3 (1) Every insurer shall apply to the Chief Executive Officer for approval of, (a) the risk classification system it intends to use in determining the rates for each coverage for the Personal Vehicles — Private Passenger Automobile category of automobile insurance; and (b) the rates it intends to use for each coverage for that category of automobile insurance. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Material to be furnished (2) An application for approval of a risk classification system or rates shall be in a form approved by the Chief Executive Officer and shall be filed together with such information, material and evidence as the Chief Executive Officer may specify. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Additional information (3) The Chief Executive Officer may require an applicant to provide such additional information, material and evidence as the Chief Executive Officer considers necessary in order to make a decision with respect to the application. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Chief Executive Officer’s powers (4) The Chief Executive Officer may make one or more of the following decisions with respect to an application: 1. Approve all or part of the application. 2. Refuse to approve all or part of the application. 3. Require the applicant to vary one or more of the elements of its proposed risk classification system. 4. Require the applicant to reduce or otherwise vary one or more of its proposed rates. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Criteria for refusal to approve, etc. (5) The Chief Executive Officer shall refuse to approve all or part of an application and may require the applicant to vary one or more of the elements of its proposed risk classification system or to reduce or vary one or more of its proposed rates if, in the Chief Executive Officer’s opinion, (a) the proposed risk classification system or proposed rate is not just and reasonable in the circumstances; (b) the proposed risk classification system is not reasonably predictive of risk or does not distinguish fairly between risks; (c) the proposed rates would impair the applicant’s solvency; or (d) the proposed rates are excessive in relation to the applicant’s financial circumstances. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1, 2. Deemed approval (6) An application under this section is deemed to have been approved by the Chief Executive Officer 60 days after the later of the following days, unless the Chief Executive Officer advises the applicant orally or otherwise within that 60-day period that the Chief Executive Officer has not approved the application: 1. The day the application is filed. 2. The day the additional information, material and evidence, if any, required by the Chief Executive Officer under subsection (3) is provided. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Decision final (7) A decision, or deemed decision, of the Chief Executive Officer is final for all purposes. 2013, c. 2, Sched. 1, s. 4; 2018, c. 17, Sched. 4, s. 1. Applications by affiliates (8) Section 414 of the Insurance Act applies with necessary modifications to applications under this section. 2013, c. 2, Sched. 1, s. 4. Section Amendments with date in force (d/m/y) 2013, c. 2, Sched. 1, s. 4 - 16/08/2013 2018, c. 17, Sched. 4, s. 1, 2 - 08/06/2019