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2004 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 38.2-1906 of the Code of Virginia is amended and reenacted as follows:
§ 38.2-1906. Filing and use of rates.
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 this the Commonwealth on or before the date they become
effective.
In cases where the Commission has made a determination pursuant to § 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 § 38.2-1912.
B. Each rate service organization licensed under § 38.2-1914 that has been
designated by an insurer for the filing of prospective loss costs or supplementary
rate information under § 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 this the Commonwealth on or before the date they become
effective. Prospective loss costs and supplementary rate information for
insurance defined in § 38.2-119 must comply with the provisions of §
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 § 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 § 38.2-1912 as if competition was not an effective regulator of rates.
F. Except with respect to workers' compensation and employers' liability insurance as defined in § 38.2-119, and notwithstanding the provisions of subdivision A 3 of § 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 any rate increase that would otherwise be applicable to such policies. Such limitation shall apply for the period of time specified in the insurer's filing.