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§2349
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§2349 . Multi-tier program.
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§2349(a)
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(a) An insurer may make available a multi-tier program, with more than 1 rate level in the same company, for private passenger motor vehicle insurance in the voluntary market, provided that:
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§2349(a)(1)
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(1) the program and the insurer's business plan encourage depopulation of the assigned risk plan established by article 53 of this chapter;
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§2349(a)(2)
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(2) the program is based upon mutually exclusive underwriting rules per tier, to the extent feasible;
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§2349(a)(3)
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(3) credits and surcharges pursuant to an approved rating plan can be applied on a per tier basis; and
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§2349(a)(4)
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(4) the program conforms to regulations promulgated by the superintendent.
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§2349(b)
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(b) For an insurer with an approved multi-tiering program, the provisions of subsection §3425(f) of this chapter shall apply in all respects, except that the 2% limitation set forth therein shall:
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§2349(b)(1)
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(1) not apply to any risk moved from a tier to a lower-rated tier; and
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§2349(b)(2)
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(2) be deemed to be 3% for risks moved from a tier to a higher-rated tier. Source Data downloaded: 2009-04-19 12: 31: 28; Processed: 2009-05-08 15: 35: 56
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