(1) It is the
intent of the legislature to assist the purchasers of commercial
property casualty insurance by allowing policies to be issued
more expeditiously and provide a more competitive market for
rates.
(2) Notwithstanding the provisions of RCW 48.19.040(1),
commercial property casualty policies may be issued prior to
filing the rates. All commercial property casualty rates shall
be filed with the commissioner within thirty days after an
insurer issues any policy using them.
(3) If, within thirty days after a commercial property
casualty rate has been filed, the commissioner finds that the
rate does not meet the requirements of this chapter, the
commissioner shall disapprove the filing and give notice to the
insurer or rating organization that made the filing, specifying
how the filing fails to meet the requirements and stating when,
within a reasonable period thereafter, the filing shall be deemed
no longer effective. The commissioner may extend the time for
review another fifteen days by giving notice to the insurer prior
to the expiration of the original thirty-day period.
(4) Upon a final determination of a disapproval of a rate
filing under subsection (3) of this section, the insurer shall
issue an endorsement changing the rate to comply with the
commissioner's disapproval from the date the rate is no longer
effective.
(5) For purposes of this section, "commercial property
casualty" means insurance pertaining to a business, profession,
occupation, nonprofit organization, or public entity for the
lines of property and casualty insurance defined in RCW 48.11.040, 48.11.050, 48.11.060, or 48.11.070, but does not mean
medical malpractice insurance.
(6) Except as provided in subsection (4) of this section,
the disapproval shall not affect any contract made or issued
prior to the expiration of the period set forth in the notice of
disapproval.
(7) In the event a hearing is held on the actions of the
commissioner under subsection (3) of this section, the burden of
proof is on the commissioner.
[2006 c 8 § 216; 2003 c 248 § 7; 1997 c 428 § 2.]
NOTES:
Findings -- Intent -- Part headings and subheadings not law -- Severability -- 2006 c 8: See notes following RCW 5.64.010.