(1) Existing rates in a noncompetitive market may be disapproved pursuant to the rating standards of this chapter after a hearing. Rates that have been filed in a noncompetitive market but that have not become effective may be disapproved pursuant to the rating standards of this chapter without a hearing. However, any insurer whose rates have been disapproved without a hearing shall be given a hearing on a written request made within thirty (30) days after the disapproval order. Hearings conducted under authority of this section shall be conducted in accordance with KRS Chapter 13B. If a rate is disapproved, the commissioner shall issue a final order specifying the reasons for disapproval. Any party aggrieved by the final order of the commissioner may appeal as provided in KRS § 304.2-370. The effect of a final order shall be stayed during the pendency of the appeal and the existing rate shall remain in effect until the final conclusion thereof.
(2) At any hearing concerning an increase in worker’s compensation rates conducted pursuant to subsection (1), the commissioner may approve a rate other than one that has been proposed by the filer if it is justified by the evidence presented at the hearing.
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Terms Used In Kentucky Statutes 304.13-071

  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • noncompetitive market: is a market for which there is an order in effect pursuant to KRS §. See Kentucky Statutes 304.13-011
  • Rate: means the expected value of the future cost of insurance per exposure unit which accounts for the treatment of losses, expenses, and profit prior to any application of individual risk variations based on loss or expense considerations, but does not include minimum premium. See Kentucky Statutes 304.13-011

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1123, effective July 15, 2010. — Amended 1996 Ky. Acts ch. 318, sec. 233, effective July 15, 1996. — Amended 1994
Ky. Acts ch. 93, sec. 21, effective July 15, 1994. — Created 1982 Ky. Acts ch. 278, sec. 7, effective July 15, 1982.

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