                                 CODE OF VIRGINIA

APPROVAL OF PROSPECTIVE LOSS COSTS AND SUPPLEMENTARY RATE INFORMATION; §
38.2-119 RATE FILINGS (§ 38.2-1912.1)

A. No prospective loss costs or supplementary rate information for insurance as
defined in &#xA7; 38.2-119 shall be applied or be used in this Commonwealth
until it has been approved by the Commission.

B. Prospective loss costs and supplementary rate information filed under this
section shall be deemed to meet the requirements of this chapter and may be
applied or used unless disapproved by the Commission within sixty days of the
time that the filing was made. The Commission may extend the waiting period for
an additional thirty days by written notice to the filer before the sixty-day
period expires.

C. If a filing is not accompanied by the information necessary for the
Commission to determine if the requirements of &#xA7; 38.2-1904 are satisfied,
the Commission shall so inform the filer within sixty days of the initial
filing, and the filing shall be deemed to be made when the necessary information
is furnished.

D. The provisions of subsection B of this section shall be suspended when the
Commission has ordered a hearing to be held. The provisions of &#xA7; 38.2-2007
pertaining to public notice, hearings, and approvals shall apply to filings made
under this section.

E. Upon making a filing under this section, the filer shall give notice to the
Division of Consumer Counsel of the Office of Attorney General that such a
filing has been made and shall certify to the Commission that such a notice has
been given.

F. Once a filing has been approved under this section, an insurer may use the
information in such filing pursuant to the provisions of &#xA7;&#xA7; 38.2-1906
and 38.2-1908.

HISTORY: 1993, c. 985.