Administrative Rules of Montana › Department 6 - STATE AUDITOR › Chapter 6.6 - INSURANCE DEPARTMENT › Subchapter 6.6.11 - Credit Life and Disability Insurance › Rule 6.6.1103 - CREDIT DISABILITY INSURANCE-ACCEPTABLE RATES

Current through Register Vol. 13, July 5, 2024
(1) Except as may otherwise be provided in
				this sub-chapter, the rates provided in this rule for credit disability
				insurance may be considered as "prima facie acceptable rates" for the purposes
				of 33-21-205, MCA. Rates which are filed by any company for the indicated
				coverage will be considered acceptable without substantiating data if they do
				not exceed these premium rates.
(2)
				If premiums are paid in one sum for the entire duration of the indebtedness,
				the following rates for $100 of initial indebtedness repayable in the indicated
				number of installments are applicable.
Number of months in which indebtedness
Nonretroactive Elimination Period
Retroactive Benefits Waiting Period
is repayable
7-day
14-day
30-day
7-day
14-day
30-day
6 or less
$1.55
$1.03
$0.41
$2.16
$1.85
$1.34
7
1.61
1.09
0.47
2.22
1.91
1.40
8
1.67
1.15
0.53
2.28
1.97
1.46
9
1.73
1.21
0.59
2.34
2.03
1.52
10
1.79
1.27
0.65
2.40
2.09
1.58
11
1.85
1.33
0.71
2.46
2.15
1.64
12
1.91
1.39
0.77
2.52
2.21
1.70
13
1.96
1.45
0.83
2.58
2.27
1.76
14
2.01
1.51
0.89
2.64
2.33
1.82
15
2.06
1.57
0.95
2.70
2.39
1.88
16
2.11
1.63
1.01
2.76
2.45
1.94
17
2.16
1.69
1.07
2.82
2.51
2.00
18
2.21
1.75
1.13
2.88
2.58
2.06
19
2.27
1.81
1.19
2.94
2.64
2.11
20
2.32
1.87
1.25
3.00
2.70
2.16
21
2.37
1.93
1.31
3.06
2.76
2.21
22
2.42
1.99
1.37
3.12
2.82
2.27
23
2.47
2.05
1.43
3.18
2.88
2.32
24
2.52
2.11
1.49
3.24
2.94
2.37
25
2.58
2.17
1.55
3.30
2.99
2.42
26
2.63
2.23
1.61
3.36
3.04
2.47
27
2.68
2.29
1.67
3.42
3.09
2.52
28
2.73
2.35
1.73
3.48
3.14
2.58
29
2.78
2.41
1.79
3.54
3.19
2.63
30
2.83
2.47
1.85
3.61
3.24
2.68
31
2.88
2.53
1.91
3.66
3.30
2.73
32
2.94
2.59
1.96
3.71
3.35
2.78
33
2.99
2.65
2.01
3.76
3.40
2.83
34
3.04
2.71
2.06
3.81
3.45
2.88
Number of months in which indebtedness
Nonretroactive Elimination Period
Retroactive Benefits Waiting Period
is repayable
7-day
14-day
30-day
7-day
14-day
30-day
35
$3.09
$2.77
$2.11
$3.86
$3.50
$2.94
36
3.14
2.83
2.16
3.91
3.55
2.99
37
3.19
2.88
2.21
3.96
3.61
3.04
38
3.24
2.94
2.27
4.00
3.66
3.09
39
3.30
2.99
2.32
4.04
3.71
3.14
40
3.35
3.04
2.37
4.09
3.76
3.19
41
3.40
3.09
2.42
4.13
3.81
3.24
42
3.45
3.14
2.47
4.17
3.86
3.30
43
3.49
3.18
2.51
4.21
3.91
3.35
44
3.54
3.23
2.56
4.26
3.95
3.40
45
3.58
3.27
2.60
4.30
3.99
3.45
46
3.62
3.31
2.64
4.34
4.03
3.50
47
3.67
3.36
2.69
4.39
4.08
3.55
48
3.71
3.40
2.73
4.43
4.12
3.61
49
3.75
3.44
2.77
4.46
4.16
3.65
50
3.79
3.48
2.82
4.50
4.21
3.69
51
3.84
3.53
2.86
4.53
4.25
3.73
52
3.88
3.57
2.90
4.57
4.29
3.78
53
3.92
3.61
2.94
4.60
4.33
3.82
54
3.97
3.66
2.99
4.64
4.38
3.86
55
4.00
3.69
3.02
4.67
4.41
3.91
56
4.04
3.73
3.06
4.70
4.45
3.95
57
4.07
3.76
3.09
4.74
4.48
3.99
58
4.11
3.79
3.12
4.77
4.51
4.03
59
4.15
3.83
3.16
4.81
4.55
4.08
60
4.18
3.86
3.19
4.84
4.58
4.12
61
4.22
3.90
3.23
4.88
4.62
4.15
62
4.26
3.93
3.26
4.91
4.65
4.19
63
4.31
3.97
3.30
4.94
4.69
4.22
64
4.35
4.00
3.33
4.98
4.72
4.26
65
4.39
4.03
3.36
5.01
4.76
4.29
66
4.43
4.07
3.40
5.05
4.79
4.33
67
4.45
4.09
3.43
5.08
4.82
4.35
68
4.48
4.12
3.47
5.12
4.86
4.38
69
4.51
4.15
3.50
5.15
4.89
4.40
70
4.53
4.17
3.54
5.18
4.93
4.43
71
4.56
4.20
3.57
5.22
4.96
4.45
Number of months in which indebtedness
Nonretroactive Elimination Period
Retroactive Benefits Waiting Period
is repayable
7-day
14-day
30-day
7-day
14-day
30-day
72
$4.58
$4.22
$3.61
$5.25
$5.00
$4.48
73
4.61
4.25
3.63
5.28
5.02
4.51
74
4.64
4.27
3.66
5.30
5.05
4.53
75
4.66
4.30
3.68
5.33
5.07
4.56
76
4.69
4.33
3.71
5.36
5.10
4.58
77
4.71
4.35
3.73
5.38
5.12
4.61
78
4.74
4.38
3.76
5.41
5.15
4.64
79
4.76
4.40
3.79
5.43
5.18
4.66
80
4.79
4.43
3.81
5.46
5.20
4.69
81
4.82
4.45
3.84
5.48
5.23
4.71
82
4.84
4.48
3.86
5.51
5.25
4.74
83
4.87
4.51
3.89
5.54
5.28
4.76
84
4.89
4.53
3.91
5.56
5.30
4.79
85
4.92
4.56
3.94
5.59
5.33
4.82
86
4.94
4.58
3.97
5.61
5.36
4.84
87
4.97
4.61
3.99
5.64
5.38
4.87
88
5.00
4.64
4.02
5.67
5.41
4.89
89
5.02
4.66
4.04
5.69
5.43
4.92
90
5.05
4.69
4.07
5.72
5.46
4.94
91
5.06
4.71
4.09
5.73
5.48
4.97
92
5.08
4.74
4.10
5.75
5.49
5.00
93
5.10
4.76
4.12
5.77
5.51
5.02
94
5.12
4.79
4.14
5.79
5.53
5.05
95
5.13
4.82
4.15
5.80
5.54
5.07
96
5.15
4.84
4.17
5.82
5.56
5.10
97
5.17
4.86
4.19
5.84
5.58
5.12
98
5.18
4.88
4.21
5.85
5.60
5.13
99
5.20
4.89
4.22
5.87
5.61
5.15
100
5.22
4.91
4.24
5.89
5.63
5.17
101
5.24
4.93
4.26
5.91
5.65
5.18
102
5.25
4.94
4.27
5.92
5.67
5.20
103
5.27
4.96
4.29
5.94
5.68
5.22
104
5.29
4.98
4.31
5.96
5.70
5.24
105
5.30
5.00
4.33
5.97
5.72
5.25
106
5.32
5.01
4.34
5.99
5.73
5.27
107
5.34
5.03
4.36
6.01
5.75
5.29
108
5.36
5.05
4.38
6.03
5.77
5.30
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(3) If premiums are paid on the basis of a
				premium rate per month per $1,000 of outstanding insured gross debt, this
				premium rate must be computed according to the following formula or according
				to a formula approved by the commissioner which produces a rate actuarially
				consistent with the applicable single premium rate in (2):
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SPn = Single premium rate per $100 of
				  initial insured debt repayable in n equal monthly installments as shown in
				  (2).
OPn = Monthly outstanding balance
				  premium rate per $1,000.
n = The number of months in the term of the insurance.
dis =.0033, representing an annual discount rate of 4% for
				  interest.
(4) The premium
				rate for joint credit disability coverage shall not exceed 1.8 times the
				permitted single credit disability rate.
(5) Premiums for credit disability insurance
				which are payable on a basis not specified in this rule or which cover benefits
				on a basis not specified in this rule must be actuarially consistent with the
				rates specified in this rule.
(6)
				An insurer may at any time charge a rate which is less than the basic maximum
				rate set forth above in this section.
33-21-111, MCA; IMP,
					 33-21-205,
					 MCA;