45 CFR §154.210

1. (a)Except as provided in paragraph (b) of this section, CMS will review a rate increase subject to review to determine whether it is unreasonable, as required by this part.
2. (b)CMS will adopt a State's determination of whether a rate increase is an unreasonable rate increase, if the State:
   1. (1)Has an Effective Rate Review Program as described in § 154.301; and
   2. (2)The State provides to CMS, on a form and in a manner prescribed by the Secretary, its final determination of whether a rate increase is unreasonable, which must include a brief explanation of how its analysis of the relevant factors set forth in § 154.301(a)(3) caused it to arrive at that determination, within five business days following the State's final determination.
3. (c)CMS will post and maintain on its Web site a list of the States with market segments that meet the requirements of paragraph (b) of this section.