2006 Code of Virginia § 38.2-1912.1 - Approval of prospective loss costs and supplementary rate information; { 38.2-119 rate filing...

38.2-1912.1. Approval of prospective loss costs and supplementary rateinformation; 38.2-119 rate filings.

A. No prospective loss costs or supplementary rate information for insuranceas defined in 38.2-119 shall be applied or be used in this Commonwealthuntil it has been approved by the Commission.

B. Prospective loss costs and supplementary rate information filed under thissection shall be deemed to meet the requirements of this chapter and may beapplied or used unless disapproved by the Commission within sixty days of thetime that the filing was made. The Commission may extend the waiting periodfor an additional thirty days by written notice to the filer before thesixty-day period expires.

C. If a filing is not accompanied by the information necessary for theCommission to determine if the requirements of 38.2-1904 are satisfied, theCommission shall so inform the filer within sixty days of the initial filing,and the filing shall be deemed to be made when the necessary information isfurnished.

D. The provisions of subsection B of this section shall be suspended when theCommission has ordered a hearing to be held. The provisions of 38.2-2007pertaining to public notice, hearings, and approvals shall apply to filingsmade under this section.

E. Upon making a filing under this section, the filer shall give notice tothe Division of Consumer Counsel of the Office of Attorney General that sucha filing has been made and shall certify to the Commission that such a noticehas been given.

F. Once a filing has been approved under this section, an insurer may use theinformation in such filing pursuant to the provisions of 38.2-1906 and38.2-1908.

(1993, c. 985.)