Section 1234 - Maximum rate determined at regular intervalsThe maximum rate for each policy shall be determined at regular intervals at least once every 12 months, but not more frequently than once in any three-month period.
At the intervals specified in the policy:
(1) The rate being charged may be increased whenever the increase as determined under subdivision (b) of Section 1232 would increase that rate by one-half of 1 percent or more per annum.(2) The rate being charged shall be reduced whenever the reduction as determined under subdivision (b) of Section 1232 would decrease that rate by one-half of 1 percent or more per annum.Added by Stats. 1982, Ch. 1351, Sec. 3.