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Texas Insurance Code - Not Codified

§ 5.77 — PREMIUM RATING PLANS; POWERS OF BOARD

I1 § 5.77Title 1. THE INSURANCE CODE OF 1951 · Ch. 5. RATING AND POLICY FORMS · Art. H. PREMIUM RATING PLANS

Statute text

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The Board of Insurance Commissioners is hereby authorized and empowered to make or approve and promulgate premium rating plans designed to encourage the prevention of accidents, to recognize the peculiar hazards of individual risks and to give due consideration to interstate as well as intrastate experience of such risks for Workmen's Compensation, Motor Vehicle and other lines of Casualty Insurance to be applicable separately for each class of insurance, or in combination of two or more of such classes. Such plans may be approved on an optional basis to apply prospectively, or retrospectively and may include premium discount plans, retrospective rating plans or other systems, plans or formulas, however named, if the rates thereby provided are not excessive, inadequate or unfairly discriminatory. The Board shall also have authority to make or approve and promulgate such reasonable rules and regulations as may be necessary, not in conflict with provisions of this Act.

Legislative history

Acts 1953, 53rd Leg., p. 64, ch. 50, Sec. 1.

Source: Texas Insurance Code - Not Codified § 5.77 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.