(a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this State, together with the premium rates therefor, shall be filed with the commissioner for approval. Forms and rates so filed shall be approved at the expiration of thirty days after filing unless earlier approved or disapproved by the commissioner. The commissioner by written notice to the insurer may, within such thirty day period, extend the period for approval or disapproval for an additional thirty days.

(b) The commissioner shall, within the waiting period or any extension thereof after the filing of any such policies, certificates of insurance, notices of proposed insurance applications for insurance endorsements, riders and premium rates, disapprove any such form or premium rates if the table of premium rates charged or to be charged appears by reasonable assumptions to be excessive in relation to benefits, or if such form contains provisions which are unjust, unfair, inequitable, misleading, deceptive or encourage misrepresentation of the coverage or are contrary to any provision of the insurance laws or of any rule or regulation promulgated thereunder. In determining whether to disapprove any such form or premium rates, the commissioner shall give due consideration to past and prospective loss experience within and outside this Commonwealth to underwriting practice and judgment to the extent appropriate to a reasonable margin for underwriting profit and contingencies to past and prospective expenses, both countrywide and those specially applicable to this Commonwealth, and to all other relevant factors within and outside this Commonwealth.

(c) If the commissioner notifies the insurer that the form or premium rate is disapproved, it is unlawful thereafter for such insurer to issue or use such form or rates. In such notice, the commissioner shall specify the reason for his disapproval and state that a hearing will be granted within twenty days after request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance nor any application, endorsement, rider or premium rate shall be issued or used until the expiration of thirty days after it has been so filed, unless the commissioner shall give his prior written approval thereto.

(d) The commissioner may, at any time after a hearing held not less than twenty days after written notice to the insurer, withdraw his approval of any such form or premium rate on any ground set forth in subsection (b) above. The written notice of such hearing shall state the reason for the proposed withdrawal.

(e) It is not lawful for the insurer to issue or use such forms or rates after the effective date of such withdrawal.

(f) Any order or final determination of the commissioner under the provisions of this section shall be subject to judicial review.

(g) With regard to group policies of credit life insurance or credit accident and health insurance: