Section 2347. Workers' compensation rate changes

(a)  Any rate change
  affecting the general rate level for the kind of insurance authorized by
  paragraph fifteen of subsection (a) of section one thousand one  hundred
  thirteen  of  this chapter and pursuant to the provisions of section two
  thousand three hundred two of this article  shall  be  approved  by  the
  department no later than the fifteenth day of July for the year in which
  the  rate  change  is  to  take  effect, provided that (1) the filing is
  submitted on or  after  the  fifteenth  day  of  April  and  before  the
  fifteenth  day  of  July of that same year, and (2) any such rate change
  shall not take effect until on or after October first of that same year.
    (b) In all cases other than those described in subsection (a) of  this
  section,  rate filings shall be approved by the department not less than
  seventy-five days before the effective date of such rates filed.
    (c) Every insurer shall notify any insured affected by a  rate  change
  subject  to  this section affecting the general rate level made by it of
  that change at least thirty days prior to the date of  any  billing  for
  such  rate  change  made  by  the  insurer. Such notice shall include an
  estimate of the increase as well as an explanation of the nature of  the
  increase, and cost factors associated with said increase.
    (d)  Premiums  based  upon  a  rate  change  subject  to  this section
  affecting the general rate level shall be payable by an  insured  on  an
  installment  basis  of  not  less  than  two payments per policy period,
  should the insured so choose, for any policy with a premium in excess of
  one thousand dollars.
    (e) The department shall make available to the public a list  of  rate
  changes  subject  to  this  section  affecting the general rate level by
  industry classification within fifteen days from the date the department
  approves any rate changes.