(a) No policy of legal expense insurance may be issued in this state unless the premium rates for the insurance have been filed with and approved by the commissioner.
(b) Premium rates must be established and justified in accordance with generally accepted insurance principles, including, but not limited to, the experience or judgment of the insurer making the rate filing or actuarial computations.
(c) The commissioner may disapprove rates that are excessive, inadequate, or unfairly discriminatory. Rates are not unfairly discriminatory because they are averaged broadly among persons insured under group, blanket, or franchise policies.
(d) The commissioner may require the submission of whatever relevant information is deemed necessary in determining whether to approve or disapprove a filing made under this section or Section 27-43-10.
Structure Code of Alabama
Chapter 43 - Legal Expense Insurance.
Section 27-43-1 - Short Title.
Section 27-43-2 - Purpose of Chapter.
Section 27-43-3 - Definitions.
Section 27-43-4 - Applicability of Chapter.
Section 27-43-5 - Authorization of Prepaid Legal Expense Insurance Business Required.
Section 27-43-6 - Insurers Deemed Eligible to Transact Legal Expense Insurance.
Section 27-43-7 - Procedure for Incorporation of Legal Services Insurance Corporation Generally.
Section 27-43-9 - Bond or Deposit Requirements.
Section 27-43-11 - Premium Rates.
Section 27-43-12 - Filing, Approval, etc., of Contracts Between Insurers and Attorneys, Etc.
Section 27-43-14 - Applicability of Chapters 7 and 8a.
Section 27-43-15 - Registration Requirements - Sales Agents.
Section 27-43-21 - Disposition of Moneys Received From Licenses and Fees.