Insurance Law 2303 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2302 Applicability up ARTICLE 23 Property/casualty Insurance Rates next SECTION 2304 Rate making and supporting information Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 2303 Standards for rates Insurance (ISC) CHAPTER 28, ARTICLE 23 § 2303. Standards for rates. Rates shall not be excessive, inadequate, unfairly discriminatory, destructive of competition or detrimental to the solvency of insurers. In determining whether rates comply with the foregoing standards, the superintendent shall include all income earned by such insurer and any insurer controlling or controlled by such insurer or under common control by or with such insurer on all its investments of any kind and wherever located. The superintendent shall further determine whether any component of such rates represent an effort on the part of the insurer to recover losses incurred in another state due to any referendum, law or regulation which requires a general reduction in rates for the kinds of insurance described in section two thousand three hundred two of this article. Such a finding shall be deemed unfairly discriminatory for the purposes of this article.