All regulations promulgated under this act, including those relating to section 4(c),¹ shall specify an effective date applicable to policies or benefit riders delivered or issued for delivery in this Commonwealth on or after said effective date which shall not be less than 365 days after their adoption or promulgation. All regulations promulgated pursuant to this act shall be issued in accordance with the applicable provisions of the act of July 31, 1968 (P.L. 769, No. 240), known as the “Commonwealth Documents Law.”² Public hearings shall be held prior to the promulgation of any such regulation, including a verbatim transcript and cross-examination of all witnesses in accordance with applicable rules of procedure, unless such regulation or amendment is insubstantial. The order promulgating any such regulation shall contain findings and the reasons for the regulation; provided that this section shall not create or permit any right of action at law or equity not otherwise authorized or permitted under the law of the Commonwealth. Copies of such orders shall be mailed to those appearing of record at the hearing.