HB458 - Personal Automobile Insurance Market Competitiveness Act

• Rate filings by private personal automobile insurers for overall statewide increases or decreases of no more than 15 percent may take effect immediately upon filing, without prior regulatory approval.

• Individual policyholders cannot be subjected to rate increases exceeding 25 percent at renewal, though this cap excludes premium changes from symbol updates, policy changes, driver age classification changes, or other risk factor modifications.

• Insurers may file only one rate change per line of insurance within a 12-month period unless combined filings remain within the 15 percent statewide threshold.

• The Insurance Commissioner may issue a written order invalidating a filing if determined to be unreasonably high, inadequate, or unfairly discriminatory, with such orders issued after 30 days being prospective only.

• Insurers must provide at least 30 days' written notice before implementing rate increases at renewal, with premium payment constituting consent to the rate change.