§ 27-44-7. Disapproval of rates.
(a) Timing of disapproval. A rate in a competitive market may be disapproved any time prior to the proposed effective
date or, if supporting information is required pursuant to § 27-44-6(a), at any time within thirty (30) days after receipt of the information. An existing
rate may be disapproved only after a hearing to determine continued compliance with
the rate standards of this chapter.
(b) Basis of disapproval. The director shall disapprove a rate for use in a competitive market if the director
finds that the rate is excessive, inadequate, or unfairly discriminatory, or violates
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§ 27-44-7. Disapproval of rates.
(a) Timing of disapproval. A rate in a competitive market may be disapproved any time prior to the proposed effective
date or, if supporting information is required pursuant to § 27-44-6(a), at any time within thirty (30) days after receipt of the information. An existing
rate may be disapproved only after a hearing to determine continued compliance with
the rate standards of this chapter.
(b) Basis of disapproval. The director shall disapprove a rate for use in a competitive market if the director
finds that the rate is excessive, inadequate, or unfairly discriminatory, or violates
the standards of § 27-44-5. The director's order shall specify in what respects the rate fails to meet the rate
standards.
(c) Disapproval procedures; order.
(1) If the director determines that a reasonable degree of competition does not exist
in a market in accordance with § 27-44-4, he or she may review and suspend existing rates in accordance with the procedures
established in the other provisions of law that govern rates, including, but not limited
to, chapters 6 and 9 of this title.
(2) If the director disapproves an existing rate in a competitive market, the director
shall issue an order specifying in what respects it fails to meet the rate standards
and stating when, within a reasonable period after this, the rate shall be discontinued
for any policy issued or renewed after a date specified in the order. The order shall
be issued within thirty (30) days after the close of the hearing or within any reasonable
time extension the director may fix. The order may include a provision for premium
adjustment for the period after the effective date of the order for policies in effect
on that date.
(d) Review of ratings. Every insurer or rating organization shall provide within this state reasonable means
by which any person aggrieved by the application of its rating system may upon written
request review the manner in which the rating system has been applied in connection
with the insurance afforded or offered. If the insurer or rating organization fails
to grant or reject the request within thirty (30) days, the applicant may proceed
in the same manner as if the application had been rejected. Any party affected by
the action of an insurer or rating organization on the request may, within thirty
(30) days after written notice of the action, appeal to the director, who, after a
hearing held upon not less than ten (10) days' written notice to the appellant and
to the insurer or rating organization, may affirm, modify, or reverse the action.