SB328 Summary

• Permits private personal automobile insurance rate filings with statewide increases or decreases of no more than 15 percent in the aggregate to take effect on the date filed, rather than requiring prior Commissioner approval.

• Filings submitted under this act are presumed compliant with state law unless the Commissioner determines within 30 days that the filing is unreasonably high, inadequate, or unfairly discriminatory.

• Limits individual policyholders to maximum rate increases of 25 percent at renewal and restricts insurers to one expedited filing per line of insurance per 12-month period.

• Requires insurers to provide written notice at least 30 days before policy renewal disclosing rate changes, with renewal billing statements satisfying this notice requirement.

• Act becomes effective on the first day of the third month following passage and approval by the Governor.