{"data":{"id":"us-ky/krs-304.13-031","jurisdiction":"us-ky","citation":"KRS 304.13-031","heading":"Rate standards in noncompetitive market.","body":"(1) In a noncompetitive market, rates shall be made in accordance with the following\nprovisions:\n(a) Manual, minimum, class rates, rating schedules or rating plans, shall be made\nand adopted, except in the case of specific inland marine rates on risks\nspecially rated;\n(b) Rates shall not be excessive, inadequate or unfairly discriminatory;\n(c) Due consideration shall be given:\n1. To past and prospective loss experience within and outside this state;\n2. To the conflagration and catastrophe hazards;\n3. To a reasonable margin for underwriting profit and contingencies;\n4. To dividends, savings or unabsorbed premium deposits allowed or\nreturned by insurers to their policyholders, members or subscribers;\n5. To past and prospective expenses both countrywide and those s pecially\napplicable to this state;\n6. To all other relevant factors within and outside this state; and\n7. In the case of fire insurance rates, consideration may be given to the\nexperience of the fire insurance business during a period of not less than\nthe most recent three (3) year period for which such experience is\navailable;\n(d) The expense provisions included in the rates for use by any insurer or group of\ninsurers shall reflect the requirements of the operating methods of any such\ninsurer or group and its anticipated expenses, with respect to any kind of\ninsurance or with respect to any subdivision or combination thereof for which\nsubdivision or combination separate expense provisions are applicable;\n(e) Risks may be grouped by classifications for the establishment of rates and\nminimum premiums. Classification rates may be modified to produce rates for\nindividual risks in accordance with rating plans which establish standards for\nmeasuring variations in ha zards or expense provisions, or both. Such\nstandards may measure any differences among risks which can be\ndemonstrated to have a probable effect upon losses or expenses. Rates made\nin accordance with this section may be used subject to this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17050","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:42Z","sha256":"8c99f5d67e7a934a29a6cf8e413ade0844db14a0ea05f3ea14316fb913539d7f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.13-030","next":"us-ky/krs-304.13-040"},"notice":"GroundRules: Original legal text. Not legal advice."}