§ 58-52-15. Forms and rate manuals subject to § 58-51-1; disapproval of rates. - North Carolina Statutes

§58‑52‑15.  Forms and rate manuals subject to § 58‑51‑1;disapproval of rates.

The forms of the policies,applications, certificates or other evidence of insurance coverage and the ratemanual showing rates, rules and classification of risks applicable theretoshall be subject to the applicable provisions of G.S. 58‑51‑1.  TheCommissioner may disapprove the premium rates for such insurance, or any classthereof, if he finds that such rates are by reasonable assumptions excessive inrelation to the benefits provided.  In determining whether such rates byreasonable assumptions are excessive in relation to the benefits provided, theCommissioner shall give due consideration to past and prospective claimexperience on such insurance, or other comparable insurance, within and outsidethis State, and to fluctuations in such claim experience, to a reasonable riskcharge, to contribution to surplus and contingency funds, to past andprospective expenses, both within and outside this State, and to all otherrelevant factors within and outside this State, including any differingoperating methods of the insurers joining in the issue of such insurance.  Inthe event of any such disapproval, the decision of the Commissioner shall besubject to review under G.S. 58‑2‑75.  In exercising the powersconferred by this section, the Commissioner shall not be bound by any otherrequirements of Articles 1 through 64 of this Chapter with respect to standardprovisions required to be included in the forms of the policies, applications,certificates or other evidence of insurance coverage filed with theCommissioner. (1963, c. 1125.)