33-16-305. Agreements for apportionment of casualty insurance -- approval of commissioner -- review of practices of adherents -- revocation of approval.
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33-16-305 . Agreements for apportionment of casualty insurance -- approval of commissioner -- review of practices of adherents -- revocation of approval.
(1)Agreements may be made among admitted insurers with respect to the equitable apportionment among them of casualty insurance that may be afforded applicants who are in good faith entitled to but who are unable to procure the insurance through ordinary methods and with respect to the use of reasonable rate modifications for the insurance. The agreements are subject to the approval of the commissioner.
(2)All agreements must be submitted in writing to the commissioner for consideration and approval, together with information that the commissioner may reasonably require. The commissioner shall approve only agreements that are found to contemplate:
(a)the use of rates that meet the standards prescribed by this chapter; and
(b)activities and practices that are not unfair, unreasonable, or otherwise inconsistent with the provisions of this chapter.
(3)At any time after the agreements are in effect, the commissioner may review the practices and activities of the parties to the agreements and if, after a hearing upon not less than 10 days' notice to the parties, the commissioner finds that any practice or activity is unfair or unreasonable or is otherwise inconsistent with the provisions of this chapter, the commissioner may issue a written order to the parties to any agreement, specifying in what respects the act or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter and requiring the discontinuance of the activity or practice. For good cause and after hearing upon not less than 10 days' notice to the parties, the commissioner may revoke approval of any agreement referred to in this section.