This bill introduces technical corrections to RSA 412, which pertains to the regulation of forms and rates for property and casualty insurance. The bill, requested by the insurance department, includes changes to the language regarding the use of schedule rating systems for commercial risks, specifically replacing the term "rating bureau" with "advisory organization." This amendment affects the introductory paragraph of RSA 412:15, IV, and RSA 412:34, which now allows insurers to use schedule rating systems filed by any insurer or advisory organization approved by the commissioner.

Additionally, the bill amends RSA 412:16, II, concerning rate filings. Insurers are required to file with the commissioner all manuals, models, and other rating rules they propose to use. The amendment clarifies that proprietary underwriting rules, proprietary predictive models, and other proprietary commercial information that are not necessary for calculating policy premiums are confidential and exempt from RSA 91-A. The bill also simplifies the licensing process for advisory organizations wishing to operate as statistical agents, stating that a separate license is not required if they hold a current license as an advisory organization. The act is set to take effect on October 3, 2023, following its approval on August 4, 2023.

Statutes affected:
Introduced: 412:16, 412:20
Version adopted by both bodies: 412:16, 412:20
CHAPTERED FINAL VERSION: 412:16, 412:20