Insurance rates for voluntary insurance are determined by the insurers themselves. Insurance rates, calculated by the insurance company should be reported in the Regulation on types of insurance that are provided to the Department of Insurance Supervisors to obtain a license for insurance activity. During the validity period of license supervision meet the real tariff specified in the Rules. Violation of consistency could lead to suspension or even revocation of license from the insurer. In determining the amount of premium payable under the insurance policy, the insurer uses those developed rates that determine the premium, taking into account the characteristics of the object of insurance, the nature of insurance risk, the amount of insurance liabilities and the period of insurance. In addition, the insurer may, when determining the amount subject to payment of insurance premiums and increase the use of reducing factors to base insurance rates, as determined by risk factors, and also established in the Regulation of insurance.
Tags: market of life insurance