Section 500.2616 - Disapproval of filing by insurance commissioner; notice; waiting period; specific inland marine rate.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2616 Disapproval of filing by insurance commissioner; notice; waiting period; specific inland marine rate.
Sec. 2616.
(1) If within the waiting period or any extension thereof as provided in section 2608 (2), the commissioner finds that a filing does not meet the requirements of this chapter, he shall send to the insurer or rating organization which made such filing, written notice of disapproval of such filing specifying therein in what respects he finds such filing fails to meet the requirements of this chapter and stating that such filing shall not become effective.
(2) If within 30 days after a specific inland marine rate on a risk specially rated by a rating organization, subject to section 2608 (3) has become effective, the commissioner finds that such filing does not meet the requirements of this chapter, he shall send to the rating organization which made such filing written notice of disapproval of such filing specifying therein in what respects he finds that such filing fails to meet the requirements of this chapter and stating when, within a reasonable period thereafter, such filing shall be deemed no longer effective. Said disapproval shall not affect any contract made or issued prior to the expiration of the period set forth in said notice.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218