Pennsylvania Code › Title 31 - INSURANCE › Part III - Credit Insurance › Chapter 73 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 73.112 - Involuntary unemployment insurance rate standards

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Prima facie involuntary
				unemployment rates
. Premium rates for credit involuntary unemployment
				insurance benefits, as described in §
									73.110(a)
				(relating to involuntary unemployment insurance benefits), may not exceed the
				prima facie premium rates referenced in this section and published in the
Pennsylvania Bulletin
, unless higher premium rates are
				approved under §
									73.122 (relating to deviated
				rates). Premium rates for benefits that differ from those benefits described in
				§
									73.110(a) may not
				exceed premium rates that are actuarially consistent with the prima facie
				premium rates referenced in this section and published in the
Pennsylvania Bulletin
.
(b)
Debtor insurance charge
. The amount charged a debtor by a creditor for credit involuntary unemployment
				insurance may not exceed the premium amount charged by the insurer, as computed
				at the time the charge to the debtor is determined.
(c)
Single premium rates for a
				12-month benefit period and a full term coverage period
. If premiums
				are payable on a single premium basis for insurance with a 12-month benefit
				period for a full term coverage period, the single premium prima facie premium
				rates for credit involuntary unemployment insurance on a single life shall be
				as published in the
Pennsylvania Bulletin.
(d)
Single premium rates for a
				12-month benefit period and a limited term coverage period
. For
				insurance with a limited term coverage period and a 12-month benefit period,
				the single premium prima facie premium rates shall be the prima facie premium
				rates published in the
Pennsylvania Bulletin
, for an
				installment period equal to the number of monthly installment payments in the
				limited term coverage period. The single premium shall be determined by
				multiplying the prima facie rate by the monthly installment payment, by the
				number of months in the limited term coverage period, divided by
				1,000.
(e)
Monthly premium
				rates for a 12-month benefit period and a full term coverage period
.
				If premiums are payable on a monthly basis for insurance with a 12- month
				benefit period for a full term coverage period, the monthly prima facie premium
				rates for credit involuntary unemployment insurance on a single life shall be
				as published in the
Pennsylvania Bulletin
.
(f)
Monthly premium rates for a
				12-month benefit period and a limited term coverage period
. For
				insurance with a limited term coverage period and a 12-month benefit period,
				the monthly prima facie premium rates shall be as published in the
Pennsylvania Bulletin
, for an installment period equal to the
				number of monthly installment payments in the limited term coverage period. The
				monthly premium shall be determined by multiplying the prima facie rate by the
				monthly installment payment, by the remaining number of months in the limited
				term period, divided by 1,000.
(g)
Joint rates
.
(1) When each
				debtor is insured for 100% of the monthly unemployment payment, the prima facie
				premium rates for joint credit involuntary unemployment insurance shall equal
				180% of the prima facie premium rates for single involuntary unemployment
				coverage.
(2) When each debtor is
				insured for a specific portion of the monthly unemployment payment, the prima
				facie premium rates for joint credit involuntary unemployment insurance shall
				equal 100% of the prima facie premium rates for single involuntary unemployment
				coverage.