Section 11-309 - Waiting period for rates of particular insurer. - Maryland Statutes

§ 11-309. Waiting period for rates of particular insurer.
 

(a)  In general.- If, after a hearing, the Commissioner finds that the protection of the interests of the insureds of a particular insurer and the public in the State requires closer supervision of the insurer's rates because of the insurer's financial condition or repetitive filing of rates that are not in compliance with § 11-306 of this subtitle, the Commissioner may issue an order that requires the insurer to file any or all of the insurer's rates and supplementary rate information 30 days before they become effective. 

(b)  Extension.- By written notice to the insurer during the initial 30-day waiting period, the Commissioner may extend the waiting period for an additional period not exceeding 30 days. 

(c)  Approval or disapproval of filing.-  

(1) The Commissioner shall approve or disapprove the filing during the waiting period or any extension of the waiting period. 

(2) The filing is deemed approved unless disapproved by the Commissioner during the waiting period or any extension of the waiting period. 

(d)  Rehearing.- An insurer affected by an action of the Commissioner under this section may not request a rehearing by the Commissioner until 12 months after the date of an order of the Commissioner under subsection (a) of this section. 
 

[An. Code 1957, art. 48A, § 244J; 1997, ch. 35, § 2.]