Rate Review
/ˈreɪt rɪˌvjuː/
Definitions
- (n.) A regulatory process by which insurance commissions examine and approve or disapprove proposed insurance premium rates to ensure they are fair, adequate, and not discriminatory.
The state's rate review board delayed the insurer's proposed rate increase after public hearings.
Forms
- rate review
- rate reviews
Related terms
See also
Commentary
Rate review is typically mandated by law or regulation and involves actuarial and legal analysis to balance insurer solvency and consumer protection.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.