In states that use this method, an insurer or its rating bureau must file its new rates and have them approved by the commissioner before using them.Identify this property/casualty rate regulation method.

Question

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The prior approval method requires insurers or their rating bureaus to file new rates with the state's insurance commissioner and receive approval before those rates can be used. This method is designed to ensure rates are not excessive, inadequate, or unfairly discriminatory.

In States That Use This Method, an Insurer or Its