§ 27-6-16 - Review of rates not provided for by filings.
SECTION 27-6-16
§ 27-6-16 Review of rates not provided forby filings. – Within ten (10) days after any insurer has made or issued a contract or policyat a rate or premium other than as provided for by any filing made with thecommissioner by or in its behalf, the insurer shall notify the commissioner inwriting of that action in any form the commissioner may require. Thecommissioner shall review the notice as soon as reasonably possible after ithas been received, in order to determine whether the contract or policy hasbeen written at a rate or premium that meets the requirements of this chapter.When the notice is not accompanied by the information upon which the insurersupports the rate or premium, and the commissioner does not have sufficientinformation to determine whether the rate or premium meets the requirements ofthe chapter, the commissioner shall require the insurer to furnish within ten(10) days after receipt of the notice of that requirement, the information uponwhich it supports the rate or premium. Unless, within thirty (30) days afterreceipt of the notice or supporting information, the commissioner shall issuean order following a hearing, as provided in § 27-6-19, the rate orpremium charged for the contract or policy shall be deemed to meet therequirements of this chapter; provided, that all contract and policies issuedunder the provisions of this section shall state that the rate or premiumcharged has not been reviewed by the commissioner and that it is subject todisapproval or modification as of the effective date of the contracts orpolicies.