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Regulators terms
Commissioners, rate approvals and pushback.
Admitted insurerAn insurance company licensed by a state's insurance department, which regulates its rates and forms and backs its claims through the state guaranty fund.File-and-useA rate-regulation system in which insurers can start charging new rates once they are filed with the state, without waiting for advance approval.Insurance commissionerThe official who runs a state's insurance department and enforces its insurance laws; elected in some states, appointed in most.Insurance rateThe price per unit of coverage an insurer files with the state, which rating factors then adjust to produce your individual premium.NAICThe standard-setting organization of the chief insurance regulators of the 50 states, D.C. and five U.S. territories, founded in 1871.Prior approvalA rate regulation system in which insurers must get the state regulator's approval before using new rates or rating rules.Proposition 103The 1988 California ballot measure that requires approval of auto rates before use, mandates a Good Driver Discount and made the commissioner elected.Rate filingThe package of proposed rates, rating rules and supporting data an insurer submits to a state regulator when it wants to change prices.State department of insuranceThe state agency that licenses insurers and agents, reviews rates and policy forms, monitors solvency and handles consumer complaints.