354.152. Premiums, dues or fees subject to restrictions--violation, hearing--order prohibiting.
Premiums, dues or fees subject to restrictions--violation,hearing--order prohibiting.
354.152. Premiums, dues or fees made by each corporation shall besubject to the following provisions:
(1) Premiums, dues or fees shall not be excessive or inadequate, asherein defined, nor shall they be unfairly discriminatory;
(2) No premiums, dues or fees shall be held to be excessive unless suchpremiums, dues or fees are unreasonably high relative to the corporation'sloss experience under policies, plans or contracts with respect to theterritory or classification to which such premiums, dues or fees areapplicable;
(3) No premiums, dues or fees shall be held to be inadequate unless suchpremiums, dues or fees are unreasonably low for the coverage provided and thecontinued use of such premiums, dues or fees endangers the solvency of thecorporation using the same;
(4) If the director of the department of insurance, financialinstitutions and professional registration has reason to believe that anypremiums, dues or fees do not meet the standards of this section, he shallhold a public hearing in connection therewith, provided* that within areasonable period of time, which shall be not less than ten days before thedate of such hearing, he shall mail written notice specifying the matters tobe considered at such hearing to any corporation believed by him not to be incompliance with the provisions of this section;
(5) If the director, after such hearings, for good cause finds that suchpremiums, dues or fees do not meet the provisions of this section, he shallissue an order specifying in what respects any such premiums, dues or feesfails to meet the provisions of this section and stating when, within areasonable period of time thereafter, the further use of such premiums, duesor fees by the corporation which is the subject of the examination shall beprohibited and a copy of such order shall be sent to such corporation.
(L. 1979 S.B. 93)*Word "providing" appears in original rolls.