515A.4 Rate filings. 1. a. Every insurer shall file with the commissioner every manual, minimum, class rate, rating schedule or rating plan and every other rating rule, and every modification of any ofthe foregoing which it proposes to use. Every such filing shall state the proposed effectivedate thereof, and shall indicate the character and extent of the coverage contemplated. b. When a filing is not accompanied by the information upon which the insurer supports such filing, and the commissioner does not have sufficient information to determine whethersuch filing meets the requirements of this chapter, the commissioner shall require suchinsurer to furnish the information upon which it supports such filing and in such eventthe waiting period shall commence as of the date such information is furnished. Until therequired information is furnished, the filing shall not be deemed complete or available foruse by the insurer. c. The information furnished in support of a filing may include the experience or judgment of the insurer or rating organization making the filing, its interpretation of any statistical datait relies upon, the experience of other insurers or rating organizations, or experience or judgment of the insurer or rating organization making the filing, its interpretation of any statistical datait relies upon, the experience of other insurers or rating organizations, or any other relevantfactors. When a filing is deemed complete, the filing and any supporting information shall beopen to public inspection. 2. An insurer may satisfy its obligation to make such filings by becoming a member of, or a subscriber to, a licensed rating organization which makes such filings, and by authorizingthe commissioner to accept such filings on its behalf; provided that nothing contained in thischapter shall be construed as requiring any insurer to become a member of or a subscriberto any rating organization. 3. The commissioner shall review filings as soon as reasonably possible after they have been made in order to determine whether they meet the requirements of this chapter. 4. Each complete filing shall be on file for a waiting period of thirty days before it becomes effective, which period may be extended by the commissioner for an additional period not toexceed fifteen days if the commissioner gives written notice within the waiting period to theinsurer or rating fective, which period may be extended by the commissioner for an additional period not toexceed fifteen days if the commissioner gives written notice within the waiting period to theinsurer or rating organization which made the filing that the commissioner needs additionaltime for the consideration of the filing. Upon written application by the insurer or ratingorganization, the commissioner may authorize a filing which the commissioner has reviewedto become effective before the expiration of the waiting period or any extension of the period.A filing shall be deemed to meet the requirements of this chapter unless disapproved bythe commissioner before the expiration of the waiting period or an extension of the waitingperiod. 5. Under such rules and regulations as the commissioner shall adopt the commissioner may, by written order, suspend or modify the requirement of filing as to any kind of insurance,subdivision, or combination thereof, or as to classes of risks, the rates for which cannotpracticably be filed before they are used. Such order, rules, and regulations shall be madeknown to insurers and rating organizations affected thereby. to classes of risks, the rates for which cannotpracticably be filed before they are used. Such order, rules, and regulations shall be madeknown to insurers and rating organizations affected thereby. The commissioner may makesuch examination as the commissioner may deem advisable to ascertain whether any ratesaffected by such order meet the standards set forth in section 515A.3, subsection 1, paragraph'b'. 6. Upon the written application of the insured, stating the insured’s reasons therefor, filed with and approved by the commissioner a rate in excess of that provided by a filing otherwiseapplicable may be used on any specific risk. 7. No insurer shall make or issue a contract or policy except in accordance with the filings which are in effect for the insurer as provided in this chapter or in accordance with subsection5 or 6. 8. If a hearing is requested pursuant to section 515A.6, subsection 7, a filing shall not take effect until thirty days after formal approval is given by the commissioner. [C50, 54, 58, 62, §515A.4, 515B.4; C66, 71, 73, 75, 77, 79, 81, §515A.4]87 Acts, ch 132, §5; 92 Acts, ch 1162, §39; 93 Acts, ch 88, §20; 2008 Acts, ch 1123, §31; 2015 Acts, ch 29, §77 e commissioner. [C50, 54, 58, 62, §515A.4, 515B.4; C66, 71, 73, 75, 77, 79, 81, §515A.4]87 Acts, ch 132, §5; 92 Acts, ch 1162, §39; 93 Acts, ch 88, §20; 2008 Acts, ch 1123, §31; 2015 Acts, ch 29, §77 Referred to in §515A.5 Sat Dec 23 00:47:58 2023 Iowa Code 2024, Section 515A.4 (25, 0)
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