SB95 Summary

• Allows rate filings for private personal automobile insurance with overall statewide increases or decreases of no more than 15 percent in aggregate to take effect immediately upon filing, instead of requiring prior Commissioner approval.

• Limits individual insureds to rate increases of no more than 25 percent at renewal, excluding increases from policy changes, driver classification changes, or other risk factor modifications not altered in the filing.

• Requires territorial rate increases and liability, comprehensive, and collision coverage increases to be supported separately by actuarial indications.

• Presumes filings compliant with state law unless the Insurance Commissioner determines within 30 days that the filing is unreasonably high, inadequate, or unfairly discriminatory; Commissioner orders issued after 30 days are prospective only.

• Requires insurers to provide written notice at least 30 days before policy renewal if implementing a rate increase, with renewal notices disclosing the new premium deemed sufficient notification.