(1)Upon receipt of filings
required under the provisions of section 10-4-405 (1), the commissioner shall review,
or cause to be reviewed, the same as soon as reasonably possible after they have
been made in order to determine whether they meet the requirements of this part 4.
(2)A filing which the commissioner has placed on file for public inspection,
shall so remain on file for fifteen days (counting such filing date as the first day of
such public inspection period) and shall not be approved, disapproved, or become
effective during such fifteen-day period except after a public hearing. If not
theretofore approved or disapproved after a public hearing thereon, or affirmatively
approved or disapproved by the commissioner on the sixteenth day after the filing
was so placed on fi
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(1) Upon receipt of filings
required under the provisions of section 10-4-405 (1), the commissioner shall review,
or cause to be reviewed, the same as soon as reasonably possible after they have
been made in order to determine whether they meet the requirements of this part 4.
(2) A filing which the commissioner has placed on file for public inspection,
shall so remain on file for fifteen days (counting such filing date as the first day of
such public inspection period) and shall not be approved, disapproved, or become
effective during such fifteen-day period except after a public hearing. If not
theretofore approved or disapproved after a public hearing thereon, or affirmatively
approved or disapproved by the commissioner on the sixteenth day after the filing
was so placed on file for public inspection, the filing shall be deemed approved as
of 12:01 a.m. on such sixteenth day, unless within such fifteen-day period the
commissioner concludes it to be in the public interest to hold a public hearing to
determine whether the filing meets the requirements of this part 4 and gives notice
of such hearing to the insurer or rating organization that made the filing, in which
case the effectiveness of the filing shall be subject to the further order of the
commissioner.
(2.5) For any filing made pursuant to section 10-4-405 for workers'
compensation and employer's liability insurance incidental thereto and written in
connection therewith, and where the commissioner determines that it is necessary
to use the services authorized in subsection (3.5) of this section, the commissioner
shall have a reasonable time not to exceed sixty days to review or inspect the filing
after it is determined to be complete and before the filing shall be considered
placed on file pursuant to subsection (2) of this section. The commissioner shall
place on file for public inspection the results of any review or examination
performed pursuant to subsection (3.5) of this section.
(3) An insurer or rating organization may, at the time it makes a filing with
the commissioner, request a public hearing thereon. In such event the commissioner
shall forthwith place the filing on file in his office for public inspection, and shall
give notice of the hearing, and shall otherwise hold and conduct the hearing as
provided in section 10-4-407; and the effectiveness of the filing shall be subject to
the commissioner's order made following the hearing.
(3.5) If the commissioner determines that it is reasonably necessary, the
commissioner may cause the filing to be reviewed or examined by actuaries,
accountants, insurance experts, or any other person at the discretion of the
commissioner. The reasonable costs of any such review or examination shall be paid
by the rating organization, advisory organization, or group, association, or insurer
submitting the filing for approval.
(4) (a) If any such filing results in a change in premium rate as to assigned
risk motor vehicle insurance, the commissioner shall, coincidentally with placing
the filing on file in his office for public inspection as provided in this section, inform
two established news agencies having offices at Denver thereof by mailing,
postage prepaid, to each of said news agencies a notice of such filing. Such notice
shall read as follows:
Notice of assigned risk motor vehicle insurance rate filing, pursuant to
section 10-4-406 (4), Colorado Revised Statutes, is hereby given by the
commissioner of insurance that a rate change has been filed by:
Name of insurance company
Type of property affected
Type of insurance coverage
Nature of rate change
Date of filing
Dated and signed at Denver, Colorado, this ( ) day of (month), 20....
By: .............................................
Commissioner of Insurance
The commissioner shall certify in writing as to the mailing of the aforesaid notices
to such news agencies, and a copy of the certificate shall be made part of the
commissioner's records pertaining to such filings. The effectiveness of any such
filing or action of the commissioner relative thereto shall not be affected by failure
of the commissioner so to inform any particular news agency.
(b) It is the intent of this subsection (4) that the sending of said notice is the
responsibility of the commissioner and not of the company or rating organization
requesting the rate change.
(5) (a) If the commissioner approves a filing, he or she shall give prompt
notice thereof to the insurer or rating organization that made the filing. The filing
shall become effective upon such subsequent date as may be satisfactory to the
commissioner and the insurer or rating organization that made the filing; except
that rates for workers' compensation insurance shall become effective on January 1
unless the commissioner, upon application, makes a finding upon good cause shown
that a later date is necessary or appropriate for the implementation of such filing.
(b) If the filing is deemed approved in the absence of affirmative action by
the commissioner, as provided in subsection (2) of this section, it shall become
effective upon such subsequent date as may be satisfactory to the commissioner
and the insurer or rating organization that made the filing; except that rates for
workers' compensation insurance shall become effective on January 1 unless the
commissioner, upon application, makes a finding upon good cause shown that a
later date is necessary or appropriate for the implementation of such filing.
(c) If the commissioner disapproves a filing, he shall promptly give notice of
such action to the insurer or rating organization that made the filing, stating the
respects in which the filing does not meet the requirements of this part 4.