Section 58-24-7 - Risks grouped by classification for rate-making--Modification of classification rates

58-24-7. Risks grouped by classification for rate-making--Modification of classification rates.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 in accordance with rating plans which establish standards for measuring variations in hazards or expense provisions, or both. Such standards may measure any differences among risks that can be demonstrated to have a probable effect upon losses or expenses. Source: SL 1966, ch 111, ch 15, §3 (1) (d).