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This entry was published on 2021-01-01
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SECTION 2308
Imposition of prior approval
Insurance (ISC) CHAPTER 28, ARTICLE 23
* § 2308. Imposition of prior approval. (a) If the superintendent
determines, after a hearing, at which representatives of consumers and
other interested parties may participate, and on the basis of findings
of fact and conclusions, that, with respect to any territory or to any
kind, subdivision or class of insurance, competition is either
insufficient to assure that rates will not be excessive, or so conducted
as to be destructive of competition or detrimental to the solvency of
insurers, he shall order that the rates for such insurance or territory
shall be subject to prior approval under subsection (b) of section two
thousand three hundred five of this article and to all other provisions
of this article applicable to rates subject to such subsection. Such
order shall have a specified duration of not more than one year but may
be renewed by the superintendent upon appropriate findings of fact,
conclusions and order. Within thirty days after the close of the hearing
the superintendent shall make his determination in a report which shall
be made public.

(b) The superintendent, by regulation adopted after a hearing, shall,
where appropriate, establish objective standards, including
industry-wide profitability standards and market concentration
standards, for determining when a hearing pursuant to subsection (a)
hereof shall be called.

(c) This section shall be applicable to kinds of insurance or
insurance activities the rates for which, pursuant to subsection (a) of
section two thousand three hundred five of this article, are not subject
to prior approval.

* NB Expires July 1, 2023