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(215 ILCS 5/457)
(from Ch. 73, par. 1065.4)
(1) Beginning January 1, 1983, every company
shall file with the Director every manual of classifications, every manual
of rules and rates, every rating plan and every modification of the foregoing
which it intends to use. Such filings shall be made not later than 30 days
after they become effective.
A company may satisfy its obligation to make such filings by adopting the
filing of a licensed rating organization of which it is a member or subscriber,
filed pursuant to subsection (2) of this Section, in total or by notifying
the Director in what respects it intends to deviate from such filing. Any
company adopting a pure premium filed by a rating organization pursuant to subsection
(2) must file with the Director the modification factor it is using for
expenses and profit so that the final rates in use by such company can be determined.
(2) Beginning January 1, 1983, each licensed rating organization must
file with the Director every manual of classification, every manual of rules
and advisory rates, every pure premium which has been fully adjusted and
fully developed, every rating plan and every modification of any of the
foregoing which it intends to recommend for use to its members and subscribers,
not later than 30 days after such manual, premium, plan or modification
thereof takes effect. Every licensed rating organization shall also file
with the Director the rate classification system, all rating rules, rating
plans, policy forms, underwriting rules or similar materials, and each modification
of any of the foregoing which it requires its members and subscribers to
adhere to not later than 30 days before such filings or modifications thereof
are to take effect. Every such filing shall state the proposed effective
date thereof and shall indicate the character and extent of the coverage contemplated.
(3) A filing and any supporting information made pursuant to this Section
shall be open to public inspection after the filing becomes effective.
(Source: P.A. 82-939.)