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§2382-E. DISAPPROVAL OF RATES

1. Timing of disapproval. A rate that is found not to be in compliance with applicable sections of this Act may be disapproved at any time.

[ 1991, c. 885, Pt. B, 䅈 (NEW); 1991, c. 885, Pt. B, 䅉 (AFF) .]

2. Basis of disapproval. The superintendent may disapprove a rate if the insurer fails to comply with the filing requirements under section 2382-C.

The superintendent shall disapprove a rate for the voluntary market if there is a finding that the rate is inadequate or unfairly discriminatory using the standards in section 2382.

The superintendent shall disapprove a rate for use in the residual market if there is a finding that the rate is excessive, inadequate or unfairly discriminatory, using the standards in section 2382.

The superintendent may disapprove, pursuant to this subsection, without hearing, rates that have not become effective. An insurer whose rates have been disapproved must be notified of the reason for disapproval and must be given a hearing upon a written request made within 30 days after the disapproval order.

[ 1991, c. 885, Pt. B, 䅈 (NEW); 1991, c. 885, Pt. B, 䅉 (AFF) .]

3. Discontinuance of a rate; interim rates. Discontinuance of a rate and interim rates are subject to the following.

A. If the superintendent finds that a rate is not in compliance with the standards of section 2382 or is in violation of section 2382-C, the superintendent shall order that its use be discontinued for any policy issued or renewed after the date of the order, and the order may prospectively provide for premium adjustment of any policy then in force. [1991, c. 885, Pt. B, 䅈 (NEW); 1991, c. 885, Pt. B, 䅉 (AFF).]

B. Whenever an insurer has no legally effective rates as a result of the superintendent's disapproval of rates or other act, the superintendent shall, on request of the insurer, specify interim rates for the insurer that are adequate to protect the interests of all parties and may order that a specified portion of the premiums be placed in a special reserve established by the insurer and approved by the superintendent. When new rates become legally effective, the superintendent shall order the specially reserved funds or any overcharge in the interim rates to be distributed appropriately, except that adjustments that are minimal may not be required. [1991, c. 885, Pt. B, 䅈 (NEW); 1991, c. 885, Pt. B, 䅉 (AFF).]

[ 1991, c. 885, Pt. B, 䅈 (NEW); 1991, c. 885, Pt. B, 䅉 (AFF) .]

SECTION HISTORY 1991, c. 885, §B12 (NEW). 1991, c. 885, §B13 (AFF).

MRS Title 24-A �-E. DISAPPROVAL OF RATES



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