2005 Minnesota Statutes - 70A.10 — Delayed effect of rates.

     70A.10 Delayed effect of rates. 


    Subdivision 1.    Order instituting delayed effect.  If 
 the commissioner finds, after a hearing, that competition is not 
 an effective regulator of the rates charged or that a 
 substantial number of companies are competing irresponsibly 
 through the rates charged, or that there are widespread 
 violations of this chapter, in any kind or line of insurance or 
 subdivision thereof or in any rating class or rating territory, 
 the commissioner may issue an order requiring that in the kind 
 or line of insurance or subdivision thereof or rating class or 
 rating territory comprehended by the finding any subsequent 
 changes in the rates or supplementary rate information be filed 
 at least 60 days before they become effective.  The commissioner 
 may extend the waiting period for not to exceed 30 additional 
 days by written notice to the filer before the 60-day period 
 expires. 


    Subd. 2.    Supporting data.  In the order issued under 
 subdivision 1 or in any supplementary order, the commissioner 
 may require the filing of supporting data as to any or all kinds 
 or lines of insurance or subdivisions thereof or classes of 
 risks or combinations thereof as the commissioner deems 
 necessary for the proper functioning of the rate monitoring and 
 regulating process.  The supporting data shall include: 


    (a) the experience and judgment of the filer, and, to the 
 extent it wishes or the commissioner requires, of other insurers 
 or rate service organizations; 


    (b) its interpretation of any statistical data relied upon; 


    (c) descriptions of the actuarial and statistical methods 
 employed; and 


    (d) any other matters deemed relevant by the commissioner 
 or the filer.  


    Subd. 3.    Expiration of order.  An order issued under 
 subdivision 1 shall expire no more than two years after issue.  


    Subd. 4.    Supporting information.  Whenever a filing 
 is not accompanied by such information as the commissioner has 
 required under subdivision 2, the commissioner may so inform the 
 insurer and the filing shall be deemed to be made when the 
 information is furnished.  


    HIST: 1969 c 958 s 10; 1986 c 444; 1986 c 455 s 55