Under one type of rating law,insurers are free to change rates and to use modified rates immediately.However,the new rate must be filed with regulators within a specified period,such as 60 days after the modified rate is employed.This type of rating law is called

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In the use-and-file rating law, insurers are free to modify rates and use them immediately, but they must file the new rate with regulators within a specified time frame. This allows insurers to be more competitive and responsive to market changes while also giving regulators the ability to review and monitor rates to protect consumers. This differs from the prior approval rating law, where insurers must receive approval from regulators before implementing a new rate, and the file-and-use rating law, where insurers can immediately use a new rate without filing it with regulators until later. The flex rating law is another type of rating law that allows for greater flexibility in rate adjustments, but it is not mentioned in the question.

Under One Type of Rating Law,insurers Are Free to Change