Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 15 - Property and Casualty › Subchapter 7 - Property and Casualty Competitive Loss Cost Rating Regulation › Section 365:15-7-3 - Property and casualty rate, loss cost and manual rule filings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to specify the procedures for submitting rate, loss cost and manual
				rule filings to the Insurance Commissioner as required by 36 O.S. § 981 et
				seq.
(b)
Procedures.
Rate, loss cost and manual rules and revisions thereto by insurance companies
				and advisory organizations licensed in Oklahoma shall be submitted in
				compliance with this section, or shall be rejected for filing, and the entity
				that made such submission shall be so notified.
(1)
Filing requirements.
The
				Insurance Code, 36 O.S. § 981 et seq., requires that each insurer shall
				make its rate, loss cost and manual rule filings by line of business directly
				with the Insurance Commissioner. Companies may satisfy their obligation to make
				such filings, where authorized by law, by becoming a member or subscriber to an
				Oklahoma licensed advisory organization which makes such filings.
(2)
Filing fees.
(A) Rate, loss cost and manual rule filings
				shall be accompanied by the proper fees as specified in the Insurance Code.
				Fees shall not be paid in cash.
(B)
				Filings for groups of insurers shall be accompanied by the specified fee for
				each transaction regardless of the number of members or subscribers.
(C) Filings by advisory organizations shall
				be accompanied by the specified fee for each transaction regardless of the
				number of members or subscribers.
(3)
Address requirements.
All
				filings shall be addressed as follows: Oklahoma Insurance Commissioner, 400 NE
				50 TH Street, Oklahoma City, Oklahoma 73105.
(4)
Number of copies.
All
				filings except those exempted shall be submitted through the System for
				Electronic Rate and Form Filing (SERFF) pursuant to the SERFF General
				Instructions. All filings including the cover letter, all exhibits, rate sheets
				and additional information submitted to the Insurance Commissioner shall be
				typewritten or printed and submitted with one (1) legible copy of all material.
				Companies that file as a group listing all companies on the transmittal letter
				may accomplish this requirement by submitting one (1) typewritten or printed
				legible copy of all material.
(5)
Effective date of filings.
The effective date of rate, loss cost
				and manual rule filings and the dates of required action by the Insurance
				Commissioner are governed by the applicable provisions of the Insurance
				Code.
(6)
Notice of Insurance
				Commissioner action.
The Insurance Commissioner shall indicate action
				taken through the System for Electronic Rate and Form Filing (SERFF). Nothing
				in this section shall preclude the Insurance Commissioner from the use of other
				forms of communication to secure information from the filing entity.
(7)
Life, accident and health
				insurance.
This section does not apply to life, accident and health
				insurance. Life, accident and health insurance filings shall be made in
				accordance with the applicable provisions of the Insurance Code and Rules of
				the Insurance Commissioner.
(8)
Postage requirements.
No submissions shall be accepted that arrive
				at the offices with postage due. No submissions will be returned unless the
				necessary postage accompanies the same.
(9)
Withdrawal of pending
				filings.
Pending filings may be withdrawn by the filing entity upon
				notice to the Insurance Commissioner prior to the approval or disapproval
				thereof. The notice shall include the reason for the withdrawal.
(10)
Filing form and content.
All filings shall include the following:
(A)
				The name of the filing entity and complete mailing address to which
				correspondence shall be sent.
(B) A
				"RE" or "caption" briefly describing the content and context of the
				filing.
(C) A list or index of the
				manual pages filed in the filing letter or attached thereto including the page
				numbers and edition date, if applicable.
(D) A complete description and full
				explanation of the changes made by the filing including, reasoning therefore,
				illustrative examples, including "John Doe" specimen examples, and a comparison
				of currently approved and proposed materials (side by side comparison or marked
				copy).
(E) A concise statement to
				identify the manual pages (rate and/or rule) to be replaced by the filing
				including the approval date in this jurisdiction and the identifying Oklahoma
				Insurance Department's assigned filing number of the filing containing the
				documents to be replaced.
(F)
				Completed transmittal forms and exhibits.
(11)
Advisory organization
				deviations.
Every member of, or subscriber to, a licensed advisory
				organization may adhere to any filings made on its behalf by its advisory
				organization, except that any such member or subscriber may deviate from such
				filings as authorized by this section if it has filed with the advisory
				organization and with the Insurance Commissioner, the deviation to be applied
				and information necessary to justify the deviation. If such deviation is
				approved, it shall remain in force until such approval is withdrawn by the
				insurer with approval of the Insurance Commissioner.