Sec. 160.4. Rates not in accordance with law

Penalties. The adoption and charging of a rate will not be deemed to be a violation of law within the meaning of section 2320(c) of the Insurance Law where it has been constructed and applied in the good faith exercise of reasonable judgment and competence and in fair consideration of the relevant factors and interests and in accordance with the procedures prescribed in the law and these regulations, even though it may subsequently be determined by the superintendent that the rate does not comply with the standards of section 2303 of the Insurance Law.