                                 CODE OF VIRGINIA

FILING AND USE OF RATES (§ 38.2-1906)

A. Each authorized insurer subject to the provisions of this chapter shall file
with the Commission all rates and supplementary rate information and all changes
and amendments to the rates and supplementary rate information made by it for
use in the Commonwealth on or before the date they become effective.
			In cases where the Commission has made a determination pursuant to &#xA7;
38.2-1912 that competition is not an effective regulator of rates for a line or
subclassification of insurance, such rates, supplementary rate information,
changes and amendments to rates and supplementary rate information for that line
or subclassification shall be filed in accordance with and shall be subject to
the provisions of &#xA7; 38.2-1912.

B. Each rate service organization licensed under &#xA7; 38.2-1914 that has been
designated by an insurer for the filing of prospective loss costs or
supplementary rate information under &#xA7; 38.2-1908 shall file with the
Commission all prospective loss costs or supplementary rate information and all
changes and amendments to the prospective loss costs or supplementary rate
information made by it for use in the Commonwealth on or before the date they
become effective. Prospective loss costs and supplementary rate information for
insurance defined in &#xA7; 38.2-119 must comply with the provisions of &#xA7;
38.2-1912.1 prior to being used by an insurer in a filing establishing or
changing its rate.

C. Prospective loss costs filings and supplementary rate information filed by
rate service organizations shall not contain final rates, minimum premiums, or
minimum premium rules.

D. No insurer shall make or issue an insurance contract or policy of a class to
which this chapter applies, except in accordance with the rate and supplementary
rate information filings that are in effect for the insurer.

E. For insurance as defined in &#xA7; 38.2-119 any authorized insurer that does
not rely on prospective loss costs or supplementary rate information filed by a
rate service organization shall comply with the filing provisions of &#xA7;
38.2-1912 as if competition was not an effective regulator of rates.

F. Except with respect to workers&#8217; compensation and employers&#8217;
liability insurance as defined in &#xA7; 38.2-119, and notwithstanding the
provisions of subdivision A 3 of &#xA7; 38.2-1904, nothing shall prohibit an
insurer from filing with the Commission any rate or supplementary rate
information that allows the insurer to limit for its renewal policies (i) any
rate increase that would otherwise be applicable to such policies or (ii) any
rate decrease that would otherwise be applicable to such policies if the insurer
is also limiting any rate increase. Such limitation shall apply for the period
of time specified in the insurer&#8217;s filing. Nothing shall prohibit such
limitation from applying to policies (a) acquired by an insurer from another
insurer pursuant to a written agreement of acquisition, merger, or sale that
transfers all or part of the other insurer&#8217;s book of business or (b)
transferred by an agent from one insurer to another insurer pursuant to an agent
book of transfer.

HISTORY: 1973, c. 504, § 38.1-279.34; 1976, c. 278; 1986, c. 562; 1987, c. 697;
1990, cc. 596, 597; 1993, c. 985; 1997, c. 199; 2004, c. 838; 2005, c. 95; 2015,
c. 619; 2016, c. 277.