commission,\n including statewide rate information presented separately for Virginia and\n each state wherein the insurer writes the line, subline or rating\n classification for which the rate filing is made and which the Commission\n deems necessary for its consideration.\n\nC. Where actual experience does not exist or is not credible, the Commission may\nallow the use of estimates for the information required by subdivisions 1\nthrough 15 of subsection B of this section and may require the insurer to submit\nsuch information as the Commission deems necessary to support such estimates.\n\nD. The Commission shall develop uniform statements or formats specifying the\ninformation categories specified in this section. Such statements or formats\nshall be utilized by all insurers in all rate filings.\n\nE. In determining the appropriateness of rates for credit involuntary\nunemployment insurance and credit property insurance, the Commission may not\napprove any rate that is calculated based upon loss experience producing a loss\nratio of less than forty percent on and after January 1, 2001, forty-five\npercent on and after January 1, 2003, and fifty percent on and after January 1,\n2005. For the purposes of this subsection, loss experience includes: paid\nlosses, paid loss adjustment expense, any change in case reserves, change in\nincurred but not reported losses, and any special considerations for catastrophe\nor comprehensive coverage.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-253.26, 38-253.72; 1950, p. 381; 1952, c. 317, \u00a7\n38.1-241; 1972, c. 836; 1973, c. 504; 1986, c. 562; 1987, c. 697; 1988, c. 189;\n2000, c. 526.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}