83-2-7 - Filing of rates and related information by insurers; exceptions; effective date of rate adjustment filing.
§ 83-2-7. Filing of rates and related information by insurers; exceptions; effective date of rate adjustment filing.
(1) Except as provided in Section 83-2-9 and subsection (2) of this section, every insurer shall file with the commissioner all rates, supplementary rate information, policy forms and endorsements at least thirty (30) days prior to the proposed effective date which shall be stated in the filing. Rates, supplementary rate information, policy forms and endorsements need not be filed for inland marine risks which by general custom of the business are not written according to manual rules or rating plans. Upon the request of the commissioner, supporting information shall also be filed. Any filing made under this section is deemed to be approved unless disapproved by the Commissioner of Insurance within thirty (30) days after the date of filing.
(2) A filing of adjustments of rates for existing rating systems made under this section which does not involve a change in the relationship between such rates and the expense portion thereof or does not involve a change of the element of expenses which are paid as a percentage of premiums and does not involve a change in rate relativities among such classifications on any basis other than loss experience is effective on the date specified in the filing which shall not be less than thirty (30) days after the filing is made and shall be deemed to meet the requirements of this chapter.
Within thirty (30) days after receiving a filing, the commissioner may issue an order which delays the effective date of a filing under this section for not more than thirty (30) days after the date the order is issued if (a) the filing does not conform to generally accepted actuarial procedures; or (b) the amount of the rate adjustment is not justified by the supporting information. A delay order under this subsection shall specifically set forth the objections of the commissioner. The filing party may submit a corrected filing or supplemental information as appropriate. In the event that a corrected filing or supplemental information is not submitted, the filing is deemed to be withdrawn.
(3) No insurance company shall make or issue a contract or policy except in accordance with filings made with the commissioner, if such filings are required.
Sources: Laws, 1987, ch. 422, § 5, eff from and after January 1, 1988.