SB 89 Requires health carriers to file their premium rates and accompanying information with the Department of Insurance for approval
Sponsor: LeVota
LR Number: 0444S.01I Fiscal Notes
Committee: Small Business, Insurance and Industry
Last Action: 3/4/2015 - Hearing Conducted S Small Business, Insurance and Industry Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2015

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Current Bill Summary


SB 89 - 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 prior to issuing or renewing plans with the premium rate changes. Information contained in this filing shall be posted on the department's website and available to the public. The filing must contain a certification that the premium rates are not excessive, inadequate, or unfairly discriminatory by a qualified member of the American Academy of Actuaries. The director shall disapprove rates found to be excessive, inadequate, unjustified, or unfairly discriminatory. Any violation of this section is determined to be a level two violation.

This act is similar to SB 688 (2014), SB 348 (2013) and HB 1711 (2012).

MICHELA BIRK