Section 193H. The commissioner may at any time give notice to the insurer of his intention to withdraw his approval of any form required to be filed by the provisions of sections two B, twenty-two A, one hundred and eight, one hundred and thirty-two, one hundred and thirty-two B or one hundred and thirty-four and which either has been affirmatively approved pursuant to said sections or section one hundred and ninety-three G or is deemed to have been approved pursuant to sections one hundred and ninety-three F or one hundred and ninety-three G if in his opinion such form does not comply with the laws of the commonwealth applicable thereto. Such notice shall be made in writing, shall state the grounds for withdrawal of approval in sufficient detail to inform the insurer thereof, and shall fix the date and place for a hearing thereon, such day to be not less than twenty days from the day such notice is given to the insurer. Following such hearing the commissioner shall notify the insurer of any decision directing the withdrawal of approval under this section; such notice shall be made in writing and shall specify the reasons therefor. After the expiration of thirty days from the receipt of such notice of decision with respect to any form it shall be unlawful for the insurer to issue such form or use it in connection with any policy.

Any person or company aggrieved by any action, order, finding or decision of the commissioner under the foregoing paragraph of this section may, within twenty days from the filing of a memorandum thereof in his office, file a petition in the supreme judicial court for the county of Suffolk for a review of such action, order, finding or decision. The action, order, finding or decision of the commissioner shall remain in full force and effect pending the final decision of the court unless the court or a justice thereof after notice to the commissioner shall by a special order otherwise direct. The court shall have jurisdiction in equity to modify, amend, annul, review or affirm such action, order, finding or decision, shall review all questions in accordance with the standards for review provided in clause (8) of section fourteen of chapter thirty A, and may make any appropriate order or decree.

To the extent that this section is inconsistent with the provisions of chapter one hundred and seventy-six M and any regulations promulgated thereunder, the provisions of said chapter one hundred and seventy-six M and any such regulations shall govern the terms, conditions, rates and all other matters concerning any policy form that is within the definition of a guaranteed issue health plan in said chapter one hundred and seventy-six M.