Montana Code 33-16-1029. Restrictions on certain insurers — waiting period
33-16-1029. Restrictions on certain insurers — waiting period. (1) The commissioner may require that a particular insurer file any of its rates and supplementary rate information 30 days prior to the effective date of the rates, if the commissioner finds after a hearing that the protection of the interests of the insurer’s insureds and the public in this state requires closer supervision of the insurer’s rates.
Terms Used In Montana Code 33-16-1029
- Insurer: means a person licensed to write workers' compensation insurance as a plan No. See Montana Code 33-16-1008
- rates: means rate of premium, policy and membership fee, or any other charge made by an insurer for or in connection with a contract or policy of workers' compensation and employer's liability insurance, prior to application of individual risk variations based on loss or expense considerations. See Montana Code 33-16-1008
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Supplementary rate information: means a manual or plan of rates, statistical plan, classification system, minimum premium, policy fee, rating rule, rate-related underwriting rule, and any other information needed to determine the applicable premium for an individual insured that is consistent with the purposes of this part and with rules prescribed by rule of the commissioner. See Montana Code 33-16-1008
(2)Upon written application by an insurer, the commissioner, following review, may authorize a filing, which is effective before the expiration of the period described in subsection (1).
(3)The filing must be approved or disapproved during the waiting period and, if not disapproved before the expiration of the waiting period, is considered to have met the requirements of this section.
(4)An insurer aggrieved by the commissioner’s actions under this section may request a rehearing by the commissioner after the expiration of 12 months from the date of the commissioner’s initial order.