§ 23-91-212 - Approval of forms and rates. - Arkansas Statutes

23-91-212. Approval of forms and rates.

(a) If the Insurance Commissioner determines that any form reviewed under 23-91-210 or any schedule of rates reviewed under 23-91-211 complies with the requirements of those sections, the commissioner shall approve the filing within thirty (30) days, which may be extended for an additional thirty (30) days by notice in writing to the person making the filing prior to the expiration of the first thirty (30) days.

(b) If the commissioner disapproves a filing, the commissioner shall notify the person making it in writing specifying therein the reasons for his or her disapproval.

(c) A hearing shall be granted within thirty (30) days after a request in writing by any person aggrieved by the decision of the commissioner.

(d) If the commissioner does not disapprove a form or schedule of rates within thirty (30) days of the filing or an extension thereof as provided in subsection (a) of this section, it shall be deemed approved.

(e) After notice and hearing, the commissioner may disapprove any rate that has been previously approved or deemed approved.

(f) The commissioner may require the submission of additional relevant information reasonably necessary to determine whether to approve or disapprove a filing made pursuant to 23-91-210 or 23-91-211.