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304.17-383 Procedure for approval of rate filing containing increase.
(1)
(2)
(3)
(4)
(5)
No filing under KRS 304.17-380 that contains an increase in premium rates
shall become effective until the commissioner has issued an order approving
the filing. The commissioner may hold a hearing within thirty (30) days after
receiving a filing under this subtitle containing a rate increase, and after the
hearing shall issue a final order approving or disapproving the filing.
In approving or disapproving a filing under subsection (1) of this section, the
commissioner shall consider:
(a) Whether the benefits provided are reasonable in relation to the premium
charged;
(b) Previous premium rates for the policies to which the filing applies; and
(c) The effect of the increase on policyholders.
The commissioner shall notify the Attorney General in writing of the hearing
and of the premium increase to be considered. The Attorney General shall be
considered a party to the hearing if he or she chooses to participate.
No insurer receiving the commissioner's approval of a filing under this section
shall submit a new filing containing a rate increase for any of the same policies
until at least six (6) months have elapsed following the effective date of the
approved increase.
At any time, the commissioner, after an administrative hearing may withdraw
approval of rates previously approved under this section if he or she
determines that the benefits are no longer reasonable in relation to the
premium charged. Administrative hearings conducted under authority of this
section shall be conducted in accordance with KRS Chapter 13B.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1208, effective July 15, 2010. -Amended 1996 Ky. Acts ch. 318, sec. 237, effective July 15, 1996. -- Amended
1994 Ky. Acts ch. 512, sec. 61, effective July 15, 1994. -- Created 1990 Ky. Acts
ch. 69, sec. 1, effective July 13, 1990.
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