(215 ILCS 5/466) (from Ch. 73, par. 1065.13)
Sec. 466.
Rate administration.
(1) Recording and Reporting of Loss and Expense Experience.
The Director shall promulgate reasonable rules and shall approve statistical
plans, reasonably adapted to each of the rating systems on file with him, which
may be modified from time to time and which shall be used thereafter by
each company in the recording and reporting of its loss and countrywide
expense experience, in order that the experience of all companies may be
made available at least annually in such form and detail as may be
necessary to aid him in determining whether rating systems comply with the
standards set forth in Section 456. An approved statistical plan need not
be adopted as a rule, but shall be made available for public inspection at
the Department's principal office and a copy of the plan shall be filed
with the Secretary of State. Such rules and plans may also provide
for the recording and reporting of expense experience items which are
specially applicable to this state and are not susceptible of determination
by a prorating of countrywide expense experience. In promulgating such rules
and approving plans, the Director shall give due consideration to the rating
systems on file with him and in order that such rules and plans may be as
uniform as is practicable among the several states, to the rules and to the
form of the plans used for such rating systems in other states. No company
shall be required to record or report any experience on an experience
classification which it does not use in the making of its rates or to
record or report its experience on any basis or statistical plan that
differs from that which is regularly employed and used in the usual course
of such company's business, nor shall any company be required to record or
report its loss experience on a classification basis that is inconsistent
with the rating system filed by it, nor shall it be required to report such
experience to any rating organization of which it is not a member or
subscriber, or to an agency operated by or subject to the control of such a
rating organization, nor shall the Department's rules state that the
insurer must record or report its experience in accordance with a uniform
statistical plan which differs from that which is regularly employed and
used in the usual course of such company's business. Any
company not reporting such experience to a rating
organization or other agency designated by the Director, shall report such
experience to the Director. The Director may designate one or more rating
organizations or other agencies to assist him in gathering all such
experience and in making compilations thereof. The experience of any
company filed with the Director shall be deemed confidential and shall not
be revealed by the Director to any other company or other person, provided,
however, that the Director may make compilations of all experience,
including the experience of any such company, or of such experience and the
compilation made by the designated rating organization or other agency. All
such compilations, whether made by the Director or by any designated rating
organization or other agency, shall be made available, subject to
reasonable rules promulgated by the Director, to companies and rating
organizations.
(2) Interchange of Rating Plan Data
Reasonable rules and plans may be promulgated by the Director for the
interchange of data necessary for the application of rating plans.
(3) Consultation with Other States
In order to further uniform administration of rate regulatory laws, the
Director and every company and rating organization may exchange information
and experience data with insurance supervisory officials, companies and
rating organizations in other states and may consult with them with respect
to rate making and the application of rating systems.
(4) Rules and Regulations
The Director may make reasonable rules and regulations necessary to
effect the purpose of this Article.
(Source: P.A. 84-427.)
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