Circumstances under which Commissioner authorized to require supporting information regarding rates and required to hold hearing related to disapproval of rates.

1. If the Commissioner finds that: (a) The interaction among insurers is not competitive; (b) The rates filed by insurers whose interaction is competitive are inadequate or unfairly discriminatory; or (c) The rates violate the provisions of this chapter, Ê the Commissioner may require the insurers to file information supporting their existing rates. Before the Commissioner may disapprove those rates, the Commissioner shall notify the insurers and hold a hearing on the rates and the supplementary rate information. 2. The Commissioner may disapprove any rate without a hearing. Any insurer whose rates are disapproved in this manner may request in writing and within 30 days after the disapproval that the Commissioner conduct a hearing on the matter. (Added to NRS by 1995, 2053; A 1997, 1454; 1999, 444, 2222, 2224; 2001, 154)