Section 304.13-071 - Disapproval of rates and rate filings(1) Existing rates in a noncompetitive market may be disapproved pursuant to the rating standards of this chapter after a hearing. Rates that have been filed in a noncompetitive market but that have not become effective may be disapproved pursuant to the rating standards of this chapter without a hearing. However, any insurer whose rates have been disapproved without a hearing shall be given a hearing on a written request made within thirty (30) days after the disapproval order. Hearings conducted under authority of this section shall be conducted in accordance with KRS Chapter 13B. If a rate is disapproved, the commissioner shall issue a final order specifying the reasons for disapproval. Any party aggrieved by the final order of the commissioner may appeal as provided in KRS 304.2-370. The effect of a final order shall be stayed during the pendency of the appeal and the existing rate shall remain in effect until the final conclusion thereof.(2) At any hearing concerning an increase in worker's compensation rates conducted pursuant to subsection (1), the commissioner may approve a rate other than one that has been proposed by the filer if it is justified by the evidence presented at the hearing.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 1123, effective7/15/2010. --Amended 1996, Ky. Acts ch. 318, sec. 233, effective 7/15/1996. -- Amended 1994 Ky. Acts ch. 93, sec. 21, effective 7/15/1994. -- Created 1982 Ky. Acts ch. 278, sec. 7, effective 7/15/1982.