HB 265 Summary

• Allows personal lines insurance rate filings with statewide increases or decreases of no more than 12 percent to take effect immediately upon filing, rather than requiring prior Commissioner approval.

• Rate filings are presumed compliant with state law unless the Commissioner determines within 30 days that they are unreasonably high, inadequate, or unfairly discriminatory.

• Limits each insurer to one expedited rate filing per individual line of insurance per 12-month period, unless combined with previous filings the rate increase does not exceed 12 percent aggregate.

• Requires insurers to provide at least 30 days' advance written notice to policyholders before implementing rate increases at renewal, with notice deemed compliant if disclosed in renewal statements.

• Commissioner orders issued more than 30 days after receiving a filing are prospective only and do not affect contracts issued before the order's effective date.