§ 4308. Supervision of superintendent. (a) No corporation subject to\nthe provisions of this article shall enter into any contract unless and\nuntil it shall have filed with the superintendent a copy of the contract\nor certificate and of all applications, riders and endorsements for use\nin connection with the issuance or renewal thereof, to be formally\napproved by him as conforming to the applicable provisions of this\narticle and not inconsistent with any other provision of law applicable\nthereto. The superintendent shall, within a reasonable time after the\nfiling of any such form, notify the corporation filing the same either\nof his approval or of his disapproval of such form.\n (b) No corporation subject to the provisions of this article shall\nenter into any contract unless and until it shall have filed with the\nsuperintendent a schedule of the premiums or, if appropriate, rating\nformula from which premiums are determined, to be paid under the\ncontracts and shall have obtained the superintendent's approval thereof.\nThe superintendent may refuse such approval if he finds that such\npremiums, or the premiums derived from the rating formula, are\nexcessive, inadequate or unfairly discriminatory, provided, however, the\nsuperintendent may also consider the financial condition of such\ncorporation in approving or disapproving any premium or rating formula.\nAny adjustments to an approved schedule of premiums or to the approved\nrating formula for non-community rated contracts shall also be subject\nto the approval of the superintendent provided, however, such\nadjustments shall not be subject to the requirements of subsection (c)\nof this section. Any premium or formula approved by the superintendent\nshall make provision for such increase as may be necessary to meet the\nrequirements of a plan approved by the superintendent in the manner\nprescribed in section four thousand three hundred ten of this article\nfor restoration of the statutory reserve fund required by such section.\nNotwithstanding any other provision of law, the superintendent, as part\nof the rate increase approval process, may defer, reduce or reject a\nrate increase if, in the judgment of the superintendent, the salary\nincreases for senior level management executives employed at\ncorporations subject to the provisions of this article are excessive or\nunwarranted given the financial condition or overall performance of such\ncorporation. The superintendent is authorized to promulgate rules and\nregulations which the superintendent deems necessary to carry out such\ndeferral, reduction or rejection.\n (c) (1) An increase or decrease in premiums with respect to community\nrated contracts shall not be approved by the superintendent unless it is\nin compliance with the provisions of this subsection as well as other\napplicable provisions of law.\n (2) A corporation desiring to increase or decrease premiums for any\ncontract subject to this subsection shall submit a rate filing or\napplication to the superintendent. A corporation shall send written\nnotice of the proposed rate adjustment, including the specific change\nrequested, to each contract holder and subscriber affected by the\nadjustment on or before the date the rate filing or application is\nsubmitted to the superintendent. The notice shall prominently include\nmailing and website addresses for both the department of financial\nservices and the corporation through which a person may, within thirty\ndays from the date the rate filing or application is submitted to the\nsuperintendent, contact the department of financial services or\ncorporation to receive additional information or to submit written\ncomments to the department of financial services on the rate filing or\napplication. The superintendent shall establish a process to post on the\ndepartment's website, in a timely manner, all relevant written comments\nreceived pertaining to rate filings or applications. The corporation\nshall pro
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