SECTION 108.
Said section 6 of said chapter 176J is hereby further amended by striking out subsection (f), as appearing in section 29 of chapter 288 of the acts of 2010, and inserting in place thereof the following subsection:-
(f) If the commissioner disapproves the rate submitted by a carrier the commissioner shall notify the carrier in writing no later than 60 days prior to the proposed effective date of the carrier's rate. If the commissioner fails to issue a written decision 60 days prior to the proposed effective date of the rate, the carrier's proposed base rates shall be deemed approved. If the carrier's proposed based rate has been disapproved, the carrier may submit a request for hearing with the division of insurance within 10 days of such notice of disapproval. The division must schedule a hearing within 10 days of receipt. The commissioner shall issue a written decision within 30 days after the conclusion of the hearing.
Veto Explanation:
I am vetoing this section because it inhibits the Commissioner from conducting a thorough review of the carrier's rate submission, and automatically allowing rates that have not been thoroughly reviewed could increase premium costs and create confusion in the marketplace.