Credit life and credit accident & health prima facie rates and filing requirements
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This bulletin reissues prima facie premium rates for credit life insurance and credit accident and health insurance and explains filing and compensation restrictions for insurers and creditors; it applies to insurers writing these products in Nebraska.
No material clinical or coverage changes in this revision.
Filing and Compensation Criteria
Filing and compensation criteria
Use of published prima facie rates and restrictions on compensation and deviations:
Published Prima Facie Rates and Filing Thresholds
| $.50 per year per $100 | Example prima facie rate for a specified credit life category (from bulletin table) |
| $.69 per $1,000 per month | Outstanding balance life prima facie rate (example) |
| $.92 per year per $100 | Level term life prima facie rate (example) |
| factor 1.80 | Multiplier to derive joint credit accident & health rates |
Rate Filing and Deviation Requirements
File premium rate schedule and justify any upward deviations
Insurers must file a schedule of premium rates adopting the published prima facie rates; even when using the published prima facie rates, the insurer must file its premium rate schedule. Filed rates that are equal to or less than the prima facie rates require no additional statistical or actuarial justification. Any upward deviation from the prima facie rates must be supported to the satisfaction of the Director with appropriate, adequate and credible company‑specific experience and statistical data; approved deviations must be refiled and re‑approved by the Department upon reissuance of the bulletin.
- File a premium rate schedule that adopts the published prima facie rates.
- No additional justification is required if filed rates are equal to or less than the prima facie rates.
- If filing rates above the prima facie rates, provide adequate, credible company‑specific actuarial support for Director approval.
- Approved deviations must be refiled and re‑approved when the bulletin is reissued; approval may be withdrawn if rates are later found unreasonable.
Key Definitions
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