| 7.__Approval of rates.__The association shall file with the |
superintendent for approval the proposed rates and supplemental |
rate information to be used in connection with the issuance of |
policies or endorsements.__Rates must be set in an amount |
sufficient to carry all claims to maturity and to meet the |
expenses incurred in the writing and servicing of the business.__ |
Within 60 days of the filing of the proposed rates, the |
superintendent shall enter an order either approving or |
disapproving, in whole or in part, the proposed rates.__The |
superintendent may, upon notice to the association, extend the |
period for entering an order under this section an additional 30 |
days.__Such a policy or endorsement may not be issued until such |
time as the superintendent approves the rates to be applied to |
the policy or endorsement.__An order disapproving a rate must |
state the grounds for the disapproval and the findings in support |
of the disapproval. |