* § 2344. Flexible rate limitations in problem markets. (a) As used in\nthis section:\n (1) "Market" means a line, subline or classification (other than a\nclassification delineated by geographic location) of property/casualty\ninsurance risks whose coverages are not subject to subsection (b) of\nsection two thousand three hundred five, section two thousand three\nhundred twenty-eight, section three thousand four hundred twenty-five,\nor three thousand four hundred forty-six of this chapter.\n (2) "Rate" means charge per unit of exposure (whether such rate is\nmanually generated or based upon judgment) for a particular market.\n (b) The superintendent shall by regulation establish annual\nlimitations upon rate level increases or decreases which may take effect\nwithout prior approval with respect to a market. The regulation shall be\ndesigned to restore and promote stability in such markets. Upon a\ndetermination made that, as to a particular market, competition is\neither sufficient to assure that rates will not be excessive or that\nsuch market is conducted in a manner not resulting in inadequate rates,\nnot destructive of competition or detrimental to the solvency of\ninsurers, the superintendent shall exempt such market from the\nlimitations set forth in such regulation. The superintendent, upon a\ndetermination that annual limitations are necessary to restore and\npromote stability in such a market, shall thereafter withdraw or modify\nsuch exemption. The superintendent shall whenever he deems it\nappropriate hold a hearing, on a record and at which representatives of\nconsumers and other interested parties may participate, for the purpose\nof determining, on the basis of findings of fact and conclusions,\nwhether an exemption (or withdrawal or modification thereof) of any\nmarket is appropriate. The initial hearing for such purpose shall be\nheld within sixty days of the effective date of this section, and the\nsuperintendent shall act expeditiously in determining whether to exempt\nany market.\n (c) Limitations established or modified pursuant to subsection (b) of\nthis section may vary by market and, in establishing or modifying such\nlimitations, the superintendent may consider such factors as: the extent\nand nature of competition; size and significance of the coverage; level\nand range of rates and rate changes among insurers; investment and\nunderwriting experience of insurers; reinsurance availability; extent of\nconsumer complaints to the department of financial services; extent of\ndenials and restrictions of coverage; volume of cancellations and\nnonrenewals; or changing conditions in the economic, judicial and social\nenvironment.\n (d) (1) Notwithstanding any other provisions of this article, in any\nmarket governed by such regulation and not exempted by the\nsuperintendent pursuant to this section, filings that produce rate level\nchanges within the limitations specified in such regulation shall become\neffective without prior approval pursuant to subsection (a) of section\ntwo thousand three hundred five of this article; filings which produce\nrate level changes beyond such limitations shall not become effective\nuntil approved by the superintendent pursuant to subsection (b) of\nsection two thousand three hundred five of this article, except that\nfilings shall be deemed approved unless disapproved by the\nsuperintendent within thirty days, which the superintendent may with\ncause extend an additional thirty days and with further cause extend an\nadditional fifteen days.\n (2) No insurer shall cause an expiring policy to be renewed with\nanother insurer under common control, as defined by paragraph sixteen of\nsubsection (a) of section one hundred seven of this chapter in order to\navoid the limitations established by this section. An insurer may renew\nan expiring policy with another insurer under common control based upon\nunderwriting criteria or other valid business reasons.\n (e) The superinten
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