58-24-10. Filing of rates with director--Effective date--Character and extent of coverage--Exceptions.

Every insurer shall file with the director of the Division of Insurance every manual, minimum, class rate, rating schedule, or rating plan and every other rating rule, and every modification of any of the foregoing which it proposes to use. Every such filing shall state the proposed effective date thereof, and shall indicate the character and extent of the coverage contemplated. The filing date is the effective date thereof unless the insurer proposes an effective date subsequent to the filing date.

This section does not apply to:

(1)    Inland marine risks which by general custom of the business are not written according to manual rates or rating plans; or

(2)    Automobile and other motor vehicle insurance subject to § 58-24-10.1.

Source: SL 1966, ch 111, ch 15, § 4 (1); SL 1979, ch 341, § 3; SL 2004, ch 307, § 8.

58-24-10.1. Rating rules required to be filed with director--Filing date--Supporting information required.

Every insurer writing automobile insurance as defined by subdivisions 58-11-45(1) to (3), inclusive, and subdivision 58-23-6(2), and every insurer writing liability insurance, physical damage insurance, and collision insurance on all motor vehicles ordinarily used on the public highways, except for insurance which falls within the inland marine risk exemption of § 58-24-10 or for insurance policies excluded under the definition of "policy" in subdivision 58-11-45(5), shall file with the director of the Division of Insurance every manual, minimum, class rate, rating schedule, or rating plan and every other rating rule, and modification of any of the foregoing which it proposes to use, and shall indicate the character and extent of the coverages contemplated. The filing date shall be the effective date thereof unless the insurer proposes an effective date subsequent to the filing date. If the director is not satisfied with the information provided to support a filing made in accordance with this section, he shall proceed in accordance with § 58-24-13.

Source: SL 1979, ch 341, §§ 4, 5.

58-24-10.2. Rate information required to be filed prior to effective date on finding that closer supervision is required--Extension of waiting period--Approval or disapproval.

The director of the Division of Insurance may by order require that a particular insurer otherwise entitled to file its rates in accordance with § 58-24-10.1, file any or all of its rates and supplementary rate information thirty days prior to their effective date, if and to the extent that he finds, after a hearing, that the protection of the interests of its insureds and the public in this state require closer supervision of its rates because of the insurer's financial condition or rating practices. He may extend the waiting period for any filing for not to exceed thirty additional days by written notice to the insurer before the first thirty-day period expires. A filing not disapproved before the expiration of the waiting period shall be deemed to meet the requirements of this chapter, subject to the possibility of subsequent disapproval under § 58-24-21.

Source: SL 1979, ch 341, § 7.