Which one of the following is the type of state insurance rating law that allows rates...

Which one of the following is the type of state insurance rating law that allows rates to be determined by market prices driven by the economic laws of supply and demand, rather than regulatory decisions?

Select one:

a. Mandatory rate law

b. File-and-use law

c. Open competition law

d. Flex rating law

Expert Solution

The correct option is option C

Open competition law

Thu=is is also called as no-filing laws. Here the insurers are not obliged to file their rates but the market will insure the reasonable rates. But this is nothing like that the rates are created without any oversight. The regulatory body maintains the rate and provides a schedule of rates.

keosha answered 2 years ago

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