Who must approve rate changes for non-competitive types of insurance?

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Prepare for the Maryland Property and Casualty Insurance Exam. Use flashcards and multiple choice questions, each complete with hints and explanations. Ensure you're ready for your test day!

Multiple Choice

Who must approve rate changes for non-competitive types of insurance?

Explanation:
Rate changes for non-competitive lines are regulated by the state, with the Insurance Commissioner having the authority to approve or disapprove them. This ensures rates are not excessive, inadequate, or unfairly discriminatory. An insurance agent cannot approve rates, a policyholder doesn’t have that authority, and the Attorney General isn’t the rate-approval body. In Maryland, proposed rate changes must be filed with and approved by the Commissioner before they can go into effect.

Rate changes for non-competitive lines are regulated by the state, with the Insurance Commissioner having the authority to approve or disapprove them. This ensures rates are not excessive, inadequate, or unfairly discriminatory. An insurance agent cannot approve rates, a policyholder doesn’t have that authority, and the Attorney General isn’t the rate-approval body. In Maryland, proposed rate changes must be filed with and approved by the Commissioner before they can go into effect.

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