267.5(1)Where at any time the Board considers that the rates charged or proposed to be charged by an insurer may not be just and reasonable, the Board may investigate those rates.

267.5(2)Where the Board is considering whether to investigate rates under subsection (1), it shall advise the Superintendent and shall consider any information provided to the Board by the Superintendent.

267.5(3)Where, within thirty days after an insurer files rates in accordance with section 267.2, the Board notifies the insurer that it intends to investigate those rates under this section, the insurer shall not charge those rates unless the Board notifies the insurer that the insurer may do so, or unless the rates are the same rates as filed within the past 12 months.

267.5(3.1)Where the Board decides to investigate the rates under this section, the burden of proof is upon the insurer to prove that the rates are just and reasonable.

267.5(4)Where, after an investigation under this section, the Board determines that the rates charged or proposed to be charged by an insurer are not just and reasonable, the Board may, by order, require the insurer to make any change or changes the Board considers proper.

267.5(5)Where the Board investigates the rates charged or proposed to be charged by an insurer, the Board shall consider the factors prescribed by regulation when determining whether the rates are just and reasonable.