Reports & Papers-An Underwriter’s Guide to State Rate, Rule, and Form Filings

An Underwriter’s Guide to State Rate, Rule, and Form Filings

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The Inland Marine Underwriters Association (IMUA) has created an "Underwriter’s Guide to State Rate, Rule, and Form Filings." This guide offers a comprehensive overview of filing requirements for inland marine insurance across the United States, including all fifty states, the District of Columbia, Puerto Rico, and the US Virgin Islands. It is updated annually based on state statutes and regulations.<br /><br />IMUA, a non-profit national insurance trade association, comprises corporate members like insurance and reinsurance companies, associate general members, associate MGA members, and associate broker members. The association publishes information beneficial to underwriters, loss control specialists, claims specialists, and other related professionals. The guide provides a digest of rate, rule, and form filing requirements per jurisdiction and highlights exemptions and additional requirements unique to each area. <br /><br />Key points from selected states include:<br /><br />1. <strong>Alabama</strong>: Forms must be filed for approval, but policy forms and endorsements for special inland marine risks are exempt. Rates must be filed for approval except for risks written by custom without manual rates.<br />  <br />2. <strong>California</strong>: Both forms and rates must be filed for approval under Prop. 103 and the California Insurance Code 11735.<br /><br />3. <strong>New York</strong>: Forms and rates must be filed with the superintendent of insurance. Inland marine risks not written according to manual rates by general custom of the business are exempt unless directed otherwise by the superintendent.<br /><br />4. <strong>Texas</strong>: Filing is required for "regulated classes" of business, but not for non-regulated classes. The guidance is provided in Rule 5.5002 of the Texas administrative regulations.<br /><br />5. <strong>Florida</strong>: Commercial inland marine insurance forms are exempt from filing, and no rate filing is required for commercial inland marine classes.<br /><br />Every jurisdiction has specific rules detailing which inland marine insurance forms and rates must be filed and which classes are implied to be exempt. For instance, many states exempt “special risks” or inland marine policies not traditionally written according to manual rates.<br /><br />Users of this guide are encouraged to ensure they are referencing the most current version, as state requirements may change annually. Members are requested to notify IMUA staff of any statutory or regulatory adjustments to ensure the continued accuracy of the guide. The guide does not offer legal or compliance advice but rather aims to provide a foundational understanding of varying state requirements. <br /><br />For more detailed information, including specific state hyperlinks and citations, users should refer directly to the comprehensive guide or individual state resources.

Keywords

IMUA

Underwriter's Guide

inland marine insurance

state rate filings

rule filings

form filings

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state exemptions

annual updates

insurance trade association

Inland Marine Insurance Industry

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