40-955b. Same; rate filings; premium variance, when allowed. (a) Insurers may increase or decrease premiums on a given risk basis without documentation up to 40% based on any factor, except the rate adjustment made pursuant to this section cannot:
(1) Be based upon the race, creed, national origin or religion of the insured.
(2) Apply to insurance covering:
(A) Risks of a personal nature, including insurance for homeowners, tenants, private passenger nonfleet automobiles, mobile homes and other property and casualty insurance for personal, family or household needs;
(B) farms and ranches, including crop insurance;
(C) workers compensation; or
(D) coverage required by K.S.A. 40-3401 et seq., and amendments thereto.
(b) By rules and regulations adopted in accordance with the rules and regulations filing act, the commissioner of insurance may broaden the range of plus or minus 40% for any line or type of insurance subject to K.S.A. 40-955, and amendments thereto, if the commissioner of insurance finds that the:
(1) Utilization of this section by the insurance industry has produced a significant number of rate modifications at or near the upper limit and at the lower limit of the allowable range of modification; and
(2) modifiers at and near the upper and lower limits of the allowable range of modification appear to be predominantly correlated with individual risk factors that relate to expected losses and expenses.
(c) By rules and regulations adopted in accordance with the rules and regulations filing act, the commissioner of insurance may reduce the range of plus or minus 40% for any line or type of insurance subject to K.S.A. 40-955, and amendments thereto, if the commissioner of insurance finds that modifiers at or near the upper or lower limits of the allowable range of modification are not predominantly correlated with individual risk factors that relate to expected losses and expenses, but such reduction shall not reduce the range to less than plus or minus 25%.
(d) Any insurer aggrieved by the commissioner's findings pursuant to this section may appeal the same pursuant to the Kansas administrative procedure act.
History: L. 2006, ch. 130, ยง 3; July 1.
Structure Kansas Statutes
Article 9 - General Provisions Relating To Fire Insurance Companies
40-902 Deposit of securities by stock insurance company.
40-905 Statement of value in policy; evidence of ownership of property; exceptions.
40-906 Inspection and description of premises.
40-908 Attorney fees in certain actions.
40-924 Proof of loss by fire or tornado; insurer to furnish blanks and directions.
40-938 Same; false or misleading information; penalties.
40-951 Fire and casualty insurance rates; purpose of act.
40-952 Same; application of act.
40-955b Same; rate filings; premium variance, when allowed.
40-958 Same; deviations from rating organization filings.
40-959 Same; appeal of rating organization decision; hearing; order.
40-960 Same; information to be furnished insureds; grievance procedures; appeals to commissioner.
40-961 Same; statistical plans for reporting loss and expense data; rules and regulations.
40-962 Same; withholding or giving false or misleading information prohibited.
40-963 Same; violations; penalties.
40-964 Same; hearings under administrative procedure act.
40-965 Same; review of commissioner's actions; rates pending final determination of court.
40-971 Same; rates in excess of limitation of preceding section.
40-972 Same; procedure; duties of commissioner.