When must rate filings be submitted to the commissioner in relation to their effective date?

Rate filings must be submitted to the commissioner 30 days before the effective date to ensure compliance with regulatory requirements. This timeline allows the commissioner ample time to review the proposed rates, assessing factors such as their adequacy, fairness, and relationship to market conditions. This advance notice is crucial in maintaining transparency and providing an opportunity for public input or further investigation if necessary.

By requiring a submission 30 days prior, the regulatory framework aims to protect consumers from abrupt changes in insurance costs and ensures that rate increases or new rate structures are justified and properly vetted before they take effect. This regulatory approach supports stability in the insurance market and fosters trust between insurers, regulators, and consumers.