(a) Rates charged for a health insurance policy may not be excessive, inadequate, or unfairly discriminatory.
(b) An insurer shall file with the director the premium rates charged for an individual health care insurance plan before using them. A premium rate or premium rate change must be on file with the director for a waiting period of at least 45 days before the effective date of the premium rate. That period may be extended by the director or the insurer for an additional 15 days if, during the initial 45-day waiting period, notice is given stating that additional time for consideration of the filing is needed. A filing may become effective at the end of the waiting period unless disapproved by the director during the waiting period. If an insurer fails to provide information requested by the director during the waiting period, the filing is considered withdrawn by the insurer, and the premium rate does not become effective.
(c) The director shall adopt regulations
(1) establishing procedures for filing and use of rates; and
(2) specifying information that must be submitted in a filing required under (b) of this section.
Section: Previous 21.51.240 21.51.250 21.51.260 21.51.270 21.51.280 21.51.290 21.51.300 21.51.310 21.51.320 21.51.330 21.51.340 21.51.400 21.51.405 21.51.500 NextLast modified: November 15, 2016