379.889. Rates not to be excessive, inadequate, or unfairly discriminatory--unfair discrimination defined.
Rates not to be excessive, inadequate, or unfairlydiscriminatory--unfair discrimination defined.
379.889. Commercial casualty insurance rates shall not be excessive,inadequate or unfairly discriminatory. No rate shall be held to beexcessive unless such rate is unreasonably high for the insurance coverageprovided. No rate shall be held to be inadequate unless such rate isunreasonably low for the insurance coverage provided and is insufficient tosustain projected losses and expenses or unless such rate is unreasonablylow for the insurance coverage provided and the use of such rate has, or ifcontinued will have, the effect of destroying competition or creating amonopoly. Unfair discrimination shall be defined to include, but shall notbe limited to, the use of rates which unfairly discriminate between risksin the application of like charges or credits or the use of rates whichunfairly discriminate between risks having essentially the same hazard.
(L. 1987 H.B. 700 § 29, A.L. 2002 H.B. 1468)