§ 515a-3

515A.3 Making of rates. 1. Rates shall be made in accordance with the following provisions:a. Rates shall not be excessive, inadequate, or unfairly discriminatory.b. Due consideration shall be given to past and prospective loss experience within and outside this state; to catastrophe hazards; to a reasonable margin for underwriting profit andcontingencies; to dividends, savings, or unabsorbed premium deposits allowed or returnedby insurers to their policyholders, members, or subscribers; to past and prospective expensesboth countrywide and those specially applicable to this state; and to all other relevant factorswithin and outside this state. c. The systems of expense provisions included in the rates for use by any insurer or group of insurers may differ from those of other insurers or group of insurers to reflect therequirements of the operating methods of any such insurer or group of insurers with respectto any kind of insurance, or with respect to any subdivision or combination thereof for whichsubdivision or combination separate expense provisions are applicable. d. Risks may be grouped by classifications for the establishment of rates and minimum premiums.

or combination thereof for whichsubdivision or combination separate expense provisions are applicable. d. Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks inaccordance with rating plans which establish standards for measuring variations in hazardsor expense provisions, or both. Such standards may measure any differences among risksthat can be demonstrated to have a probable effect upon losses or expenses. 2. Except to the extent necessary to meet the provisions of paragraph 'a' of subsection 1 of this section, uniformity among insurers in any matters within the scope of this section isneither required nor prohibited. [C50, 54, 58, 62, §515A.3, 515B.3; C66, 71, 73, 75, 77, 79, 81, §515A.3]2008 Acts, ch 1123, §30Referred to in §515A.4, 515A.7, 515A.8, 515A.13 Sat Dec 23 00:47:58 2023 Iowa Code 2024, Section 515A.3 (20, 0)