SB150 Summary

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

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

• Individual policyholders cannot experience rate increases exceeding 25 percent at renewal, excluding increases from non-filing factors such as symbol updates, policy changes, or driver age classification changes.

• Insurers may file only once per individual line of insurance per 12-month period under this expedited process, unless combined filings remain within the 15 percent aggregate threshold.

• Becomes effective on the first day of the third month following passage and Governor approval.