What is the Definition of Open Competition States?

What is the Definition of Open Competition States?

States where insurance companies can set new rates without prior approval, although the state’s commissioner can disallow them if they are not reasonable and adequate or are discriminatory.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Open Competition States?

You can find random definition and meaning of insurance terms below:


What is the meaning of Named Insured

The person or entity listed on the policy declarations page.


What is the meaning of National Insurance Crime Bureau (NICB)

A not-for-profit organization that partners with insurers and law enforcement agencies to facilitate the identification, detection, and prosecution of insurance criminals. The NICB receives support from over 1,000 property/casualty insurance companies.


What is the meaning of Negligence

The failure to exercise the care that is expected of a reasonable person in similar circumstances.


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