An insurance company is introducing a new commercial liability product in a state that operates under a 'prior approval' rate law with a 'deemer' provision. Arrange the following regulatory steps in the correct chronological order, assuming the State Commissioner takes no formal action on the filing.
- 1The insurer submits the proposed policy forms and supporting rate data to the Department of Insurance.
- 2The statutory waiting period commences, providing the Commissioner time to review the filing.
- 3The waiting period expires without the Commissioner issuing an active approval or disapproval notice.
- 4The deemer provision takes effect, legally considering the filing approved and allowing market use.
Cevap
The correct sequence is: Filing submission, commencement of the waiting period, expiration of the waiting period without action, and finally the activation of the deemer provision.
In a prior approval system with a deemer provision, the process strictly follows this chronological path: the initial filing submission, the commencement of the statutory waiting period, the expiration of that period without regulatory action, and finally the activation of the deemer clause which grants automatic legal approval.
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Anahtar Kavram
Prior Approval and Deemer Provisions