20-1663. Unreasonable mass marketed insurance prohibited; hearing; findings; rules
A. No mass marketed life or health insurance may continue to be transacted in this state if the director finds that the total charges for the insurance to the persons who are insured are unreasonable in relation to the benefits provided. The director shall make any such finding after conducting a hearing on not less than thirty days' written notice to the insurer. The director shall make such findings in writing, including the reasons for such findings, and may issue an order directing the insurer to cease transacting such insurance. Such an order continues in effect until the director determines that the total charges for the insurance are found to be reasonable in relation to the benefits.
B. The director may adopt reasonable rules to determine whether the total charges for the insurance to persons insured are unreasonable in relation to the benefits provided.
C. Nothing in this section shall be construed to permit the director to set rates.
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