38.2-1911 - Special restrictions on individual insurers. - Virginia Statutes

§ 38.2-1911. Special restrictions on individual insurers.

A. The Commission may by order require that a particular insurer file any orall of its rates and supplementary rate information thirty days prior totheir effective date, if the Commission finds, after providing notice andopportunity to be heard, that the protection of the interests of theinsurer's policyholders and the public in this Commonwealth requires closersupervision of the insurer's rates because of the insurer's financialcondition or repetitive filing of rates that are not in compliance with §38.2-1904. The Commission may extend the waiting period of any filing forthirty additional days by written notice to the insurer before the firstthirty-day period expires.

B. The filing shall be approved or disapproved during the waiting period orduring its extension. If the filing is not disapproved before the expirationof the waiting period or of its extension, the filing shall be deemed to meetthe requirements of this chapter, subject to the possibility of subsequentdisapproval under § 38.2-1910.

C. Any insurer affected by an order entered under subsection A of thissection may request a rehearing by the Commission after the expiration oftwelve months from the date of the Commission's former order.

(1973, c. 504, § 38.1-279.39; 1986, c. 562.)