Colorado Credit Property Insurance Rate Filing Checklist

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Colorado Credit Property Insurance Rate Filing Checklist Powered By Docstoc
					                                         STATE OF COLORADO

COMPANY CHECKLIST FOR CREDIT PROPERTY INSURANCE RATE FILINGS
                              REQUIRED ITEMS FOR A COMPLETE FILING
      Required                                    Information                             Statutory/Regulation/
                                                                                             Information Cite
 Filing Transmittal     Submit one for each company and for each type of filing.        Colorado Bulletin 18-03
 Form                   A form filing cannot be combined with a rate filing; they
                        must be separate

 Cover Letter                Brief summary of the rate filing                           Division Policy
                             Helps identify what companies and lines of insurance
                             are being filed
                             One copy for each company

 Form A                      Must accompany all submissions                             Colorado Bulletin 18-03
                             Effective dates must not be retroactive. If
                             resubmitting, filing and effective date must be current
                             Colorado Bulletin 18-03 has specific instructions for
                             Credit entities

 Actuarial              All credit rate filings must credibly demonstrate that a        §10-10-109(2), C.R.S.
 Memorandum             proposed rate will produce a loss ratio of at least 40%         Colorado Regulation
                                                                                         4-9-2(12)(B)
                             Experience of earned premiums, incurred losses and         Colorado Regulation
                             calculated loss ratios for the prior three years, or all    4-9-2(12)(D)(1)
                             available experience, if less than three (3) years.
                             Rates and rating data must be based on Colorado
                             data to the extent that it is credible

                             Target or expected loss ratio                              Colorado Regulation
                                                                                         4-9-2(12)(D)(2)
                             Quantification of any benefit changes                      Colorado Regulation
                                                                                         4-9-2(12)(D)(3)
                             Rate development                                           Colorado Regulation
                                                                                         4-9-2(12)(D)(4)
                             Analysis of credibility, and use of collateral data such   Colorado Regulation
                             as company experience in other states for similar           4-9-2(12)(D)(5)
                             policies, industry experience, mortality tables or
                             morbidity tables

                             Demonstrate compliance with loss ratio standard            Colorado Regulation
                                                                                         4-9-2(12)(D)(6)

                             Certification by a qualified actuary                       Colorado Regulation
                                                                                         4-9-2(12)(D)(7)

 Duplicate Copy         To be stamped and returned for the company's records to         Colorado Bulletin 18-03
 and Postage-paid       document filing.
 Return Envelope

                      PLEASE DO NOT SEND THIS CHECKLIST IN WITH THE FILING
     Revised December 2003
      rd
     3 Edition
     Page 1 of 1