Guam § 18501 - Rate Approval: Health Insurance.

§ 18501. Rate Approval: Health Insurance.

(a) No insurance rate, rate schedule, rate plans or methods

of computing rates to be applied to any insurance transacted in

Guam shall be advertised, publicized, charged or otherwise

represented in Guam unless the rate, rate schedule, rate plan or

method of computing rates is filed for approval with the

Commissioner at least forty-five (45) days prior to its effective

date, whichever occurs first.

(b) The Commissioner shall review each rate, rate

schedule, rate plan or method of computing rates for the purpose

of determining the following about the rate, rate schedule, rate

plan or method of computing rates:

(1) whether it is in violation of this Chapter;

(2) whether it is unreasonable in relation to the

benefits provided; or

(3) whether it exceeds those amounts established by

rule or regulation.

(c) Within forty-five (45) days after the filing of any

insurance rate, rate schedule, rate plan or method of computing

rates requiring approval pursuant to this Section, the

Commissioner will indicate approval by signing or giving

explanation for disapproval in writing. The Commissioner, for

good cause, may extend, for up to an additional forty-five (45)

days, the period within which he shall approve or disapprove the

rate, rate schedule, rate plan or method of computing rates.

Good cause may include written notification to the insurer within

the first forty-five (45) days that its rate submission is

incomplete, and the items necessary to complete the submission.

Any rate, rate schedule, rate plan or method of computing rates

received but neither approved nor disapproved by the

Commissioner shall be deemed approved at the end of the forty-

five (45) days if the period is not extended, or at the end of the

extended period, if any; however, no rate, rate schedule, rate plan

or method of computing rates policy form or endorsement shall

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be deemed approved under the provisions of this Section unless

written notice of the intent to use the rate, rate schedule, rate plan

or method of computing rates has been filed with the

Commissioner.

(d) It shall be unlawful for any insurer to use any rate in

violation of the provisions of this Section, or to alter, amend or

otherwise change any rate without the approval of the

Commissioner.

(e) It shall be unlawful for any insurer to charge any rate

for insurance transacted in Guam other than the rate approved by

the Commissioner for such insurer for such risk and class of

insurance.

(f) If the Commissioner proposes to withdraw approval of a

rate, rate schedule, rate plan or method of computing rates

previously given or deemed given to which this Section applies,

he shall notify the insurer in writing at least ninety (90) days

prior to the proposed effective date of withdrawal giving his

reasons for withdrawal.

(g) The rate, rate schedule, rate plan or method of

computing rates approved under this Section shall be open to

public inspection. Copies may be obtained by any person on

request and upon payment of a reasonable charge for the copies.

(h) A filing fee of Two Hundred Dollars ($200.00) shall be

paid for every rate plan or request filed for the Commissioner’s

approval.