§ 27-6-11 - Waiting period – Effective date of filings.
SECTION 27-6-11
§ 27-6-11 Waiting period – Effectivedate of filings. – Subject to the exception specified in § 27-6-10, each filing shall be onfile for a waiting period of thirty (30) days before it becomes effective,which period may be extended by the commissioner for an additional period notto exceed thirty (30) days if the commissioner gives written notice within thatwaiting period to the insurer or rating organization which made the filing thathe or she needs that additional time for the consideration of the filing. Uponwritten application by the insurer or rating organization, the commissioner mayauthorize a filing that he or she has reviewed to become effective before theexpiration of the waiting period or any extension. A filing shall be deemed tomeet the requirements of this chapter and to become effective unlessdisapproved by the commissioner within the waiting period or any extension;provided, that if the commissioner gives written notice to the insurer orrating organization within the waiting period or any extension that he or shewill hold a hearing on the filing, the filing shall not become effective beforeor until the commissioner issues his or her decision. Upon giving that noticethe commissioner shall also give public notice of the hearing by causing anotice to be published in a newspaper of general circulation in the state atleast ten (10) days prior to the hearing stating the name of the insurer orrating organization which has made the filing and including a generaldescription of the subject matter and sending a copy of that notice to theconsumer protection unit of the department of attorney general. Thecommissioner shall hold a hearing on major filings. The hearing shall be heldand a decision issued by the commissioner as soon as reasonably possible.