6-846.03. Disapproval of escrow filings

A. Before issuing an order of disapproval and not less than twenty days after written notice, the superintendent shall hold a hearing on an escrow rate filing. The notice shall specify in reasonable detail the matters to be considered at the hearing and shall be sent to every escrow agent who made the filing. If after the hearing the superintendent finds that all or part of the filing does not satisfy the provisions of this article, the superintendent shall issue an order that specifies what part of the filing failed and, if the filing has become effective under section 6-846.01, when all or part of the filing will be deemed no longer effective. At any time an escrow agent may withdraw all or part of a filing. The superintendent shall send copies of the order to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order.

B. On written application to the superintendent a person or organization other than the escrow agent who made the filing that is aggrieved with respect to any rate filing that is in effect may request a hearing. The application shall specify in reasonable detail the grounds on which the applicant is relying. If within thirty days after receipt of the application the superintendent finds that the application was made in good faith, that the applicant would be aggrieved if his grounds are established and that the grounds justify a hearing, the superintendent, not less than twenty days after written notice to the applicant and every escrow agent who made the filing, shall hold a hearing. If after the hearing the superintendent finds that all or part of the filing does not satisfy the provisions of this article, the superintendent shall issue an order that specifies what part of the filing failed and, if the filing has become effective under section 6-846.01, when all or part of the filing will be deemed no longer effective. The superintendent shall send copies of the order to the applicant and to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order.

C. A filing or modification shall not be disapproved if the rates satisfy the requirements of this article.