20-1621.04. Rates and forms; filing; approval; withdrawal of approval
A. A person shall not deliver, or issue for delivery in this state, any credit property insurance policy or rate unless the person has first filed the form or rate with the director and the director has approved the form or rate. Unless the director issues an order affirmatively approving or disapproving the form or rate within thirty days after filing, the form or rate is deemed approved. On written notice given to the insurer within the thirty day period, the director may extend the thirty day review period for up to fifteen additional days.
B. The director shall disapprove a rate or form if either:
1. The rate is inadequate, unfairly discriminatory or excessive or not reasonable in relation to the coverage provided.
2. The form contains provisions that are unjust, unfair, inequitable, ambiguous, misleading or deceptive, that encourage misrepresentation of the coverage or that are contrary to this title or of any rule adopted pursuant to this title.
C. If the director disapproves a rate or form, the director shall send the insurer a written notice specifying the reason for disapproval. The insurer may request a hearing pursuant to title 41, chapter 6, article 10 to contest the disapproval. It is unlawful for the insurer to issue or use a rate or form that has been disapproved.
D. At any time after notice and for cause shown, the director may issue an order withdrawing approval of any form or rate for any reason listed in subsection B. The insurer may request a hearing pursuant to title 41, chapter 6, article 10 to contest the director's order.
E. An insurer shall not issue or use a rate or form after the effective date of an order withdrawing approval.
F. An insurer shall not issue any credit property insurance policy for which the rates have not been filed with the director.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.