2007 Minnesota Statutes

70A.11 DISAPPROVAL OF RATES.
    Subdivision 1. Order after hearing. If the commissioner finds after a contested case
proceeding under chapter 14 that a rate is not in compliance with section 70A.04, the
commissioner shall order that its use is to be discontinued and shall order the excess premium
plus interest at the rate specified in section 549.09 to be refunded to the policyholder. The amount
of the refund, plus interest, must be computed from the commencement date of the contested case
hearing on the rate. Interest must be computed as simple interest per annum.
    Subd. 2. Timing of order. The order under subdivision 1 shall be issued within 60 days after
the close of the hearing or within such reasonable time extension as the commissioner may fix.
    Subd. 3. Approval of substituted rate. No rate replacing a disapproved rate may be used
until it has been filed with the commissioner and not disapproved within 60 days thereafter, except
that the rate disapproved under subdivision 1, with the consent of the commissioner, or the last
previous rate in effect for the insurer may be used for a period of not more than three months
pending the approval of a substituted rate. The commissioner's order may include provision for a
premium adjustment in a rate charged pending approval of a substituted rate.
History: 1969 c 958 s 11; 1986 c 444; 1986 c 455 s 56