Section 379.480

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1947   

  379.480.  Purpose of examination — hearing — orders. — 1.  The purpose of examination, as herein provided for, is to enable the director to ascertain whether there is compliance with the provisions of sections 379.420 to 379.510.

  2.  If as a result of such examination the director has reason to believe that any rate, rating plan or rating system made or used by a rating organization or by an insurer does not meet the standards and provisions of sections 379.420 to 379.510 applicable to it, or that a rating organization or an advisory organization or group, association or other organization referred to in section 379.460 is not in compliance with the provisions of sections 379.420 to 379.510 applicable to it, the director may hold a public hearing in connection therewith, providing that within a reasonable period of time, which shall be not less than ten days before the date of such hearing, he shall mail written notice specifying the matters to be considered at such hearing to every person or organization believed by him not to be in compliance with the provisions of sections 379.420 to 379.510.

  3.  If the director, after such hearing, for good cause finds that such rate, rating plan or rating system does not meet the provisions of sections 379.420 to 379.510, he shall issue an order specifying in what respects any such rate, rating plan or rating system fails to meet the provisions of sections 379.420 to 379.510 and stating when, within a reasonable period of time thereafter, the further use of such rate, rating plan or rating system by the rating organization or insurer which is the subject of the examination shall be prohibited and a copy of such order shall be sent to such rating organization or insurer; that a rating organization, an advisory organization, or any group, association or other organization mentioned in section 379.460, is not in compliance with the provisions of sections 379.420 to 379.510, he shall issue a written order to such rating organization, advisory organization or other group, association or organization, specifying in what respect it is not complying with the provisions of sections 379.420 to 379.510 and requiring compliance.

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(L. 1947 V. II p. 254 § 4)