2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515A - WORKERS' COMPENSATION LIABILITY INSURANCE
515A.3 - MAKING OF RATES.

        515A.3  MAKING OF RATES.
         1.  Rates shall be made in accordance with the following
      provisions:
         a.  Rates shall not be excessive, inadequate, or unfairly
      discriminatory.
         b.  Due consideration shall be given to past and prospective
      loss experience within and outside this state; to catastrophe
      hazards; to a reasonable margin for underwriting profit and
      contingencies; to dividends, savings, or unabsorbed premium deposits
      allowed or returned by insurers to their policyholders, members, or
      subscribers; to past and prospective expenses both countrywide and
      those specially applicable to this state; and to all other relevant
      factors within and outside this state.
         c.  The systems of expense provisions included in the rates
      for use by any insurer or group of insurers may differ from those of
      other insurers or group of insurers to reflect the requirements of
      the operating methods of any such insurer or group of insurers with
      respect to any kind of insurance, or with respect to any subdivision
      or combination thereof for which subdivision or combination separate
      expense provisions are applicable.
         d.  Risks may be grouped by classifications for the
      establishment of rates and minimum premiums.  Classification rates
      may be modified to produce rates for individual risks in accordance
      with rating plans which establish standards for measuring variations
      in hazards or expense provisions, or both.  Such standards may
      measure any differences among risks that can be demonstrated to have
      a probable effect upon losses or expenses.
         2.  Except to the extent necessary to meet the provisions of
      paragraph "a" of subsection 1 of this section, uniformity among
      insurers in any matters within the scope of this section is neither
      required nor prohibited.  

         Section History: Early Form

         [C50, 54, 58, 62, § 515A.3, 515B.3; C66, 71, 73, 75, 77, 79, 81, §
      515A.3] 

         Section History: Recent Form

         2008 Acts, ch 1123, §30
         Referred to in § 515A.4, 515A.7, 515A.8, 515A.13