379.1863.  Filing requirements with the department — review of rates — refile required, when — information to be reported annually to department. — 1.  All policy forms and certificates of insurance to be delivered or issued for delivery in this state, and the schedules of premium rates pertaining thereto, shall be filed with the department of commerce and insurance.

  2.  The department of commerce and insurance shall review the rates to determine whether the rates are excessive, inadequate, or unfairly discriminatory.  This analysis shall include a determination as to whether expenses included by the insurer in the rate are appropriate.

  3.  All insurers shall refile lender-placed insurance rates at least once every four years.

  4.  All insurers writing lender-placed insurance shall have separate rates for lender-placed insurance and voluntary insurance obtained by a mortgage servicer on real estate owned property.

  5.  Upon the introduction of a new lender-placed insurance program, the insurer shall reference its experience in existing programs in the associated filings.  Nothing in sections 379.1850 to 379.1869 shall limit an insurer's discretion, as actuarially appropriate, to distinguish different terms, conditions, exclusions, eligibility criteria, or other unique or different characteristics.  Moreover, an insurer may, where actuarially acceptable, rely upon models or, in the case of flood filings where applicable experience is not credible, on Federal Emergency Management Agency National Flood Insurance Program data.

  6.  (1)  No later than April first of each year, each insurer with at least one hundred thousand dollars in direct written premium for lender-placed insurance in this state during the prior calendar year shall report to the department of commerce and insurance the following information for the prior calendar year:

  (a)  Actual loss ratio;

  (b)  Earned premium;

  (c)  Any aggregate schedule rating debit or credit to earned premium;

  (d)  Itemized expenses;

  (e)  Paid losses;

  (f)  Loss reserves, including case reserves and reserves for incurred but not reported losses.

  (2)  The report under subdivision (1) of this subsection shall be separately produced for each lender-placed program and presented on both an individual-jurisdiction and countrywide basis.

  7.  If an insurer experiences an annual loss ratio of less than thirty-five percent in any lender-placed program for two consecutive years, it shall submit a rate filing, either adjusting its rates or supporting their continuance, to the department of commerce and insurance no more than ninety days after the submission of the data required in subsection 6 of this section.  This subsection shall not apply with regard to lender-placed flood insurance.

  8.  Except as otherwise specifically set forth in this section, rates and forms shall be filed as required under the insurance laws of this state.