§ 27-7.1-6.1 - Disapproval of rates.
SECTION 27-7.1-6.1
§ 27-7.1-6.1 Disapproval of rates. –(a) If within the waiting period or any extension of the waiting period asprovided in § 27-7.1-5.1(c) the director finds that a filing does not meetthe requirements of this chapter, a written order of disapproval shall be sentto the insurer or advisory organization, specifying in the order the reasonsthe filing fails to meet the requirements of this chapter and stating that thefiling shall not become effective. If a filing is disapproved by the director,the insurer or advisory organization may request a hearing on the disapprovalwithin thirty (30) days of the date of the order of disapproval and thedirector shall schedule the hearing within thirty (30) days of the receipt ofthe request. The insurer bears the burden of proving compliance with thestandards established by this chapter.
(b) If at any time after a rate has been approved, thedirector finds that the rate no longer meets the requirements of this chapter,the director may order the discontinuance of use of that rate. The order ofdiscontinuance may be issued after a hearing with at least thirty (30) daysprior notice to all insurers affected by the order. The order must be inwriting and state the grounds for the order. The order shall also specify when,within a reasonable time after this, the filing will be deemed no longereffective. The order shall not affect any contract or policy made or issuedprior to the expiration of the period set forth in the order. The director'sorder may include a provision for a premium adjustment for contracts orpolicies made or issued after the effective date of the order.