California Insurance Code

§ 1234

INS § 1234Div. 1 · Part 2 · Ch. 2 · Art. 5.5

Statute text

The maximum rate for each policy shall be determined at regular intervals at least once every 12 months, but not more frequently than once in any three-month period. At the intervals specified in the policy:

(1)The rate being charged may be increased whenever the increase as determined under subdivision (b) of Section 1232 would increase that rate by one-half of 1 percent or more per annum.

(2)The rate being charged shall be reduced whenever the reduction as determined under subdivision (b) of Section 1232 would decrease that rate by one-half of 1 percent or more per annum.

Legislative history

Added by Stats. 1982, Ch. 1351, Sec. 3.