{"data":{"id":"us-ky/krs-304.13-051","jurisdiction":"us-ky","citation":"KRS 304.13-051","heading":"Filing rates and rate information -- When filing becomes effective.","body":"(1) In a competitive market, every insurer shall file with the commissioner rates and\nsupplementary information to be used in this state for commercial risks as\ndesignated by the commissioner and for all personal risks. The rates and\nsupplementary rate informa tion shall be filed not later than fifteen (15) days after\nthe date of first use of the rates, unless the commissioner finds after a hearing that\nan insurer's rates require closer supervision because of the insurer's financial\ncondition. On a finding, rate s for both personal and commercial risks,\nsupplementary rate information, and supporting information shall be filed with the\ncommissioner at least thirty (30) days before the effective date of the rates. An order\nshall expire no later than one (1) year after it is issued.\n(2) In a noncompetitive market, every insurer shall file with the commissioner all rates\nfor that market, supplementary rate information, and supporting information at least\nthirty (30) days before the proposed effective date of the rates. On application of the\nfiler, the commissioner may authorize an earlier effective date.\n(3) Any rate filing in effect at the time the commissioner determines that competition\ndoes not exist pursuant to KRS 304.13 -041 shall be deemed to be effective until\ndisapproved pursuant to the procedures and rating standards of this chapter.\n(4) Every insurer shall file with the commissioner all rating manuals and underwriting\nrules that it uses in this state not later than fifteen (15) days after they become\neffective. Manuals, rules, and guidelines must be adhered to until amended. The\ncommissioner may exempt an insurer from filing supporting information if it files\nby reference, with or without deviation, to a filing which is in effect for another\ninsurer or an advisory organization.\n(5) (a) No insurer shall place into effect any rates, manuals, or underwriting rules\nwhich it proposes to use pursuant to subsection (1) or (4) of this section if the\nrates, manuals or underwriting rules will result in an increase or decr ease of\nmore than twenty-five percent (25%) from the insurer's then existing rates for\nany classification of risks in any of its rating territories within a twelve (12)\nmonth period of time.\n(b) Any insurer which proposes to change its then existing rates,  manuals, or\nunderwriting rules so as to effectively increase or decrease the rates of any\nclassification of risks within any rating territory more than twenty-five percent\n(25%) within a twelve (12) month period shall file all the rates and\nsupplemental r ating information which shall not become effective until\napproved by the commissioner.\n(6) Rates and supplemental rating information for a residual market mechanism shall\nnot become effective until approved by the commissioner.\n(7) The commissioner shall r eview filings made in accordance with subsections (2),\n(5)(b), and (6) of this section as soon as reasonably possible after they have been\nmade in order to determine whether they meet the applicable requirements of this\nchapter. Each filing shall be on fil e for a waiting period of thirty (30) days before it\nbecomes effective, which period may be extended by the commissioner for an\nadditional period not to exceed thirty (30) days if he or she gives written notice\nwithin the waiting period to the insurer which made the filing that additional time is\nneeded for consideration of the filing. The commissioner may, when he or she\ndeems it to be in the public interest, hold a public hearing on any filing before the\nfiling becomes effective to determine whether the f iling meets the requirements of\nthis subtitle. In the event that a hearing is held under the provisions of this\nsubsection, the waiting periods specified in this subsection shall not begin to run\nuntil thirty (30) days after the close of the hearing. The b urden of establishing that\nthe filing under consideration meets the requirements of this subtitle is on the\ninsurer which makes the filing. A filing shall be deemed to meet the requirements of\nthis subtitle unless disapproved by the commissioner within the  waiting period or\nany extension thereof.\n(8) At any hearing concerning an increase in worker's compensation rates conducted\npursuant to subsection (7), the commissioner may approve a rate other than one that\nhas been proposed by the filer if it is justifi ed by the evidence presented at the\nhearing.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17055","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:42Z","sha256":"891489e2cfcbb565ac1fdbf380b924365645946d7a399100e874d672b4341f15","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.13-050","next":"us-ky/krs-304.13-053"},"notice":"GroundRules: Original legal text. Not legal advice."}