§ 27-30-7. Filing, approval, and withdrawal of forms.
(a) All policies, certificates of insurance, notices of proposed insurance, disclosure
notices, applications for insurance, endorsements, and riders delivered or issued
for delivery in this state and the schedules of premium rates pertaining thereto shall
be filed with the commissioner before being used.
(b) The commissioner shall, within thirty (30) days after the filing of any such policies,
certificates of insurance, notices of proposed insurance, disclosure notices, applications
for insurance, endorsements, and riders, disapprove any such form if the benefits
provided are not reasonable in relation to the premium charged, or if it contains
provisions that are unjust, unfair, inequitable, misleading, deceptive or encourage
misrepresentation of the coverage, or are contrary to any provision of the general
laws or public laws of this state relating to insurance or of any rule or regulation
promulgated thereunder. If the commissioner does not disapprove a filing within thirty
(30) days, it may be deemed approved.
(c) If the commissioner notifies the insurer that the form is disapproved, it is unlawful
thereafter for the insurer to issue or use the form. In such notice, the commissioner
shall specify the reason for disapproval and state that a hearing will be granted
within twenty (20) days after request in writing by the insurer. No such policy, certificate
of insurance, notice of proposed insurance, disclosure notices, nor any application,
endorsement, or rider, shall be issued or used until the expiration of thirty (30)
days after it has been so filed, unless the commissioner shall give prior written
approval.
(d) The commissioner may, at any time after a hearing, held not less than twenty (20)
days after written notice to the insurer, withdraw approval of any such form on any
ground set forth in subsection (b) of this section. The written notice of the hearing
shall state the reasons for the proposed withdrawal.
(e) It is not lawful for the insurer to issue forms or use them after the effective date
of the withdrawal.
(f) If a group policy of consumer credit insurance:
(1) Has been delivered in this state before the effective date of this chapter; or
(2) Has been or will be delivered in another state before or after the effective date
of this chapter then the insurer shall be required to file only the group certificate
and notice of proposed insurance delivered or issued for delivery in this state as
specified in § 27-30-6(c) and (e) and such forms shall be approved by the commissioner if they conform with
the requirements specified in these subsections and if the schedules of premium rates
applicable to the insurance evidenced by such certificate or notice are not in excess
of the insurer's schedules of premium rates filed with the commissioner; provided,
however the premium rate in effect on existing group policies may be continued until
the first policy anniversary date following the date this chapter becomes operative
as provided in § 27-30-12. However, all other forms specified in subsection (a) of this section shall also
be filed as specified in this section unless the group policy has been or is delivered
in another state that has adopted statutes, regulations, or other provisions similar
to this statute. In that event, the forms should be filed for informational purposes.
However, the insurer shall be prohibited from using any form filed for informational
purposes if the commissioner subsequently determines that the form is not in substantive
compliance with the requirements of this statute.
(g) Any order or final determination of the commissioner under the provisions of this
section shall be subject to judicial review in accordance with chapter 35 of title 42.