| (a) The commissioner may order an insurer to file with
the department for the commissioner's approval all rates, supplementary
rating information, and any supporting information if the commissioner
determines that a statewide emergency exists affecting the availability
of insurance and impacting a significant part of the state.
(b) The commissioner will consider the following factors
in determining whether a statewide insurance emergency exists that
impacts the availability of insurance:
(1) there is a substantial increase in policies in
a particular line of insurance being written by surplus or residual
insurers;
(2) the commissioner has determined that a line of
insurance is not offered in a quantity or manner to adequately protect
the residents and policyholders in this state as a result of a withdrawal
plan or restriction plan filed under Chapter 827; or
(3) the governor declares a natural disaster or the
commissioner declares a weather-related catastrophe.
(c) If the commissioner determines a statewide insurance
emergency exists, the commissioner may order insurers to file all
rates, supplementary rating information, and any supporting information
for approval. The commissioner will periodically assess whether a
statewide insurance emergency continues to exist.
(d) After the commissioner issues an order under this
section, the commissioner will hold a public hearing within 60 days
after the issuance of the order declaring a statewide insurance emergency.
(1) At the public hearing, the commissioner will accept
comments as to whether a statewide insurance emergency still exists.
(2) If the commissioner finds that a statewide insurance
emergency does not exist, the commissioner will issue an order excusing
insurers from filing rates under this section.
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