N.Y. Insurance Law § 2308: Imposition of prior approval

* § 2308. Imposition of prior approval. (a) If the superintendent

determines, after a hearing, at which representatives of consumers and

other interested parties may participate, and on the basis of findings

of fact and conclusions, that, with respect to any territory or to any

kind, subdivision or class of insurance, competition is either

insufficient to assure that rates will not be excessive, or so conducted

as to be destructive of competition or detrimental to the solvency of

insurers, he shall order that the rates for such insurance or territory

shall be subject to prior approval under subsection (b) of section two

thousand three hundred five of this article and to all other provisions

of this article applicable to rates subject to such subsection. Such

order shall have a specified duration of not more than one year but may

be renewed by the superintendent upon appropriate findings of fact,

conclusions and order. Within thirty days after the close of the hearing

the superintendent shall make his determination in a report which shall

be made public.

(b) The superintendent, by regulation adopted after a hearing, shall,

where appropriate, establish objective standards, including

industry-wide profitability standards and market concentration

standards, for determining when a hearing pursuant to subsection (a)

hereof shall be called.

(c) This section shall be applicable to kinds of insurance or

insurance activities the rates for which, pursuant to subsection (a) of

section two thousand three hundred five of this article, are not subject

to prior approval.

* NB Expires July 1, 2026