Section 6.78. Exemption from filing of rates.

 

(1)   Purpose. The purpose of this section is to exempt from the filing requirements of s. 625.13 , Stats., those rates for risks which have been customarily written on a consent-to-rate basis and certain title insurance rates, it having been determined that such filing is not necessary to protect policyholders and the public. This rule implements and interprets ss. 625.04 , 625.13 , and 625.15 , Stats.

(2)   Scope. This section applies to the following lines or classes of insurance:

(a) The classes specified in s. Ins 6.75 (2) (a) , (d) , (e) , (f) , (g) , (h) , (i) , (j) , (L) , (m) , and (n) .

(b) Individual rate modifications that are a reduction from the filed title insurance rate.

(3)   Exempt filings. If a specific risk in a line or class of insurance set forth in sub. (2) (a) is of the type which is customarily written on a consent-to-rate basis wherein the insured agrees to accept a rate that is different from the insurer's filed rates, the consent-to-rate shall not be filed with the commissioner, provided:

(a) The insurer keeps for at least 1 year after the expiration date of the policy;

1. Record of the rate development; and

2. The written application signed by the insured stating the insured's reason for requesting the rate.

(b) Prior to entering into such insurance agreements in Wisconsin the insurer has notified the commissioner of insurance of its intention so to do, identifying the contemplated lines and classes of insurance.

(4)   Exempt filing. If a title insurance rate as set forth in sub. (2) (b) is a downward deviation of an existing filed rate, the rate shall not be filed with the commissioner provided that all of the following apply:

(a) The insurer keeps for at least five years after the inception date of the policy the following information:

1. The filed rate and premium and the deviated rate and premium;

2. The effective date of the policy and the location and description of the risk;

3. The reason for the deviation; and

4. A record of the deviated rate development.

(b) Prior to entering into such insurance agreements in Wisconsin, the insurer has notified the commissioner of its intentions to do so, identifying the contemplated rate deviation program.

History: Cr. Register, January, 1980, No. 289 , eff. 2-1-80; am. (1), (2) and (3) (intro.), cr. (4), Register, February, 1993, No. 446 , eff. 3-1-93; reprinted to restore dropped copy in (3), Register, May, 1993, No. 449 .