A. Every insurer shall file with the director the rating systems the insurer proposes to use. As used in the rate regulatory provisions of this article, "rating systems" includes every manual of classifications, rules and rates, every rating plan and every modification of any of the foregoing. Every filing shall have a proposed effective date and shall indicate the character and extent of the coverage contemplated. If a filing does not include the information on which the insurer supports the filing, and the director does not have sufficient information to determine whether the filing meets the rate regulatory requirements of this article, the director shall require the insurer to furnish information supporting the filing. The supporting information may include the experience or judgment of the insurer or rating organization making the filing, its interpretation of any statistical data on which it relies, the experience of other insurers or rating organizations or any other relevant factors. A filing and any supporting information shall be open to public inspection after the filing becomes effective.

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B. A workers’ compensation insurer shall satisfy its obligation to make filings by becoming a member of a licensed rating organization that makes filings and by authorizing the director to accept on its behalf filings made by the rating organization. A rating organization shall annually file with the director rates to be effective on January 1. Nothing in this subsection requires an insurer to be a member of the designated rating organization.

C. Each filing shall be on file for a waiting period of at least thirty days before it becomes effective. On written application by the insurer or rating organization making the filing, the director may authorize a filing to become effective before the waiting period expires.

D. On written application of the insured that states the insured’s reasons and that is filed with and approved by the director, an insurer may use a rate in excess of the insurer’s filed rate on the insured’s risk.

E. An insurer shall not make or issue a contract or policy except in accordance with the filings in effect for that insurer as provided in the rate regulatory provisions of this article.