(215 ILCS 5/458) (from Ch. 73, par. 1065.5)
Sec. 458. Disapproval of filings. (1) If within 30 days of any filing the Director
finds that such filing does not meet the requirements of this Article, he
shall send to the company or rating organization which made such filing a
written notice of disapproval of such filing, specifying therein in what
respects he finds that such filing fails to meet the requirements of this
Article. A company or rating organization whose filing has been disapproved shall be given a hearing upon a written request made within 30 days after the disapproval order.
(2) If at any time subsequent to the applicable review period provided
for in subsection (1) of this Section, the Director finds that a
filing does not meet the requirements of this Article, he shall, after a
hearing held upon not less than ten days written notice, specifying the
matters to be considered at such hearing, to every company and rating
organization which made such filing, issue an order specifying in what
respects he finds that such filing fails to meet the requirements of this
Article, and stating when, within a reasonable period thereafter, such
filings shall be deemed no longer effective. Copies of said order shall be
sent to every such company and rating organization. Said order shall not
affect any contract or policy made or issued prior to the expiration of the
period set forth in said order.
(3) Any person or organization aggrieved with respect to any filing
which is in effect may make written application to the Director for a
hearing thereon, provided, however, that the company or rating organization
that made the filing shall not be authorized to proceed under this
subsection. Such application shall specify the grounds to be relied upon by
the applicant. If the Director shall find that the application is made in
good faith, that the applicant would be so aggrieved if his grounds are
established, and that such grounds otherwise justify holding such a
hearing, he shall, within thirty days after receipt of such application,
hold a hearing upon not less than ten days written notice to the applicant
and to every company and rating organization which made such filing.
If, after such hearing, the Director finds that the filing does not meet
the requirements of this Article, he shall issue an order specifying in
what respects he finds that such filing fails to meet the requirements of
this Article, and stating when, within a reasonable period thereafter, such
filing shall be deemed no longer effective. Copies of said order shall be
sent to the applicant and to every such company and rating organization.
Said order shall not affect any contract or policy made or issued prior to
the expiration of the period set forth in said order.
(4) Whenever an insurer has no legally effective rates as a result of the Director's disapproval of rates or other act, the Director shall on request of the insurer specify interim rates for the insurer that are high enough to protect the interests of all parties and may order that a specified portion of the premiums be placed in an escrow account approved by him or her. When new rates become legally effective, the Director shall order the escrowed funds or any overcharge in the interim rates to be distributed appropriately, except that refunds to policyholders that are de minimis shall not be required.(Source: P.A. 100-1118, eff. 2-1-19.)
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