SB 688 - This act requires health carriers to submit premium rate changes and supporting actuarial information to justify the premium rate increase to the Department of Insurance (the "department") for approval. Information contained in this filing shall be posted on the department's website and available to the public. The filing must be submitted by a qualified Member of the American Academy of Actuaries who certifies that the premium rates are not excessive, inadequate, or unfairly discriminatory.
Concurrently with filing the premium rate change with the department, health carriers must notify all affected enrollees and policyholders if the premium rate increase is significant and the factors responsible for the increase. When the premium rate increase is significant the director of the department shall hold a public hearing on the proposed rate change and consider public testimony and comments when determining whether to approve or disapprove the rate change. The director must determine whether the rate change is justified and approve the rate or unjustified and prohibit the use of the premium rate as proposed. Health carriers and enrollees or policy holders may appeal the director's decision. Under certain circumstances an enrollee or policy holder may be entitled to judicial review of the director's decision and the premium rate increase.
The act contains an emergency clause.
This act is identical to SB 348 (2013) and similar to HB 1711 (2012).