§ 515f-25

515F.25 Disapproval of a rate filing in a competitive market. 1. If the commissioner believes that an insurer’s rate filing in a competitive market violates the requirements of sections 515F.4 and 515F.5, the commissioner may require the insurer tofile supporting information. If after reviewing the supporting information the commissionercontinues to believe that the filing violates sections 515F.4 and 515F.5, the commissioner shallnotify the insurer of the insurer’s right to petition for a hearing on any subsequent orderrelating to the filing. 2. The commissioner may disapprove prefiled rates that have not become effective. However, the commissioner shall notify the insurer whose rates have been disapproved ofthe insurer’s right to petition for a hearing on the disapproval within thirty days after thedisapproval. 3. If the commissioner disapproves a filing in a competitive market, the commissioner shall issue an order specifying the reasons the filing fails to meet the requirements of sections515F.4 and 515F.5. For rates in effect at the time of disapproval, the commissioner shall informthe insurer within a reasonable period of time the date when further use of the rates

ements of sections515F.4 and 515F.5. For rates in effect at the time of disapproval, the commissioner shall informthe insurer within a reasonable period of time the date when further use of the rates forpolicies or contracts of insurance is prohibited. The order shall be issued within thirty daysof disapproval, or within thirty days of a hearing on the disapproval if a hearing is held. Theorder may include a provision for premium adjustment for the period after the effective dateof the order for policies or contracts in effect on the date of the order. 4. Whenever an insurer has filed no legally effective rates as a result of the commissioner’s disapproval of a filing, the commissioner shall on request of the insurer work with the insurerto develop interim rates for the insurer that are sufficient to protect the interest of all partiesand the commissioner may order that a specified portion of the premium be placed in anescrow account approved by the commissioner. When new rates become legally effective,the commissioner shall order the escrowed funds or any overcharge in the interim rates tobe distributed appropriately.

ow account approved by the commissioner. When new rates become legally effective,the commissioner shall order the escrowed funds or any overcharge in the interim rates tobe distributed appropriately. The commissioner may waive distribution if the commissionerdetermines that the amount involved would not warrant such action. 87 Acts, ch 132, §11CS87, §515A.2590 Acts, ch 1234, §68, 77C91, §515F.25Referred to in §515F.20, 515F.21 Sat Dec 23 00:49:00 2023 Iowa Code 2024, Section 515F.25 (17, 0)