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§2329
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§2329 . Motor vehicle insurance rates; excess profits. In accordance with regulations prescribed by the superintendent, each insurer issuing policies which are subject to article 51 of this chapter, including policies of motor vehicle personal injury liability insurance or policies of motor vehicle property damage liability insurance or insurance for loss or damage to a motor vehicle, shall establish a fair, practicable, and nondiscriminatory plan for refunding or otherwise crediting to those purchasing such policies their share of the insurer's excess profit, if any, on such policies. An excess profit shall be a profit beyond a percentage rate of return on net worth attributable to such policies, computed in accordance with the regulation required by §2323 of this article, and determined by the superintendent to be so far above a reasonable average profit as to amount to an excess profit, taking into consideration the fact that losses or profits below a reasonable average profit will not be recouped from such policyholders. Each plan shall apply to policy periods for the periods January 1st, 1974 through August 2nd, 2001, and the effective date of the property/casualty insurance availability act through June 30th, 2011. In prescribing such regulations the superin10dent may limit the duration such plans, waive any requirement for refund or credit which he or she determines to be de minimis or impracticable, adopt forms returns which shall be made to him or her in order to establish the amount any refund or credit due, establish periods times for the determination distribution refunds credits, shall provide that insurers receive appropriate credit against any refunds or credits required by any such plan for policyholder dividends for return premiums which may be due under rate credit or retrospective rating plans based on experience. Source Data downloaded: 2009-04-19 12: 31: 28; Processed: 2009-05-08 15: 35: 55
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