58-24-70 Exemption from rate and form filing requirements for policy issued to exempt commercial po...
Exemption from rate and form filing requirements for policy issued to exempt
commercial policyholder--Disclosure requirements.
An insurer issuing a policy to an exempt
commercial policyholder is exempt, except as provided for in §§ 58-24-68 to 58-24-74, inclusive,
from the rate filing requirements of chapter 58-24 and the form filing requirements of § 58-11-12.
At the time of soliciting an exempt commercial policyholder to purchase insurance, the insurance
producer, or the insurer in the case of a direct procurement from the insurer, shall disclose to the
policyholder and the policyholder's risk manager, on a form created by the insurer, that a premium
or rate may be quoted or a policy form may be used that is not subject to the rate and form filing
requirements of the Division of Insurance.
Source: SL 2004, ch 307, § 3.