The North Dakota Insurance Department has issued a bulletin informing all insurers “seeking to market policies for the coverage of crop hail insurance” in the state, that March 1, 2003 is the deadline for all rate filings.
The date applies to “all crop hail and companion rate filings” and to “all new product (policy and form) filings, as well as revisions to existing products intended for use in 2003.”
The filings cover “policies providing crop hail coverage, companion hail coverages and supplemental crop products not subsidized by the Federal Crop Insurance Corporation,” said the bulletin. These policies are issued through the National Crop Insurance Services.
The requirement for companies to file forms this year is a departure from previous announcements that the NICS and the Insurance Department would move to a biennial fling system. The need to file this year was made necessary by “the current market conditions and concerns regarding potential market capacity which have made it imperative that NCIS file new final average loss costs which are as current as possible,” the bulletin indicated.
Topics Agribusiness
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