After filing a new rate, how many days does an insurer wait for a response from the Commissioner before applying the new rate if there is no reply?

The correct answer is 10 days because, typically in insurance regulation, after an insurer files a new rate with the Commissioner, they must wait for a specified period to receive a response. If there is no reply from the Commissioner within that designated timeframe, the insurer is allowed to proceed with applying the new rate.

In many jurisdictions, this 10-day waiting period is established to ensure that the regulatory body has sufficient time to review the proposed rate changes to ensure they are in compliance with legal standards and are not discriminatory or unfairly disadvantageous to consumers. If the Commissioner does not respond within this window, the insurer can conclude that either the rate change is acceptable or that there are no immediate objections, allowing them to implement the new rate without delay. Knowing this timeline is essential for compliance and helps the insurer manage their pricing strategies effectively.