(a) Rates may be modified to produce premiums for individual risks in accordance with filed rating plans which establish standards for measuring variations in hazards or expense provisions. Those standards may measure differences among risks that can be demonstrated to have a probable effect upon losses or expenses. The modification shall apply to all risks under the same or substantially the same circumstances or conditions.
(b) This provision does not apply to filed modification plans which may be offered to an insured including, but not limited to, retrospective rating plans and composite rating plans.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 67 - Rates and Rating Organizations
Subchapter 2 - Regulation of Insurance Rates
§ 23-67-204. Payment of dividends
§ 23-67-207. Noncompetitive market
§ 23-67-211. Filing of rates and other rating information
§ 23-67-212. Procedural requirements
§ 23-67-213. Disapproval of rates
§ 23-67-214. Licensing of advisory organizations
§ 23-67-215. Insurers and advisory organizations — Prohibited activities
§ 23-67-216. Advisory organizations — Permitted activities
§ 23-67-217. Advisory organizations — Filings
§ 23-67-218. Records and reports
§ 23-67-219. Workers' compensation and employers' liability insurance