2006 New York Code - Imposition Of Prior Approval.

 
    * §  2308.  Imposition  of  prior  approval. (a) If the superintendent
  determines, after a hearing, at which representatives of  consumers  and
  other  interested  parties may participate, and on the basis of findings
  of fact and conclusions, that, with respect to any territory or  to  any
  kind,   subdivision   or  class  of  insurance,  competition  is  either
  insufficient to assure that rates will not be excessive, or so conducted
  as to be destructive of competition or detrimental to  the  solvency  of
  insurers,  he shall order that the rates for such insurance or territory
  shall be subject to prior approval under subsection (b) of  section  two
  thousand  three hundred five of this article and to all other provisions
  of this article applicable to rates subject  to  such  subsection.  Such
  order  shall have a specified duration of not more than one year but may
  be renewed by the superintendent  upon  appropriate  findings  of  fact,
  conclusions and order. Within thirty days after the close of the hearing
  the  superintendent shall make his determination in a report which shall
  be made public.
    (b) The superintendent, by regulation adopted after a hearing,  shall,
  where    appropriate,    establish    objective   standards,   including
  industry-wide   profitability   standards   and   market   concentration
  standards,  for  determining  when  a hearing pursuant to subsection (a)
  hereof shall be called.
    (c) This  section  shall  be  applicable  to  kinds  of  insurance  or
  insurance  activities the rates for which, pursuant to subsection (a) of
  section two thousand three hundred five of this article, are not subject
  to prior approval.
    * NB Expires July 1, 2006