2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515F - CASUALTY INSURANCE
515F.25 - DISAPPROVAL OF A RATE FILING IN A COMPETITIVE MARKET.

        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 to file supporting
      information.  If after reviewing the supporting information the
      commissioner continues to believe that the filing violates sections
      515F.4 and 515F.5, the commissioner shall notify the insurer of the
      insurer's right to petition for a hearing on any subsequent order
      relating 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 of the insurer's right to petition
      for a hearing on the disapproval within thirty days after the
      disapproval.
         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 sections 515F.4 and
      515F.5.  For rates in effect at the time of disapproval, the
      commissioner shall inform the insurer within a reasonable period of
      time the date when further use of the rates for policies or contracts
      of insurance is prohibited.  The order shall be issued within thirty
      days of disapproval, or within thirty days of a hearing on the
      disapproval if a hearing is held.  The order may include a provision
      for premium adjustment for the period after the effective date of 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 insurer to
      develop interim rates for the insurer that are sufficient to protect
      the interest of all parties and the commissioner may order that a
      specified portion of the premium be placed in an escrow 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 to be distributed appropriately.  The
      commissioner may waive distribution if the commissioner determines
      that the amount involved would not warrant such action.  

         87 Acts, ch 132, § 11
         CS87, § 515A.25
         90 Acts, ch 1234, § 68, 77
         C91, § 515F.25
         Referred to in § 515F.20, 515F.21