1153.107 – RATE STANDARD. (a) A rate filed under this
Texas Insurance Code § 1153.107
Summary
This law establishes standards for determining whether an insurance rate is excessive or inadequate. It affects insurance providers by setting criteria based on coverage, competition, and financial sustainability of the rates filed.
Rates are excessive if unreasonably high and lack competition.
Rates are inadequate if they can't cover projected losses and expenses.
Competition must be considered when evaluating rate adequacy.
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In simple terms: Learn about Texas's RATE STANDARD. (a) A rate filed under this law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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