What regulations must insurers follow regarding rates?

Insurers are required to ensure that their rates are fair and not discriminatory to promote equity in the insurance market. This means they cannot charge different premiums or impose different terms based on factors that are irrelevant or unfair, such as race, gender, or other protected characteristics. Fairness in rates is crucial for protecting consumers and maintaining trust in the insurance industry.

Regulating rates to be fair helps maintain a competitive marketplace where insurers are incentivized to provide products that are accessible and equitable to all consumers. Discrimination can lead to disproportionately high costs for certain groups, which is why regulators are vigilant about enforcing this principle.

The other options, while they touch on important aspects of insurance operations, do not accurately reflect the fundamental regulation concerning rates. For instance, it is not a standard requirement that rates receive approval from independent auditors, nor must they be directly competitive with neighboring states or published online for transparency, though those practices may benefit consumers in other contexts.