If, after hearing pursuant to § 58-24-23, the director finds that the filing does not meet the requirements of this chapter, he shall issue an order specifying in what respect he finds that such filing fails to meet the requirements of this chapter, and stating when, within a reasonable period thereafter, such filing shall be deemed no longer effective. Copies of said order shall be sent to the applicant and to every such insurer and rating organization. Said order shall not affect any contract or policy made or issued prior to the expiration of the period set forth in said order.

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Source: SL 1966, ch 111, ch 15, § 5 (4).