§ 112.3. Explanation of submission of rates.
(a) ‘‘Risks and coverages of Installment Sales and Leased property’’ has been deleted from the Nation-Wide Marine Definition, 31 Pa. Code § 91.8 (relating to personal property floater risks). Therefore, this class of risk and type of coverage will no longer be considered uncontrolled and unfiled.
(b) On and after March 1, 1974, all insurance companies insuring personal property purchased under a credit transaction or a credit transaction involving a debtor pledging personal property as collateral must submit rates involving such policies of insurance to the Commissioner for prior approval. Rates currently in use shall be submitted for review by the Commissioner within 90 days of the date of publication of this chapter. The submission of new rates or submission of rates currently in use for review shall be in accordance with provisions of the Fire, Marine and Inland Marine Rate Regulatory Act (40 P. S. § 1221 et seq.).
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