Sec. 2628.
(1) In lieu of the filing requirements of this chapter and as an alternative method of filing, any insurer or rating organization may file with the commissioner any manual of classification, rules or rates, any rating plan and every modification of any of the foregoing which it proposes to use, the filing to indicate the character and extent of the coverage contemplated. Every such filing under this section shall state the effective date thereof, shall take effect on said date, shall not be subject to any waiting period requirements, and shall be deemed to meet the requirements of subdivision (d) of subsection (1) of section 2603 (rate standards). A filing and any supporting information shall be open to public inspection, if the filing is not disapproved.
(2) At any time within 15 days from and after the date of any such filing, the commissioner may give written notice to the insurer or rating organization making such filing specifying in what respect and to what extent he contends such filing fails to comply with the requirements of subdivision (d) of subsection (1) of section 2603 and fixing a date for hearing not less than 10 days from the date of mailing of such notice. At such hearing the factors specified in subsection (2) of section 2606 shall be considered. If the commissioner after hearing finds that the filing does not comply with the provisions of this chapter, he may issue his order determining wherein and to what extent such filing is deemed to be improper and fixing a date thereafter, within a reasonable time, after which such filing shall no longer be effective. Any order of disapproval under this section must be entered within 30 days of the date of the filing affected.
(3) In the event that no notice of hearing shall be issued within 15 days from the date of any such filing, the filing shall be deemed to be approved. If such filing shall be disapproved, the insuring provisions of any contract or policy issued prior to the time the order becomes effective shall not be affected. But if the commissioner disapproves such filing as not being in compliance with subdivision (d) of subsection (1) of section 2603 (rate standards), he may order an adjustment of the premium to be made with the policyholder either by refund or collection of additional premium, if the amount is substantial and equals or exceeds the cost of making the adjustment. The commissioner may thereafter review any such filing in the manner provided in sections 2618 and 2620, but if so reviewed, no adjustment of premium may be ordered. Subsection (5) of section 2606 (filing may be made by rating organization), subsection (1) of section 2608 (commissioner shall review filing as soon as reasonably possible), and 2612 (insurer must adhere to filing) shall be applicable to filings made under this section.
History: Add. 1969, Act 346, Eff. Apr. 1, 1970 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-26 - Chapter 26 Fire and Inland Marine Rates (500.2600...500.2674)
Section 500.2600 - Purpose of Chapter; Construction.
Section 500.2601 - Scope of Chapter.
Section 500.2603 - Rate-Making Provisions; Uniformity.
Section 500.2604 - Expired. 1980, Act 461, Eff. Dec. 31, 1980.
Section 500.2610 - Filing Requirements; Modification or Suspension by Insurance Commissioner.
Section 500.2612 - Rate Filings; Adherence by Insurer.
Section 500.2614 - Rate Organization; Excess Rates on Specific Risks.
Section 500.2618 - Failure of Filing to Meet Requirements; Procedure.
Section 500.2630 - Rating Organization; License Application, Contents.
Section 500.2646 - Rating Organizations; Deviation, Procedure, Termination of Deviation.
Section 500.2648 - Rating Organizations; Alternative Methods for Deviation.
Section 500.2650 - Rating Organizations; Member or Subscriber, Appeal to Insurance Commissioner.
Section 500.2652 - Rating Organization and Insurer; Rating Information to Insured, Hearing; Appeal.
Section 500.2658 - Joint Underwriting or Reinsurance; Unfair Activities.
Section 500.2662 - Examination of Rating Advisory Organizations; Report.
Section 500.2664 - Statistical Plans; Exchange of Data, Consultation.
Section 500.2666 - Withholding Information, False or Misleading Information; Penalties.
Section 500.2674 - Insurance Commissioner; Regulatory Powers.