§ 2308 — Imposition of prior approval

* § 2308. Imposition of prior approval. (a) If the superintendent\ndetermines, after a hearing, at which representatives of consumers and\nother interested parties may participate, and on the basis of findings\nof fact and conclusions, that, with respect to any territory or to any\nkind, subdivision or class of insurance, competition is either\ninsufficient to assure that rates will not be excessive, or so conducted\nas to be destructive of competition or detrimental to the solvency of\ninsurers, he shall order that the rates for such insurance or territory\nshall be subject to prior approval under subsection (b) of section two\nthousand three hundred five of this article and to all other provisions\nof this article applicable to rates subject to such subsection. Such\norder shall have a specified duration of not more than one year but may\nbe renewed by the superintendent upon appropriate findings of fact,\nconclusions and order. Within thirty days after the close of the hearing\nthe superintendent shall make his determination in a report which shall\nbe made public.\n (b) The superintendent, by regulation adopted after a hearing, shall,\nwhere appropriate, establish objective standards, including\nindustry-wide profitability standards and market concentration\nstandards, for determining when a hearing pursuant to subsection (a)\nhereof shall be called.\n (c) This section shall be applicable to kinds of insurance or\ninsurance activities the rates for which, pursuant to subsection (a) of\nsection two thousand three hundred five of this article, are not subject\nto prior approval.\n * NB Expires July 1, 2026\n