Sec. 38a-688a. Rate filing re personal risk insurance. Powers of commissioner.
Sec. 38a-688a. Rate filing re personal risk insurance. Powers of commissioner.
(a) Notwithstanding the requirements of sections 38a-389 and 38a-688 with respect to
personal risk insurance with the exception of residual market rates, and on and after
July 1, 2006, and until July 1, 2009, an insurer may file a rate with the Insurance Commissioner pursuant to this section and such rate shall take effect the date it is filed provided
the rate provides for an overall state-wide rate increase or decrease of not more than six
per cent in the aggregate for all coverages that are subject to the filing. The six per cent
limit shall not apply on an individual insured basis. Not more than one filing may be
made by an insurer pursuant to this section within any twelve-month period unless the
filing, when combined with one or more filings made by the insurer within the preceding
twelve months, does not result in an overall state-wide increase or decrease of more
than six per cent in the aggregate for all coverages that are subject to the filing.
(b) A filing that does not meet the criteria set forth in subsection (a) of this section
shall be subject to sections 38a-389 and 38a-688 unless the filing is otherwise exempt
from said sections.
(c) A filing submitted pursuant to subsection (a) of this section shall be deemed to
comply with the requirements of this chapter, except that the commissioner shall have
the authority to determine whether the filing is inadequate or unfairly discriminatory.
In the event the commissioner determines that the filing is inadequate or unfairly discriminatory, the commissioner shall issue a written order specifying in detail the reasons
why the filing is inadequate or unfairly discriminatory. The order shall indicate a future
date on which the filing shall no longer be effective. An order by the commissioner
pursuant to this subsection that is issued more than thirty days after the date the rate is
filed with the commissioner shall be prospective only and shall not affect any contract
issued or made before the effective date of the order.
(d) No rate increase that meets the criteria set forth in subsection (a) of this section
may be implemented with respect to an individual policy in effect on the date of the
filing unless the increase is applicable no earlier than the date of policy renewal and the
insurer provides notice of the increase to the insured pursuant to section 38a-323.
(P.A. 06-104, S. 2.)
History: P.A. 06-104 effective July 1, 2006.