17:29A-9 - Reduction of rates; hearings; notes; order - New Jersey Statutes

17:29A-9.  Reduction of rates;  hearings;  notes;  order
    Every rating organization, and every insurer which does its own rate-making,  shall provide reasonable means within this State, to be approved by the  commissioner, whereby any person or persons affected by a rate made by it may  be heard, on an application to reduce such rate.  If such rating organization  or such insurer shall refuse to reduce such rate, the person or persons  affected thereby may make a like application to the commissioner within thirty  days after receipt of notice in writing that the application for reduction of  rate has been denied by such rating organization or by such insurer.  If, upon  the expiration of twenty days after application for the reduction of a rate,  such rating organization or such insurer fails to grant or reject the  application, the person or persons affected may make the application to the  commissioner in the same manner as if the application had been rejected by such  rating organization or by such insurer.  The commissioner shall fix a time and  place for hearing on such application, upon not less than ten days' notice, for  the applicant and such rating organization or such insurer to be heard.  The commissioner shall make such order as he shall deem just and lawful upon the evidence placed before him at such hearing.

     L.1944, c. 27, p. 75, s. 9.