(a) The commissioner shall review filings as soon as reasonably possible after they have been made to determine whether they meet the requirements of this article.
Ask an insurance law question, get an answer ASAP! Click here to chat with a lawyer about your rights.
(b) Except as provided herein, each filing shall be on file for a waiting period of ninety days before the filing becomes effective. The period may be extended by the commissioner for an additional period not to exceed fifteen days if the commissioner gives written notice within the waiting period to the insurer, rating organization, or advisory organization that made the filing that the commissioner needs the additional time for the consideration of the filing. Upon the written application by the insurer, rating organization, or advisory organization, the commissioner may authorize a filing which the commissioner has reviewed to become effective before the expiration of the waiting period or any extension thereof. A filing shall be deemed to meet the requirements of this article unless disapproved by the commissioner within the waiting period or any extension thereof.(c) The commissioner may institute proceedings for appropriate relief including but not limited to proceedings to roll back current rates whenever it appears to the commissioner that an insurer or other interested persons regulated by this article affecting workers’ compensation insurance rates has:
(1) Violated or failed to comply with any provisions of this part or of any state or federal law;(2) Failed to comply with any rule, regulation, or other requirement of any other state or federal agency which affects workers’ compensation insurance rates;(3) Failed to comply with any provision of its charter or franchise;(4) Set or applied any rates, classification, charges, or rules affecting workers’ compensation insurance that are unreasonable or are unreasonably discriminatory;(5) Failed to give appropriate consideration to investment income earned or realized by insurers, including investment income earned from unearned premium and loss reserve funds in making rates; or(6) Failed to recognize good safety performance records of employers in setting premium rates and levels.
