§ 23-87-112 — Filing, approval, and withdrawal of policies, certificates, notices, etc

(a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements, and riders shall be filed with the insurance commissioner in the state in which the policy is issued. (b) Within thirty (30) days after the filing of all policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements, and riders, in addition to other requirements of law, the commissioner may disapprove the form if the table of premium rates charged or to be charged appears by reasonable assumptions to be excessive in relation to benefits or if it contains provisions that are unjust, unfair, inequitable, misleading, or deceptive or encourage misrepresentation of the policy. (c) (1) If the commissioner notifies the insurer that the form does not comply with this section, it is unlawful thereafter for the insurer to issue or use the form. (2) In the notice, the commissioner shall specify the reason for his or her disapproval and state that a hearing will be granted within twenty (20) days after request in writing by the insurer. (3) No policy, certificate of insurance, notice of proposed insurance and no application, binder, endorsement, or rider shall be issued or used until the expiration of thirty (30) days after it has been so filed unless the commissioner gives his or her prior written approval thereto. (d) At any time after a hearing, of which not less than twenty (20) days' written notice was given to the insurer, the commissioner may withdraw his or her approval of any form on any such grounds. (e) It is not lawful for the insurer to issue the forms or use them after the effective date of the withdrawal of approval. (f) Any order or final determination of the commissioner under the provisions of this section shall be subject to judicial review.

Legislative History

Acts 1959, No. 148, § 436; A.S.A. 1947, § 66-3810; Acts 2003, No. 1794, § 4.