(a) Notwithstanding any other provision of law, all insurers issuing
policies or contracts of insurance against the liability for
compensation under this chapter shall comply with the following
provisions. Each insurer's basic rate for policies or contracts of
insurance against the liability for compensation under this chapter
shall not exceed the insurer's effective rate approved by and on
file with the Commissioner of Insurance as of April 22, 1982. These
rates shall remain in effect until April 1, 1983.
(b) There shall be no exception to the requirements of subsection
(a) of this Code section unless the Commissioner of Insurance finds,
after a hearing upon the written request of an insurer, that the use
of the rates required under subsection (a) of this Code section by
the insurer will result in rates which are inadequate to the extent
(1) Such rates do not properly reflect the insurer's loss
experience in this state to the extent that its earned premiums
would not equal its incurred losses or expenses; or
(2) Such rates jeopardize the solvency of the insurer required to
use such rates.
(c) The insurer shall have the burden of showing that the use of the
rate required under subsection (a) of this Code section will result
in rates which are inadequate to the extent that they do not
properly reflect the insurer's loss experience in this state or that
their use would jeopardize its solvency. No insurer shall be
relieved of using the required rates if its most recently available
experience on such lines of business shows a net underwriting gain
unless, on the basis of statistical data, pertinent judgment, and
trend factors, no other reasonable conclusion would be appropriate.
(d) Upon conclusion of any hearing held pursuant to this chapter,
the Commissioner of Insurance shall enter his order specifying the
rates required to be used by the insurer. The Commissioner shall
indicate in his order all the factors entering into a decision
relieving an insurer from full compliance with this Code section.
The provisions of Chapter 2 of Title 33 shall apply to hearings held
under this Code section.
(e) Any insurer appealing from a final order of the Commissioner of
Insurance may continue to use its rates then in effect during the
pendency of the appeal, provided arrangements satisfactory to the
Commissioner are made to secure the repayment to the insurer's
policyholders of the difference between the rates used by the
insurer and that rate which would be lower as required by this Code
section. Upon final adjudication the insurer shall repay any excess
premium collected from its policyholders plus interest at the rate
of 12 percent per annum.