§ 27-9-15 - Review of rates not covered by filings. - Rhode Island Statutes

SECTION 27-9-15

   § 27-9-15  Review of rates not covered byfilings. – Within ten (10) days after any insurer has made or issued a contract or policyat a rate or premium other than is provided for by any filing made with thecommissioner by or in its behalf, that insurer shall notify the commissioner,in writing, of that action in the form the commissioner may require. Thecommissioner shall review the notice as soon as reasonably possible after ithas been received by him or her, in order to determine whether the contract orpolicy has been written at a rate or premium which meets the requirements ofthis chapter. When the notice is not accompanied by the information upon whichthe insurer supports the rate or premium, and the commissioner does not havesufficient information to determine whether the rate or premium meets therequirements of the chapter, the commissioner shall require the insurer tofurnish, within ten (10) days after the receipt of the notice of therequirement, the information upon which it supports the rate or premium.Unless, within thirty (30) days after the receipt of the notice or thesupporting information, the commissioner shall issue an order following ahearing, as provided in § 27-9-18, the rate or premium charged for thecontract or policy shall be deemed to meet the requirements of this chapter;provided, that all contracts and policies issued under the provisions of thissection shall state that the rate or premium charged for the contract or policyhas not been reviewed by the commissioner and that it is subject to disapprovalor modification as of the effective date of the contracts or policies.