2005 Minnesota Statutes - 70A.11 — Disapproval of rates.

     70A.11 Disapproval of rates. 


    Subdivision 1.    Order after hearing.  If the 
 commissioner finds after a contested case proceeding under 
 chapter 14 that a rate is not in compliance with section 70A.04, 
 the commissioner shall order that its use is to be discontinued 
 and shall order the excess premium plus interest at the rate 
 specified in section 549.09 to be refunded to the policyholder.  
 The amount of the refund, plus interest, must be computed from 
 the commencement date of the contested case hearing on the 
 rate.  Interest must be computed as simple interest per annum. 


    Subd. 2.    Timing of order.  The order under 
 subdivision 1 shall be issued within 60 days after the close of 
 the hearing or within such reasonable time extension as the 
 commissioner may fix.  


    Subd. 3.    Approval of substituted rate.  No rate 
 replacing a disapproved rate may be used until it has been filed 
 with the commissioner and not disapproved within 60 days 
 thereafter, except that the rate disapproved under subdivision 
 1, with the consent of the commissioner, or the last previous 
 rate in effect for the insurer may be used for a period of not 
 more than three months pending the approval of a substituted 
 rate.  The commissioner's order may include provision for a 
 premium adjustment in a rate charged pending approval of a 
 substituted rate.  


    HIST: 1969 c 958 s 11; 1986 c 444; 1986 c 455 s 56