As expected, South Dakota Gov. Michael Rounds, a Republican, has signed a bill that converts personal lines rate filings from prior approval to file-and-use. South Dakota is the first state to do so this year. The bill also exempts large commercial carriers from filing requirements.
With enactment of SB 37, South Dakota becomes the 20th state (including the District of Columbia) with a file-and-use system for rate filings. However, many of these states require that companies wait a period of time, typically 30 days, before they can start using the product, according to the National Association of Mutual Insurance Cos.
Currently, 21 states still require prior approval of rates and forms, and the remaining nine states allow companies to start using new products before filing them with the department of insurance.
Was this article valuable?
Here are more articles you may enjoy.
Depreciation on ACV Is OK, Court Says in Knocking Down Class Action vs. Cincinnati 
Giuliani Fails to Get $10 Million Sexual Harassment Suit in New York Dismissed 
Taylor Swift Sued for Trademark Infringement Over ‘Life of a Showgirl’ 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
