how are FARM rates set
who sets them? do they have to do a filing? do they have access to only their data or can they get private insurers data as well?
It looks like you're new here. If you want to get involved, click one of these buttons!
who sets them? do they have to do a filing? do they have access to only their data or can they get private insurers data as well?
Comments
The FA will perform an actuarial analysis, and file rate proposals with provincial regulators (where applicable) like any other private insurer. These filings will need to be approved.
They have access to the data for policies in the FARM, which is the data used in the actuarial analysis.