If any insurer or rate service organization affected by an order entered pursuant to § 38.2-2218 files objections to a proposed standard form within the time prescribed in the Commission’s order, the Commission shall rescind the order and shall provide notice of the rescission to all insurers and rate service organizations affected by the order that on a day specified in the notice, which shall be at least 30 days from the date on which the objections are received, it will hold a public hearing on the adoption of the proposed form, and that at the hearing any person interested may appear and be heard. After the hearing the Commission may by order confirm or amend the proposed form and set a day, at least 30 days after the entry of the order, when the approved form shall become a standard form for use by all insurers. The Commission may by order refuse to adopt the proposed form.