(a) An insurance company that writes property insurance for wind or hail coverage of any property located in this state that has been certified compliant with the most recent version of any applicable FORTIFIED Home construction standards published by the Insurance Institute for Business & Home Safety or a successor entity:(1) Shall provide a premium discount or rate reduction on the coverage if the discount or reduction is actuarially justified; or(2) May provide:(A) A premium discount or rate reduction on the coverage according to any standard discount amounts, targets, or benchmarks established under subsection (d) of this section; and(B) Any other adjustment on the coverage.
(1) Shall provide a premium discount or rate reduction on the coverage if the discount or reduction is actuarially justified; or
(2) May provide:(A) A premium discount or rate reduction on the coverage according to any standard discount amounts, targets, or benchmarks established under subsection (d) of this section; and(B) Any other adjustment on the coverage.
(A) A premium discount or rate reduction on the coverage according to any standard discount amounts, targets, or benchmarks established under subsection (d) of this section; and
(B) Any other adjustment on the coverage.
(b) A premium discount, rate reduction, or other adjustment provided under subsection (a) of this section shall be subject to rate filing and other applicable regulatory requirements, including without limitation those under § 23-67-201 et seq.
(c) An insurance company that offers a premium discount, rate reduction, or other adjustment under subdivision (a)(1) of this section shall provide the discount, reduction, or adjustment on the coverage of an insurable dwelling located in this state if the insurance company receives a copy of the certificate of compliance for the insurable dwelling.
(d) (1) The Insurance Commissioner may promulgate rules that establish standard discount amounts, targets, or benchmarks for the coverage of any real property located in this state that has been certified compliant with the most recent version of any applicable FORTIFIED Home construction standards published by the Insurance Institute for Business & Home Safety or a successor entity.(2) Any standard discount amounts, targets, or benchmarks promulgated by the commissioner shall be:(A) Optional; and(B) Primarily for the benefit of insurance companies that are unable to obtain actuarially valid data to provide a premium discount or rate reduction under subdivision (a)(1) of this section due to inadequate resources or experience.
(1) The Insurance Commissioner may promulgate rules that establish standard discount amounts, targets, or benchmarks for the coverage of any real property located in this state that has been certified compliant with the most recent version of any applicable FORTIFIED Home construction standards published by the Insurance Institute for Business & Home Safety or a successor entity.
(2) Any standard discount amounts, targets, or benchmarks promulgated by the commissioner shall be:(A) Optional; and(B) Primarily for the benefit of insurance companies that are unable to obtain actuarially valid data to provide a premium discount or rate reduction under subdivision (a)(1) of this section due to inadequate resources or experience.
(A) Optional; and
(B) Primarily for the benefit of insurance companies that are unable to obtain actuarially valid data to provide a premium discount or rate reduction under subdivision (a)(1) of this section due to inadequate resources or experience.