Which act requires insurers to file rates with the state before usage?

The Ohio Insurance Rate Law is the legislation governing the requirement for insurers to file their rates with the state before using them. This law is designed to ensure that the rates being charged by insurance companies are fair, adequate, and not discriminatory. By requiring insurers to submit their rate filings for approval, the law helps the regulatory authority monitor and control pricing practices within the insurance market, protecting consumers from excessively high rates and ensuring that companies do not engage in unfair pricing strategies.

The other options do not accurately identify the specific act that mandates rate filing. While the terms might sound similar, the correct terminology is critical in legal and regulatory contexts, as each piece of legislation may address different aspects of insurance regulation. Understanding this distinction is key for anyone studying Ohio insurance laws and regulations.