Indiana § 27-1-22-7 Rate adjustment filing or deviation; effectiveness unless disapproved;
hearing; approval or disapproval

Indiana Statutes

§ 27-1-22-7 — Rate adjustment filing or deviation; effectiveness unless disapproved; hearing; approval or disapproval

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 22 Regulation of Insurance Rates

(a)When a filing or deviation involving a rate adjustment depends upon a change in the relationship between the proposed rates and the anticipated production expense portion thereof from the relationship anticipated under any rates previously filed and currently in effect for the company or rating organization involved, such filing or deviation shall be subject to the provisions of subsection

(b).

(b)Each filing or deviation subject to this section shall be on file for a waiting period of twenty (20) days before it becomes effective. If within such waiting period or after hearing as provided in this section, the commissioner finds that the filing or deviation does not meet the requirements of this chapter, the commissioner shall send to the insurer or rating organization which made the f

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(a) When a filing or deviation involving a rate
adjustment depends upon a change in the relationship between the
proposed rates and the anticipated production expense portion thereof
from the relationship anticipated under any rates previously filed and
currently in effect for the company or rating organization involved,
such filing or deviation shall be subject to the provisions of subsection
(b).
(b) Each filing or deviation subject to this section shall be on file for
a waiting period of twenty (20) days before it becomes effective. If
within such waiting period or after hearing as provided in this section,
the commissioner finds that the filing or deviation does not meet the
requirements of this chapter, the commissioner shall send to the insurer
or rating organization which made the filing or to the insurer which
filed the deviation written notice of disapproval specifying in the notice
in what respects the filing or deviation fails to meet the requirements
of this chapter and stating that the same shall not become effective.
Such filing or deviation shall be deemed to meet the requirements of
this act unless disapproved:
(1) within such waiting period; or
(2) if a hearing has been called and written notice thereof given
by the commissioner during such waiting period, then within ten
(10) days after the date of commencement of such hearing.
Upon the commissioner's own motion, or upon timely written request
by any insurance producer or broker of the company or companies to
which such filing or deviation is applicable, if such request is in good
faith and states reasonable grounds, the commissioner may at any time
within the waiting period call a hearing upon not less than ten (10) nor
more than fifteen (15) days written notice to the company or rating
organization making the filing or to the company filing the deviation.
Within ten (10) days after the commencement of such hearing, the
commissioner shall in writing either approve such filing or deviation
or shall disapprove the same as provided in this section.
Formerly: Acts 1967, c.133, s.7. As amended by P.L.252-1985,
SEC.110; P.L.178-2003, SEC.24; P.L.136-2018, SEC.166.

Indiana § 27-1-22-7 (Rate adjustment filing or deviation; effectiveness unless disapproved; hearing; approval or disapproval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.